(iv) Economic life is 6 years, lease term is 2.5 years, but the asset is of a special nature, and has been procured only for use of lessee. This is an operating lease.

Q: The like-kind exchange rules are elective. True or false

A: Like kind exchange is when money from selling one assets is invested in similar types of assets than…

Q: what does fichacuristic mean?

A: NOTE: The word "fichacuristic" is a spelling/typo error of the word "futuristic" in Step 2 first…

Q: What is assurance and non assurance services?

A: Assurance services are less formal than attestation services for financial statements.  Accounting…

Q: What is indirect quote?

A: A quote is an expression of foreign exchange rate of one currency with domestic currency. Quote is…

Q: Explain Deficiency Judgment?

A: To borrow funds, borrower might be required to mortgage its property to the lender. In case that…

Q: c is not correct

A: The rate of return on the price weighted index for a period is calculated as shown below. Value of…

Q: What is a statement of circumstances?

A: The external auditor is expected to lodge a statement of circumstances at the company's registered…

Q: y question is that I put the answer and for some reason is wrong

A: Annuity is a series of equal payments at equal interval for a specified period. With periodic rate…

Q: What is a reasonableness test?

A: Reasonableness tests is an analytical procedure used to examine the validity of the accounting…

Q: What is inshoring?

A: It is the opposite of offshoring. Inshoring is a process wherein the business is moved back from…

Q: The use of the word “prior” is a key indicator that information is nonrelevant to a current…

A: The use of the word "prior" is not a key indicator to know that information is non-relevant to a…

Q: What is the meaning of Frieght Inward and Frieght outward?

A: Freight-inward: Freight-inward is a transportation cost related with the acquisition of goods. In is…

Q: 1: General-purpose financial reports do not and cannot provide all of the information that existing…

A: General purpose financial statements are those statements which are provided to a large group of…

Q: Just answering the questions asked in an interview is not enough.

A: Interview is an event where all the technical, emotional skills of the candidate is judged. In…

Q: "Good will can not be depreciate" Explain statement?

A: Goodwill can be defined as intangible assets that is recorded as non-current asset on the asset side…

Q: What does the CF stand for?

A: Solution:- Mean, median and mode are measures of averages of data.

Q: t more difficult to maintain a short position than a long position. True or false? Explain your ans

A: There are two methods in the stock market one is to go long in the market and other is you go short…

Q: What is an estoppel? Why is it used?

A: Estoppel is the legal principle which is helpful for any future contradiction. It means that…

Q: Why would a proposal not be accepted

A: A proposal refer to a document containing details of how to implement the plans for achieving the…

Q: Highlight concept of faithful representation and is it valid or not?

A: The concept of Faithful representation advocates that the financial statements and information…

Q: Ethical Character Traits are?

A: A set of principles that dictate a person's behavior and actions are known as ethics.

Q: What does the word capitalize mean?

A: Capitalization is an accounting method in which a cost involved in the value of an asset and…

Q: what is a validity check?

A:

Q: In what ways is this true or untrue?

A: Asset is anything which is owned and controlled by the entity which will provide the future economic…

Q: FASB is considered to be the primary beneficiary of the conceptual framework. Select one: True False

A: The Financial Accounting Standards Board (FASB) is a private, nonprofit organization that sets…

Q: What does a deficiency judgment mean?

A: Deficiency judgement refers as if borrower takes money from a lender and he is  fails to return back…

Q: Is "true and fair view" the same as truth? Give reason for your answer

A: true means that it is in accordance with truth or reality. fair means to be without any bias

Q: The Conceptual Framework is not an IFRS.

A: IFRS is an acronym of International Financial Reporting Standards The IFRS provides the standards…