Th e assumption that an entity will continue to operate for the foreseeable future is called: B . comparability.

Q: A provision should be recognized when: O a. Present obligation from a past event, outflow that will…

A: Provision means an amount set side now to be payable in future because of some past event and…

Q: Which are the assumptions will be added as we discuss the various approaches to the valuation of the…

A: REIT stands for a real estate investment property. The investment is treated as investment in stocks…

Q: What is a contingency? a. An existing situation where uncertainty exists as to possible gain or…

A: A contingency will result in  future assets or liabilities when the uncertainty is resolved.

Q: Define the term an identical asset?

A: An identical asset is the group of similar assets which are individually not distinguishable and can…

Q: What condition(s) qualif

A: A variable interest entity (VIE) refersto a legal business structure in which an capitalist features…

Q: For information to be relevant, it has to possess: O A. Only predictive value O B. Only confirmative…

A: Relevant information is that information which is useful for the stakeholders and users can make…

Q: HLS Manufacturing Company manufactures and sells parts for various musical gadgets. The following…

A: Break even point means a point where firm is neither earning profit nor incurring any loss. Break…

Q: In the Insuring Agreement, what word is used to ensure all conditions are met to meet a condition?…

A: The word used to ensure all conditions are met to meet a condition is and. Option D is correct.

Q: A currently maturing obligation of the entity is classified on the SFP as a?

A: Here SFP stands for statement of financial position. In a SFP different assets and liabilities are…

Q: 2. When do you considered an as to related party’ transaction?

A: A related party is an entity or a person that has some relationship with the reporting entity or…

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: What is a contra-asset? Give an example of one.

A:

Q: Th e assumption that an entity will continue to operate for the foreseeable future is called: A .…

A: There are two important underlying assumptions of financial statements: 1. Accrual basis 2. Going…

Q: Determine if this shall result in recognition of liabilities 12. violation of the terms of a…

A: As per IAS 37 of IFRS Provisions, contingent liabilities and contingent assets A Provision is a…

Q: What is the definition of “actuarial present value”?

A: Accumulated Benefit Obligation: It is an inexact rate of a company's pension plan liability towards…

Q: How is the term ‘net realizable value’ defined as used in the acronym LCNRV?

A: Inventory: It implies the current asset that is presented on the balance sheet of the company and…

Q: What two conditions must valid entities meet?

A: Entity:   Entity in the context of database management implies anything regarding which data is…

Q: Working/Application of ABC analysis?

A: Solution Activity based coating (ABC) is a method of assigning overhead and indirect cost -Such as…

Q: Th e assumption that an entity will continue to operate for the foreseeable future is called C .…

A: Accounting assumptions or concepts are made the body of accountants to make accounting easy for all…

Q: Which among the following suits best for Unearned revenue? a. Liability b. Expense c. Revenue d.…

A: Unearned Revenue: Unearned Revenue means money received from the customer in advance for the service…

Q: answer true or false to the following statement and explain: “The interest parity condition holds…

A: According to interest rate parity the exchange rate and interest must be in equilibrium with each…

Q: Examining the classifications of obligations either as secured or unsecured, most relate to the…

A: Auditor: An auditor is a person or a group of people who is responsible for conducting an audit of…

Q: Define each of the following terms: g. Reinvestment rate assumption

A: reinvestment rate: it is the return the an investor expects to make after reinvesting the cashflow…

Q: Going concern principle assumes that an entity will continue to operate indefinitely.

A: Going concern is the accounting principle which states that the business will operate for the…