Describe some of the provisions of the standard that addresses asset retirement obligations.

Q: What are the common requisites of contract of pledge and mortgage?

A: pledge  a serious promise or agreement to do or not do something: a pledge of assistance; a vow not…

Q: Discuss the accounting and reporting for special features of lease arrangements.

A: Special features of lease arrangements: - Residual type- Sale type leases- Bargain purchase option-…

Q: xplain in detail regarding the follwing topic Tuition and Fees Deductio

A: The government wants to encourage the education and higher educations and to do that government…

Q: The ability to meet short term obligations is termed

A: A short-term liability is referred to as the financing obligation that being liable to an…

Q: Describe the Rights of the Surety.

A: A surety is a person or entity that takes on the risk of another party defaulting on their debts or…

Q: Describe the accounting and reporting for special features of lease arrangements.

A: Special features of lease arrangements: - Residual type - Sale type leases - Bargain purchase option…

Q: Understand the interrelationships among the elements that constitute a definedbenefit pension plan

A: Defined benefit pension plans are the retirement designs that include providing a fixed and…

Q: what is pension plan asset?

A: Definition : The term pension plan assets refer to the funds a corporation can use to satisfy its…

Q: Consider the mortgage term PITI. What do the last two letters stand for? title insurance taxable…

A: Many mortgage lenders estimate PITI for the insured person before they decide whether he qualifies…

Q: The payment of a liability

A: The liability is the amount due to be paid by the business to its creditors.

Q: Define benefit pension plans.

A: Pension plan Pension plan is an agreement between the employer and employee. After the retirement of…

Q: When must a company recognize an asset retirementobligation?

A:

Q: Define current liabilities and list the typical liability categories included in this…

A: Current liability: Current liability is a debt that the companies need to pay the debts from…

Q: Identify the proper accounting for losses on long-term contracts.

A: Revenue recognition: Revenue recognition principle states that every business organization should…

Q: Distinguish between one-time, recurring, and tangible and intangible expenses and benefits.

A: An expenditure is a business's operational cost incurred to produce income. It may be described as…

Q: Which of the following would not be considered a general long term liability? Select one: a. Long…

A: Short term obligations are the obligations that have to be paid within a  year. whereas, long term…

Q: Name and describe the benfits/features of annuity due, ordinary annuity, and perpetuity.

A: A series of equal payments that take place annually is referred as annuity. Perpetuity is referred…

Q: iscuss federal deposit insurance coverage. What is its significance?

A: Federal reserve who is authority over banks and is responsible for taking care of interest of the…

Q: Define the contract liabilities.

A: Liability: Liabilities include the claims of the creditors on the assets of the business. The…

Q: Under U.S. GAAP, what is the expense resulting from the increase in the carrying amount of an asset…

A: The objective of the question is to identify the correct expense resulting from the increase in the…

Q: How do IRS regulations affect leasing decisions?

A: Regarding the lease of capital, IRS laws grant the leaser permission to collect data tax advantages…

Q: Define contract laibilities.

A: Liabilities: The claims creditors have over assets or resources of a company are referred to as…

Q: Describe accounting for leases and pensions.

A: Leases: Lesser shall classify the lease contract into one of the following contracts before making…

Q: Define Contribution Pension Plans.

A: Pension plan:   This is the plan devised by corporations to pay the employees a kind of compensation…

Q: Describe about what is the lessor, lessee and lease contract.

A: Lease Contract:   Lease is a contractual agreement whereby the right to use an asset for a…

Q: Which of the following liabilities would be considered nonrecourse?

A: "As the student have not been given the options to choose the nonrecourse liabilities, I will give…

Q: In determining the present value of the prospective benefits (often referred to as the defined…

A: Defined benefit obligation means a defined plan of contribution from employer to employees'…