Which is not part of the description of PPE?
Q: Which of the following is not included in continuing operations? a. Loss on the sale of equipment b.…
A: Income statement: The financial statement which reports revenues and expenses from business…
Q: A written code of ethics is a document for reference: it is never actively enforced or practiced in…
A: Disclaimer: "Since you have asked multiple questions in a single question so we answered the first…
Q: The Typhoon Company discovers an understatement of depreciation in a prior year. What are the…
A: Lets understand the basics. When any error is happened in a year and later it gets discovered in…
Q: Business transactions are economic events that involed all the above information except: Select…
A: Accounting principles means those set of standards which is followed while preparing the books of…
Q: The liability created by a business owner when purchasing an asset like office supplies or equipment…
A: The liabilities are the amount due to be paid to the creditors or suppliers of the business.
Q: Accounting principles that assumes the entity will continue to operate indefinitely and financial…
A: SOLUTION- GOING CONCERN PRINCIPLE IS THE ASSUMPTION THAT AN ENTITY WILL REMAIN IN BUSINESS FOR THE…
Q: If a company has discontinued operations, depreciation must still be taken on the assets held for…
A: As per IFRS 5, Non-current assets held for sale and discontinued operations, Non-current assets or…
Q: The revenue recognition principle states that: (a) revenue should be recognized in the accounting…
A: The revenue recognition principle is the accounting principle that states that how and when the…
Q: Accounting process starts with the recording of business transactions from source documents until…
A: The accounting process could be an arrangement of steps performed amid the bookkeeping period (a few…
Q: Reversing entries are Optional Made prior to preparing a post - closing trial balance Required by…
A: A reversing entry is a journal entry that is entered at the start of an accounting period to reverse…
Q: All of the below are liabilities except: Group of answer choices Amounts owed to employees for work…
A: Asset:- it is items that a company owns or have right to use . Liabilities:- it is obligations that…
Q: Plant assets are: O Tangible assets used in the operation of a business that have a useful life of…
A: Solution: A plant asset is a fixed assets having useful life of more than a year and that is used in…
Q: hich of the following statements are true regarding supplies used on the job by an employee that the…
A: Reimbursement is a financial procedure that compensates or reimburses an individual or institution…
Q: Which of these is NOT a list of revenue expenditures? Rent, insurance, machine repair expense…
A: Revenue expenditure are those which are debited to the income statement & expensed off in the…
Q: Which of these tasks is an accounting function as opposed to a financial management function?…
A: answer: Preparing the organization's quarterly income statement
Q: 16/Which one of the following expenses is incurred for the management of a business during the…
A: Administrative expenses are those expenses which are not related the production and manufacture of…
Q: _________________is not necessary for the day to day operation of all organizations a. None of the…
A: Book keeping means keeping all the account books ready for the business. Accounting is a process of…
Q: Pastina Company sells various types of pasta to grocery chains as private label brands. The…
A: Adjusting Entry: These are journal entries prepared at the end of the accounting period to revenues…
Q: The only accurate way to account for the success or failure of an entity is to accumulate all…
A: an accurate way to account for the success or failure of an entity is to accumulate all transactions…
Q: 1. During an interview, your hands should be: A. Placed on the arm chair B. One on each side C.…
A: The objective of these questions is to understand the best practices to follow during an interview.…
Q: e of an office building B. Depreciation of vehicles C. Maintenance of machinery D. Sales discount…
A: Income statement records income and expenses. It shows the net income or loss of a company for a…
Q: Which one of the following is true? Management accounts are prepared for internal users only.…
A: Management accounting means use of financial accounting information and financial statements for the…
Q: Office salaries, depreciation of office equipment, and office supplies are examples of what type of…
A: The question is based on the concept of Cost Accounting.
Q: Which of the following is not contalned in the notes to the financial statements under (AS 1 a)…
A:
Q: For financial accounting purposes, the salary of Lake Company’s president is classified as…
A: Period costs: Period costs are the costs other than the product costs. These costs are not incurred…
Q: This practice is based on the accounting assumption that the life of the business consists of a…
A: Accounting principles are the specific set of rules and regulations that are followed by the…
Q: Everyday business activities are reported in the Income Statement's: A.discontinued operations…
A: Income Statement is the part of financial statement which shows the net profit or loss earned during…
Q: On the income statement, the result of selling equipment is reported as a(n) operating revenue…
A: Operating Revenue or Expense :— It is the revenue earned or expenses incurred through its normal…
Q: The accounting Period concept for a business means: A.The accouting year must match the financial…
A: Accounting Period concept: This is also called the concept of definite accounting period. As per…
Q: Non-recognition of deferral at the end of the accounting period will a.understate income and…
A: Deferrals means the payment made or received for the expenses or the income which has not been yet…
Q: Plant assets are used in business and have useful lives that extend over more than one accounting…
A: Assets are the rights and resources being held by the business. These can be long term assets or…
Q: The only accurate way to acc entity is to accumulate all business until the business e whether this…
A: Identify the following comment is true or not: 1) The most efficient way to account for the success…
Q: Is it reasonable to immediately cease operations if a business is operating at a loss? Why?
A: Forms of business operations are: Sole Proprietorship Partnerships Corporations Limited Liability…
Q: The recognition principal of accrual accounting says revenue is recognized: Based on the firm’s…
A: Solution- The accrual basis of accounting recognizes revenues when earned (a product is sold or a…
Q: Which of the following statements regarding a business segment is false? Multiple Choice A business…
A: The concept of a company segment and its essential needs for financial reporting.The principal…
Q: An audit of an entity records for its first year of operations determined that the following errors…
A: Errors in the financial statement may affect income. All expenses, losses, and assets should be…
Which is not part of the description of PPE?
Have physical substance
Have no physical substance
should be used in the normal operations of the business
used for more than one year of operations
Step by step
Solved in 2 steps
- Statement I: Current assets are expected to be settled within the normal operating cycle of the businessStatement II: Current liabilities are expected to be realized within 12 mos. After the reporting period if the normal operating cycle of the business is not clearly identifiable. a. Only statement II is correct b. Only statement I is correct c. Both statements are incorrect d. Both statements are correctWhich of the following factors can impact the limitation of the Qualified Business Income (QBI) deduction for certain service businesses? A) Number of employees in the business B) Location of the business C) Type of services provided by the business D) Size of the business's storage tanksMatch each concept with the definition that best describes it. Expense recognition principle (matching [ Choose] principle) [ Choose ] Accounting basis in which companies record transactions that change a company's financial statements in the periods in which the events occur. Accounting basis in which companies record revenue when they receive cash and an expense when they pay out cash. The principle that companies recognize revenue in the accounting period in which the performance obligation is satisfied. Information that accurately depicts what really happened. The principle that companies recognize expense in the period in which they make efforts (consume assets or incur liabilities) to generate revenue. An assumption that accountants can divide the economic life of a business into artificial time periods. Monthly or quarterly accounting time periods. An accounting period that extends from January 1 to December 31. Revenue recognition principle Time period assumption Calendar year…
- Which of the following is not included in continuing operations? Loss on the sale of equipment Gain on the sale on a segment of a business that has been discontinued Salaries expense Interest revenueWhich of the following transactions is recorded in the revenue journal? a. sale of excess office equipment for cash b. rendering services for cash c. rendering services on account d. sale of excess office equipment on account4. (LO 1) Which of the following is not a business event? Hire a new employee. b. Order raw materials. Deliver goods to customer. d. Accounts receivable. a.
- Sometimes, for the fixed assets of certain businesses, the balance in Accumulated Depreciation is equal to the cost of the asset. a. Can one record additional depreciation on the assets if the assets are still useful to the business? b. Why? Explain: c. Also, when can such a business make an entry to remove the cost and accumulated depreciation of the fixed assets from the account?Which accounts appear in a company’s after-closing trialbalance? How do these accounts differ from those reportedin an adjusted trial balance?Please answer the following question(s): Sometimes a business entity will change its method of accounting for certain items. The change may be classified as a change in accounting principle, a change in accounting estimate, or a change in reporting entity. Listed below are three independent, unrelated sets of facts relating to accounting changes. Situation I: A company determined that the depreciable lives of its fixed assets are presently too long to fairly match the cost of the fixed assets with the revenue produced. The company decided at the beginning of the current year to reduce the depreciable lives of all of its existing fixed assets by five years. Situation II: On December 31, 2020, Gary Company owned 51% of Allen Company, at which time Gary reported its investment on a nonconsolidated basis due to political uncertainties in the country in which Allen was located. On January 2, 2021, the management of Gary Company was satisfied that the political uncertainties were resolved…
- Match the terms with the definitions. Question 39 options: The concept that nonbusiness assets and liabilities are not included in the business' accounting records. A formal written promise to pay a supplier or lender a specified sum of money at a definite future time. The excess of total revenues over total expenses for the period. An unwritten promise to pay a supplier for assets purchased or services rendered. A separate record used to summarize changes in each asset, liability, and owner's equity of a business. Items a business owns that will provide future benefits. Reports assets, liabilities, and owner's equity on a specific date. An economic event that has a direct impact on the business. Reports beginning capital, plus net income, less withdrawals to compute ending capital. Withdrawals that reduce owner's equity as a result of the owner taking cash or other assets out of…The concept that business is assumed to exist for an indefinite period and is not established with the objective of closing down is referred to as a.Money Measurement concept Ob Going Concern concept C Full Disclosure concept Od. Dual Aspect conceptA loss due to an employee strike should be reported as: A) A separated line item in retained earnings B) Discontinued operations C) other revenues and expenses D) selling expense