On Day 1, Tomay Co. commits to sell a financial asset. The sale transaction will be settled on Day 4. If Tomay Co. appropriately derecognizes the asset on Day 4, Tomay Co. must have adopted the settlement date accounting.

Q: answer is incorrect, can someone double check?

A: Present value of bond = Present value of principal to be received at the maturity + Present value of…

Q: requirements

A: These are the following- 1. Such risks must be statistically predictable- This is one of the major…

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: DTA and DTL are DISCOUNTED and are presented as non-current items TRUE OR FALSE

A: Taxable income is net income calculated as per prevailing tax laws. Book income is the income…

Q: What is assurance and non assurance services?

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

Q: Actions that may be taken to address risks include acceptance, avoidance, mitigation or transfer.…

A: After the risk has been identified and assessed, the project team develops a risk mitigation plan,…

Q: Question: Are count standards and ethical standards the same? TRUE OR FALSE

A: Ethical standards are a set of principles developed by the organization's founding members  to…

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: What is a reasonableness test?

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

Q: Part B is the incorrect answer

A: The LIFO method is defined as one of the important methods of inventory calculation in which the…

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: The risk of incorrect rejection is associated with the use of negative confirmations. Question 32…

A: The given Statement is True....

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: What Constitutes Default?

A: When an individual or a company is unable to pay the loan amount then it's termed as default. It…

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: 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: 8. Financial information is capable of making a difference in decisions if it has predictive value…

A: Financial information: It implies to the information that relates to the company's financial status…

Q: What does an acknowledgment certify?

A: An acknowledgment is a formal declaration made by an individual to verify the genuineness and…

Q: What is the meaning of incoterms

A: International chamber of commerce is the supervisor of international trading, and try to provide…

Q: feature of relevant information

A: Which one of the following is a feature of relevant information?  Answer :- D. Neutrality

Q: Explain Charges and Liens?

A: The question is based on the concept of legal terms used to grant security against loan or debt.

Q: How can the owners be disclaimers?

A: A disclaimer is a term utilized to define or restrict the range of duties and rights enforceable in…

Q: What is a fortuitous event? Is there any difference between a fortuitous event and a force majeure?

A: In Chile, a chance occasion is an idea characterized by law in which mitigates the obligor from…

Q: How does compound interest differ from simple interest?

A: Budgeting is a process to prepare the financial statement by the manager to estimate the…

Q: Generally, we can group transactions into different types based upon the other party to the…

A: Transactions can be categorized into different types based on the parties involved in the…

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: Which is an error of omission

A: Accounting error is error in entering, computing, and analysis of data. This includes the recording…

Q: Does the MM theory appear to be correct according to either empirical research or observations…

A: The question is based on the concept of Modigliani Miller (MM) approach of capital structure and…

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 are fictitious assets?

A: Fictitious assets: Asset formed by an accounting entry (and included under assets in the balance…

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