hen assets that have been sold and accounted for by the installment method are subsequently repossessed and returned to incentory, they should be recorded on the books at a. net realizable value b. net realizable value minus normal profit c. the amount of the installment receivable less associated deferred gross profit d. selling price

Q: When faced with uncertainty there is a need to exercise prudence. Which of the following would be…

A: PRUDENCE IS USALLY SEEN AS A VIRTUE . HOWEVER , IT CAN BE EXCESSIVE IF IT HAS AN UNREASONABLE IMPACT…

Q: Which should be subtracted from the net income when using the indirect method? A. Loss on sale of…

A: A cash flow statement is a financial statement that summarizes the cash and cash equivalents…

Q: After the disposal of an asset, the balance in the Accumulated Depreciation account related to that…

A: Depreciation are required to be charged by the business entities so as to shown the assets in the…

Q: GAAP provides guidelines for the inclusion of interest in the initial cost of a self-constructed…

A: 1.

Q: The following are classified as current liabilities on the balance sheet: Inventory, Short-term…

A: Current liabilities are a company's debts or obligations that are due within one year, appearing on…

Q: A seller recognizes the amount of returns from right to return sales as a/an ________. Group of…

A: The question is asking about how a seller recognizes the amount of returns from right to return…

Q: To calculate the an part of the calcula

A: Amount realized means all forms of compensation received by the seller from the buyer. It can be in…

Q: Under valuation balance sheet the net liability is the difference between: Premium to be received…

A: Net Liabilities:- It is an excess of Accounts Payable over Accounts Receivables. It includes all…

Q: Fixed assets are ordinarily presented on the balance sheet OO at their current market value under…

A: Fixed assets are ordinarily presented in balance sheet at their cost less accumulated depreciation.…

Q: Interest expense

A: Interest expense paid on a loan which has prescribed is deductible from gross income of the payor…

Q: Describe the relationship between expense recognition and long-term assets

A: Two kinds of expense recognition are related to long-term assets; These are: Capital & Revenue.

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: If the cash amount paid to satisfy the “Asset Retirement Obligation” (ARO) account balance is…

A: Asset retirement obligation is the obligation on the entity which is to be paid on the retirement of…

Q: A deposit received is reported as a *   current asset investment revenue

A: Note: As per BARTLEBY guidelines, when multiple questions are given then first question is to be…

Q: what is the adjusting process of accrual and cash basis accounting ?  what is depreciation ? what…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Residual value is O a. Present value. O b. Value in use. O . The net cash amount that is received…

A: The fixed assets may have a residual value that can be attained at the end of its life.

Q: When the amount of interest accrued shown in the adjustments, then it has to be: a. Deducted from…

A: Accrual system of accounting says that every thing which is accrued has to be provided in books of…

Q: The depreciation expense is generally estimated based on some assumption such as percentage of sales…

A: Depreciation can be defined as the reduction in the value of the asset over a period of time due to…

Q: Describe the three different methods used to calculate the periodic depreciation allowances for…

A:

Q: Explain how the following transactions result in taxable /deductible temporarydifference:a. Interest…

A: The objective of this question is to understand how certain transactions can result in taxable or…

Q: When does a consignor typically recognize revenue for a consignment sale?

A: Meaning of Consignment Sale Consignment Sale is refer as the arrangement of trade where the seller…

Q: What is the term for allocation of fixed assets to expense? * O bad debts expense O depreciation…

A: Introduction: Fixed Assets: The benefits from the assets are having more than one year called as…

Q: The current asset financing policy that calls for matching the maturities of assets with the…

A: The correct answer is "D. Self-liquidating approach"The self-liquidating approach matches current…

Q: In the recording of depreciation expense, which account is credited?

A: Depreciation expense: Depreciation expense is a non-cash expense, which is recorded on the income…

Q: Which accounting principle guides the application of the installment method for reporting income? a…

A: Lets understand the basics.Matching principle says that expense should be recorded in the period in…

Q: How is the valuation of cuIrent assets affected if the company follows IFRS? OValuation is based on…

A: SOLUTION- HISTORICAL COST  IS THE ORIGINAL OF AN ASSET , AS RECORDED IN AN ENTITY'S ACCOUNTING…

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.