Explain the conditions under which assets and liabilities are derecognized

Q: Briefly explain off-balance-sheet assets and off-balance-sheet liabilities with an appropriate…

A: Off-balance-sheet items seem to be those items that do not show up on a company's balance sheet.…

Q: Describe the differences in assets that are unrestricted, temporarily restricted, or permanently…

A: Assets: Assets are those items that provide value for money and future economic benefit for an…

Q: Differentiate between the ‘definition of assets’ and ‘recognition criteria of assets’ provided in…

A: The financial position of the company can be arrived from the income statement prepared by the…

Q: Defention of Assets, liability, current assets, current liabilities

A: Definition of Assets, liability, current assets, current liabilities are given below,

Q: Why is the recording of depreciation expense necessary?

A: Introduction:- Depreciation is non cash expenses. Which is charged on fixed asset. Which is charged…

Q: A general description of the depreciation methods applicable to major classes of depreciable assets?

A: Depreciation is the allocation of cost of the asset over the useful life of the asset. Depreciation…

Q: When a loss contingency is recognized, where is it reported on the income statement?

A: A financial statement that lists the company's earnings and expenses is called an income statement.…

Q: What are permanently restricted net assets?

A: The permanently restricted net assets are held by the non-profit organizations.

Q: What is impairment in the context of intangible assets?

A: Non-physical assets without physical substance but with economic worth to a business or individual…

Q: Explain the accounting issues related to asset impairment.

A: Asset impairment: Asset impairment emerges when there is a sudden drop in the fair value of an asset…

Q: Define restricted policy (current assets)

A: The assets which are liquidated and converted in cash within a time period of one year and less than…