I the proceeds anc

Q: one or more of the following statements are characteristics of assets: a. a probable future benefit…

A: Assets are those resources whether tangible or intangible, current or fixed have an economic value…

Q: What do the allowable deductions include?

A: Tax: Tax refers to a compulsory payment or a contribution to the state revenue, levied by the…

Q: Compensation income may be in the form of monetary or in-kind benefit. a.true b.false

A:

Q: Explain the term Capitalized equilant CE         Explain the term Capitalized equilant CE…

A: It is a current dollar amount at a specified rate of interest, which will be equal to the difference…

Q: Q: part ii): a) What is interest and explain the main types? b)Amortization Schedule

A: (a) Interest is the payment made to the lender above the borrowed capital at a particular rate. In…

Q: How is the Accumulated Benefit Obligation (ABO) different from the Projected Benefit Obligation…

A: Accumulated Benefit Obligation and Projected Benefit Obligation both are terms used in the pension…

Q: 7 What are utilities, property taxes, and insurance all examples of? A O Contract contingencies. BO…

A: We first needs to understand all the terms given in the question to answer the question. Contract…

Q: What is the purpose of using the retained funds?

A: After paying the dividends, the company retains the remaining net income which is called addition to…

Q: What is a donated capital and how it is accounted?

A: Donated capital is defined as assets given as gift to the entity.

Q: Which one of the following category unearned revenue belong to? a. Limited liability b. Current…

A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…

Q: Explain redeemable at par

A: A redeemable security is the one in which the company needs to pay to the security holders at the…

Q: Deduction allowed is a kind of deduction from?

A: An "authorised discount" is a price cut on goods or services that a seller permits a customer to…

Q: Explain the meaning of Estate.

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: Net defined benefit asset results in Current service cost Interest expense Interest revenue

A: As per IAS 19 of IFRS mentions how the accounting should be done to employee benefit other than…

Q: Define Unearned revenue

A: Definition: Deferred revenues: Deferred revenue is a liability to render service or to deliver…

Q: What is the vested benefit obligation?

A: Pension Obligation: It refers to the commitment provided by the employer to pay its employees, the…

Q: What is meant by “right of return”? “Bill and hold”?

A: Financial accounting standards board (FASB): This is the organization which creates, develops, and…

Q: Explain how the § 179 immediate expensing deduction affects the computation of MACRS cost recovery

A: Tax or Taxes: Tax is an amount paid by the persons (individuals and business entities) to a…

Q: 1. Give an example of an asset and a liability.

A: The asset and liabilities are two important concepts for firms, banks, individuals, and other…

Q: Why is share in a considered a is perpetuit

A: In finance a perpetuity refers to that financial asset or that financial security that goes on…

Q: Explain the method of direct capitalization method?

A: The three approaches to value a business or an investment are the Income based,  Market based and…

Q: The rights of financial claim to the assets are called equities   Question 9 options:   True…

A: The answer is stated below:

Q: Definition of Estate?

A: Estate: Definition of estate is similar to definition of Assets. Assets owned by an individual in…

Q: In a lump-sum purchase, the single cost is allocated among the property assets equally.

A: Lump sum purchase means Buying of a different assets with the payment of single amount with no…

Q: What is the purpose of the accrual tranche?

A: The diverse CMO bunches are known as a tranche. Gathering tranche too known as Z tranche is the…

Q: Give five difference between straight line method and effective method in amortizing?

A: Solution Bond amortization At the time of issuing the bond , the market rate of interest and the…

Q: The amount to be capitalized should be:

A: Answer:   Option a.

Q: Question 6 of 30. Which of the following items increases the basis of property received in a…

A: A nontaxable exchange is one in which neither profit or loss is taxed and no loss may be deducted.…

Q: Cost of property asset minus the residual value is equal to net book value.

A: Cost of Property -  It Includes the purchase Price of the Property. stamp duty, and other cost…

Q: Briefly discuss the rules related to distributions of noncash property.

A: The seven rules related to distributions of non cash property are as follows: 1. The distribution…

Q: types of payments that are taxable/not taxable for FUTA?

A: Federal unemployment tax is a tax paid by the employers to the employees who have left the company…

Q: Which of the following is a true statement? Multiple Choice A casualty loss on personal-use assets…

A: Casualty loss -A sort of tax-deductible loss known as personal casualty loss may result from any…

Q: Which of the following items affect taxable income? Select one or more: a. Realized Gains and…

A: Taxable income comprises of various income and expenses, accounting all items concludes the taxable…

Q: What is a lump-sum purchase, and how is it accounted for?

A:

Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.