the "investment in branch" is an asset account in the branch's individual financial statements  a. true  b. false

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: Appropriation for accumulated profits, if reflected in separate account, shall be shown as        a.…

A: Solution: Appropriation for accumulated profits, if reflected in separate account, shall be shown…

Q: Which of the following is not an asset account?a. Cashb. Landc. Equipmentd. Common Stock

A: Common stock:  Under the company its own shares. These shares are issued by the company to the…

Q: 20. Which of the following types of financial assets represents a creditor relationship with an…

A: Any liquid asset which acquires its value from a contractual right or ownership claim is known as a…

Q: Which of the following should be classified as financial instrument? Inventories C. Patents B.…

A: IAS 32 defines financial instrument as a "  contract that gives rise to a financial asset of one…

Q: What is financial assets designated at FVOCI? Why does an entity used it? How?

A: Here discuss about the details of financial assets which was segregated fair value through other…

Q: c. Distinguish between financial assets and real assets for each of the followingcharacteristics.…

A: Assets can be any resources that possess and administrated by any entity. It includes resources such…

Q: Which of the following is not a category of financial assets under GAM? Group of answer choices…

A: Financial Assets are to be classified in the following four categories: 1. Financial Assets at fair…

Q: Which of the following is not an accounting assumption? Select one: a. Integrity. b. Economic…

A:

Q: What is an account receivable? O a. Sales O b. Asset O c. Income O d. Creditors

A: Following is the answer to the given question

Q: Which of the application of of a. Presenting a the related s b. Deducting fe gains and pr c.…

A: Presentation of Financial Statements PAS 1 describes the basis for presenting the general purpose…

Q: Fair value is used to value which of the following balance sheet accounts? a. Prepaid expenses;…

A: The value of financial instruments, such as debt securities, that are traded or sold is sometimes…

Q: Accounts receivable is ______________ of an organization. a. Current assets b. Current liabilities…

A: Current assets are all the assets of a company that are expected to be converted into the cash…

Q: What is a financial assets held for trading?It is measurement still applicable? explain

A: Meaning of Financial assets held for trading:  A financial asset is held for trading if the entity…

Q: The realizable amount of notes receivable is considered. a. Income b. all of the above c. Noncurrent…

A: A note receivable is also known as a promissory note. In other words Notes receivable are a balance…

Q: A deposit received is reported as a * A.liability B.current asset C.investment D.revenue

A: Deposit received means amount of money received from vendors or suppliers as deposit.

Q: he Revaluation Reserve Account should be accounted for as part of a. Assets b. Liability c.…

A: Equity - Equity is a that portion of company's balance sheet that includes amount invested by the…

Q: How is a noncontrolling interest in the net income of an entity reported in the income statement?

A: Net income: The bottom line of income statement which is the result of excess of earnings from…

Q: How are accounts payable treated to compute the net worth of abusiness entity

A: Answer:- Accounts payable meaning:- Accounts payable is an obligation owed to one creditor…

Q: Which should be classified as a financial asset? a. Patent b. Trade Accounts Receivable c.…

A: Financial assets are also known as non-physical assets. It is because it is generated through a…

Q: Which of the following statements are true regarding financial instruments? (i)  Financial…

A: A primary instrument is a financial asset whose price is determined solely by its market value.…

Q: at effect o

A: A financial transaction of a business is recorded in the books under the double entry system. Double…

Q: In financial accounts, how are interfund transactions accounted for

A: An accounting firm's financial statements serve as concise summaries of its activities, conveyed…

Q: A formal obligation that entitles one party to receive payments and/or a share of assets from…

A: Sometimes at the time of purchase or sale of asset, one party exchanges something with another…

Q: Identify the asset from the following list of accounts:a. Notes Payableb. Common Stockc. Retained…

A: Assets: These are the resources owned and controlled by business and used to produce benefits for…

Q: Under AASB101 Presentation of Financial Statements, which of the following items, if it exists, must…

A: Solution: Revenue, Share of profit of associates and cost of sales are temporary accounts that are…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.