mcq of accounting Which accounting principle governs the recording of contingentassets?a) Record all contingent assets at fair valueb) Disclose but do not record until realization is virtually certainc) Record at estimated value with contra accountd) Recognize immediately in equity section

Contingent assets:Contingent assets represent the possibility of an asset arising from past events…

Answered: Which accounting principle governs the…

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter2: The Basics Of Record Keeping And Financial Statement Preparation: Balance Sheet

Section: Chapter Questions

Problem 8E

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Which accounting principle governs the recording of contingent assets?
Which of the following statements best describes the term "liability"? *a. An excess of equity over current assetsb. Resources to meet financial commitments as they fall duec. The residual interest in the assets of the entity after deducting all of its equityd. A present obligation of the entity arising from past events
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Fair value is used to value which of the following balance sheet accounts? a. Prepaid expenses; patents; property, plant, and equipment b. Capital lease obligations, bonds payable c. Receivables net of allowance for doubtful accounts d. Debtsecurities available for sale, trading securities
Debt issuance costs are: Accounted for as a deduction from the equity balance on the balance sheet Recognized initially as a current liability on the balance sheet Amortized over the term of the related debt liability Expensed on the income statement when the transaction occurs Which one is the correct answer please?
Which item below is not a current liability? Select one: O O a. Unearned revenue b. Trade accounts payable c. cash dividends d. The currently maturing portion of long-term debt
Sub: Accounting
PROBLE other financial assets. associates and joint ventures. delivering cash or another financial asset. However, Entity A's not sufficient to justify offsetting because the rights and d. An intention to settle a financial asset and a financial 2 A contract that evidences a residual interest in the entity's assets after deducting all of its liabilities is classified as 4. Entity A issues an instrument that is re-purchasable by d. Liabilities arising from constructive obligations. Physical assets, such as inventories and PPE. and financial liability remain unaltered. Which of the following is within the scope of PAS 32? b. Contracts for the delivery or receipt of commodity and other non-financial items that can be settled net in cash or Financial assets in the form of investments in subsidiaries, 1. a. b. Co non-financial items that can be settled net in cash or Physical assets, such as inventories and PPE C. ssets after deducting all of its liabilities is classified as a. a financial…
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A compound financial instrument's equity component is: a) Measured at fair value b) Recorded at nominal value c) Equal to the liability component d) The residual after deducting liability component
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A present obligation that is probable and for which the amount can be reliably estimated should a.Not be accrued but disclosed b. Be accrued by debiting an expense and crediting retained earnings c. Be accrued by debiting an expense and crediting a liability d. Be accrued by debiting retained earnings and crediting a liability

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Which accounting principle governs the recording of contingent assets? a) Record all contingent assets at fair value b) Disclose but do not record until realization is virtually certain c) Record at estimated value with contra account d) Recognize immediately in equity section