Revenues, gains, and investments by owners are allincreases in net assets. What are the distinctions amongthem?

Q: Distinguish between financial assets and real assets for each of the following characteristics.

A: Solution- Financial assets consist of cash and other monetary assets and receivables in the form of…

Q: Which of the following is included in computing the total gross income?  Incidental revenue Net…

A: Gross Income - It the amount of total income which includes from the other sources include operating…

Q: Why is it necessary to make a distinction between Capital and Revenue Receipts and Capital and…

A: Capital receipts: These receipts are income that is earned from the investment and financing…

Q: Which assets are included in the definition of current assets?

A: Current asset refers to the asset which can be easily converted to cash with a year. Current assets…

Q: Difference between current assets and current liabilities.

A: Current assets are those assets which can be realized within short term period or less than one year…

Q: What do you mean by Assets, Liabilities, Capital, Revenues and Expenses?

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: What are the four types of gains and losses not included in income statements in comprehensive…

A:

Q: Define the concept of Financial Assets

A: Definition:- Generally Financial assets are not in physical nature assets. Which are liquid assets…

Q: What are the two common categories of long-lived assets? Describe each.

A: Long lived assets are those assets that a business retains for long periods of time for use in the…

Q: How should you record capital expenditure? Debit a liability Debit capital Debit an expense Debit…

A: Capital expenditure: Capital expenditure refers to the expenditures that are incurred to increase…

Q: True or false. Assets is equal to the sum of liabilities and owners equity

A: Assets are the rights and resources that are being held by the business. It includes current assets,…

Q: what is return on assets?

A: Return on Assets (ROA):- It is an indicator of how profitable a company is relative to its total…

Q: What are the Return on Total Assets?

A: Return on total assets: Return on total assets (ROTA) is a ratio that calculates a corporation's…

Q: Define accrual-basis net income.

A: Accrual Basis accounting: Under the accrual basis. the revenue and expenses are recorded accreting…

Q: Which of the following is correct?(i) Liabilities = Assets + Capital(ii) Assets = Liabilities –…

A: Accounting Transaction:   An economic event, which causes impact (increases or decreases the value…

Q: What is the relationship between Income Measurement and Asset Valua

A: Profit or loss calculation is a simplified method of calculating income. An accountant defines…

Q: What is “comprehensive income”? Its composition varies from company to company but may include which…

A: Comprehensive income: The total of net income and other comprehensive income (OCI) is referred to as…

Q: financial assertion

A: Financial assertions are statements made by management in an an assertive way regarding the items in…

Q: What is the total loss on realization of assets?

A: Loss that is recognized when the assets are sold for a price is lower than the original purchase…

Q: What is the relationship between depreciation and net income?

A: Depreciation is the part of cost of a asset which is charged to income statement yearly as a expense…

Q: Explain the accounting for gain and loss ­contingencies.

A: Contingencies:   Contingency is a situation where the outcome becomes uncertain and is resolved in…

Q: allocation of income or loss to have economic effect

A: Income or loss is the net result of operational activities of a business conducted during a…

Q: Which does not belong to the group? A. Capital maintenance approach B. Transaction approach C.…

A: The question is multiple choice question. Which does not belong to the group.

Q: What is ascertained from the income and expense of an entity?

A: Profit and Loss is the difference between income or expense.  If income is more than the expense, it…

Q: Expenses, losses, and distributions to owners are alldecreases in net assets. What are the…

A: Expenses: Expenses are costs incurred for the operations of a business. The costs incurred for…

Q: Which assets are classified as current assets?

A: Definition:     Current assets: The assets which could be converted into cash within one year like…

Q: how the returns on assets co-move?

A: Convergence means the movement of price of future contract towards spot price. The two price must…

Q: What are the differences between assets and expenses

A: Definition of Assets: Properties or things owned by business

Q: How should an asset be recognized in the financial statement? How should asset be measured?

A: The balance sheet shows the resources controlled by the entity from past events from which economic…

Q: Identify the correct components of the income statement.A. revenues, losses, expenses, and gainsB.…

A: The income statement seems to be a statement that displays the net profit of the company as well as…

Q: O Assets and Liabilities Income and Capital Revenue and Expenses O Assets and Liabilities and…

A: Solution Note : Dear student as per the Q&A guideline we are required to answer the first…

Q: Which of the following is incorrect? A. Capital + Liabilities = Assets B. Assets - Liabilities =…

A: Every transaction has dual effect on the books of account. The question is from the topic of…

Q: assets are usually valued under which basis

A: All business concerns need resources , which are called assets. These are initially provided by…

Q: What is the return on total assets given the figures attached?

A: Return on total assets is the comparison of operational income with that of the total assets. It…

Q: The monetary value of the net assets is reported at its historical cost on the balance sheet? a.…

A: Physical capital is represented by the capital utilized for acquiring tangible fixed assets or…

Q: Which of the following statements is correct? O Assets - Liabilities = Ownership interest O Assets +…

A: The basic accounting equation as per double entry system of accounting is: Assets = Liabilities +…

Q: Which of the following A. Capital + Liabilities = Assets B. Assets - Liabilities = Capital C. Assets…

A: The general accounting equation is Assets = Liabilities + Capital.

Q: Under what two conditions should investments be classified as current assets?

A: The investments should be classified as short–term investments if it satisfy the following…

Q: Why is depreciation on the income statement different from the depreciation on the balance sheet?

A: Depreciation is the reduction in the value of asset during a period of time due to wear and tear.…

Q: "Accrued interest income" would normally appear in the financial statement under * Current assets…

A: Following is the answer to given question

Q: lationship between Income Measurement and Asset Valuation

A: Profit or loss calculation is a simplified form of income measurement. Income is defined by an…

Q: In financial accounts, what is the point of include depreciation as an expense?

A: Depreciation is an accounting method for allocating the cost of a tangible or physical asset over…

Q: Is Property Dividends qualify as Revenue?

A: Property dividends refer to the dividend which stands as an alternate to dividends payable in cash…

Q: Define the term Return on Total Assets? What does it measure?

A:

Q: If an asset is sold at a gain, why is the gain deducted from net income when computing the netcash…

A: Statement of cash flows: Statement of cash flow is a financial statement that shows the cash and…