what is unusual or infrequent items of non-recurring items?

Q: What is the purpose of an allowance for uncollectibles and why is it important?

A: Accounts receivable is the current asset and the amount that is not received yet from the customer…

Q: How is a correction of an accounting error made?

A: Accounting error:   It is a non-fraudulent discrepancy in the financial documents of an…

Q: explain the inherent risks associated with prepaid expenses and deferred charges.

A: A deferred charge is the same as a long-term prepaid expense, which is an expense made for an…

Q: What does the term “end-of-period convention” mean? What does it not mean?

A: End-of-period convention is an accounting concept according to which all income and outgoing payment…

Q: How to write-off non recurring items in accounting?

A: Non Recurring Items: Unexpected and unusual Entries in the income statement which are not supposed…

Q: What differences between adjusting entries and closing entries?

A: A journal is a detailed account that records all the financial transactions of a business, to be…

Q: With regard to the correction of accounting errors, what is the difference between U.S. GAAP and…

A: Generally Accepted Accounting Principles:   GAAP (Generally Accepted Accounting Principles) is a…

Q: state the differences between unearned revenue and accounts payable? both accounts are liabilities…

A: Definition: Normal balance refers to the excess of the amount on one side, over the amount on the…

Q: When are contingent fees allowed?

A:

Q: rregular transactions such as discontinued operations s

A: Single step income statement is generally used by the small businesses like…

Q: how does the change in accounting of nonrecurring items?

A: Non Recurring items are the ones that do not occur frequently.

Q: nonrecurring

A: Extraordinary things vs. Nonrecurring Items: an summaryExtraordinary things area unit gains or…

Q: What is the End-of-Period Convention?

A: As per the end-of-period convention, all incoming and outgoing payments (cash flows) of an…

Q: If a payment of a deferred expense was recorded under the alternative treatment, what account would…

A: Deferred expensesAdvance payment for future expenses is called as prepaid expenses. These prepaid…

Q: In the phrase “end-of-period convention,” the word “period” refers to what?

A: Introduction: Revenues are the profits or benefits that one person is having, while costs are the…

Q: Define the term End-of-Period Convention?

A: Cash flows refer to the amount of cash that is either invested or received by the company during the…

Q: What are compensated absences?

A: Compensated absences are the absences or leaves for which the employees will be paid. Example of…

Q: 1) When an item of expense is paid and recorded inadvance, it is normally called a(n)

A: Cash may be paid before or after incurring expense.

Q: What is the effect on income (overstated or understated), if the adjusting entries are notrecorded?

A: Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year,…

Q: How are errors corrected if they're not properly accounted for?

A: The errors can happen as all the things are human oriented. The error can happen as the process of…

Q: is the postclosing trial balance not designed to verify

A: The Answer :

Q: Why are adjusting entries and note disclosures labeled “proposed”?

A: Adjustment Entries: The entries are generally recorded prior to preparation of financial statements…

Q: ) Identify changes in th anagement accounting usinesses to be succes onditions (what is happ ow?).

A: Hello. Since your question has multiple sub-parts, we will solve first three sub-parts for you. If…

Q: Would a change from Completed Contract to Percentage of Completion be a change in accounting…

A: Change in accounting principle means that change in how financial information is calculated, while…

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

A: The answer is stated below:

Q: What types of fees and conditions are prohibited under RESPA?

A: Real Estate Settlement Procedures Act (RESPA)? The Real Estate Settlement Procedures Act, or RESPA,…

Q: How is a change in entity recorded?

A: Change in reporting entity:   A change in reporting entity occurs when two or more previously…

Q: What are temporarily restricted net assets?

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

Q: What is the unadjusted trial balance?

A: Trial balance is the summary of all general ledger accounts being used in the business. It shows…

Q: Define Deferred Payments.

A: Liabilities:   Liabilities are referred to as the obligation of the business towards the creditors…

Q: If an account payable is left off the end of the period balance, what are the possible other…

A:

Q: With r IFRS egard to the correction of accounting errors, what is the difference between U.S. GAAP…

A: IFRS: International Financial Reporting Standard is abbreviated as IFRS. The IFRS is set up to bring…

Q: What are the characteristics of Adjusting Entries?

A: Adjusting entries are entries passed at the end of the period to accurately reflect income,…

Q: The date of the instrument is not necessary. When does its date become necessary?

A: An instrument is a device for transferring, holding, or accomplishing anything of worth. An…

Q: d not be recorded using the Expense or Check onscreen form?

A: Office Supplies purchased

Q: What is a promissory note, and what are some terms that arenormally included in promissory notes?

A: SOLUTION:- A promissory note is a instrument where one person or party promises(the note's issuer)…

Q: Choose the correct. Which of the following operating segment disclosures is not required under…

A: The management disaggregates the enterprise for making operating decisions. These disaggregated…

Q: a temporary difference

A: Deferred tax is the amount of tax owe by or to the tax payer arises out of the temporary differences…

Q: What is improper accumulation?

A: Improper accumulation is defined as the unjustifiable accumulation behind the business's reasonable…

Q: Which of the following is not an assertion relating to classes of transactions? Accuracy, Adequacy,…

A: Classes of transaction includes the transactions of the company which are grouped together for…

Q: Which of the following operating segment disclosures is not required under current U.S. accounting…

A: The management disaggregates the enterprise for making operating decisions. These disaggregated…

Q: How do you make adjustments for a non-counter balancing error and does it affect the present…

A: If the error has not counterpoised then Associate in Nursing entry should be created to maintained…

Q: What is the major difference between the unadjusted trial balance and the adjusted trial balance?

A: Adjusted trial balance , as name suggest , is a trial balance which is made after the year end…

Q: Which of the following is not a disclosure for a provision? O The carrying amount at the beginning…

A: solution : correct answer is option : comparative information as per IAS 37 , comparative…

Q: What is interim reporting?

A: Financial Reporting:   It refers to the disclosure of the financial results of the organization to…