The meaning of the term “fund” depends on the contextin which it is used. Explain its meaning when used as anoun. Explain its meaning when it is used as a verb.

Q: Describe how revenue recognition relates to transferring goods or services.

A: Revenue:   It refers to the earnings of an enterprise from their normal business operations for a…

Q: What is meant by a ‘statement of affairs’? How can the profit or loss of atrader be ascertained with…

A: What is meant by a ‘statement of affairs’?    It refers to a statement of assets and liabilities of…

Q: What is meant by the term discounting?

A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting…

Q: What is an accrued expense? Provide an example.

A: Accrued expense: This is the expense incurred but not yet paid. It is treated as liability until the…

Q: What is a VIE? State it's full form and meaning.

A: Explain the term variable interest entity (VIE). A legal business structure is known as a variable…

Q: What exactly is the meaning of the word debit?

A: All transactions of an entity are presented in form of journal entries. Journal entry consists of…

Q: What is meant by “right of return”? “Bill and hold”?

A: Financial accounting standards board (FASB): This is the organization which creates, develops, and…

Q: what is a deed how is it different from the title?

A: A deed is a document that represents the right of transfer of ownership or right transfer from one…

Q: What is an abstract of title?

A: Abstract of title refers to a document that summarizes different activities affecting the ownership…

Q: What is meant by noting of bill ?

A: Meaning of Noting of BillWhen a bill (draft or promissory note) has been presented for acceptance or…

Q: Differentiate between Current liabilities, Non-Current Liabilities and Provisions. Provide an…

A: The liabilities are the amount payable by the business to the outsiders or creditors.

Q: What are fictional assets, and how do they work?

A: Asset is such resources that has future benefits. It has two types:- tañgible , intangible.…

Q: What is non-posted interest on statements? Please explain.

A: The answer is stated below:

Q: Explain the term Voluntary Conveyance

A: Voluntary Conveyance: Voluntary conveyance is defined as an elective transmission of title from one…

Q: What makes an account significant or an assertion relevant?

A: Significant Account  An account is said to be significant when there is a chance that the account…

Q: how payment or performance extinguishes an obligation.

A: An obligation arises when an agreement made between parties satisfies all the necesaary conditions…

Q: How Subordination Clause is used?

A: In order to regulate the importance of a credit in the occasion of nonpayment, a moneylender might…

Q: LIFO reserve meaning and/or examples

A: LIFO method: It is a method of costing the inventory. This method is used in both periodic and…

Q: Ethics of accruals and deferrals.

A: Lets understand the meaning of accrual and deferrals. Accrual is a recording income and expense in…

Q: hat are the factors being considered in computing for the simple Interest?  State the simple…

A: The simple interest is an interest that is paid on the principal amount over the period. The simple…

Q: explain the term force of interest as used in interest theory.

A: interest : it is the compensation that the borrower of the capital pays to the lender for use of it.

Q: Understand the fundamental concepts related to revenue recognition and measurement.

A: Revenue Recognition: Revenue recognition is a Generally accepted accounting principle that tells…

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: Explain what accruals and deferrals do and give examples of each.

A:

Q: Explain what accruals are and give an example. Explain what prepayments are and give an example.

A: Accruals are incomes and expenses which relates to current period. For example - payment for…

Q: What are the definition criteria of an income and an expense?

A: Ans. Income is money what an individual or business receives in exchange for producing goods or…