Which of the following is a business event that is not considered a recordable transaction? O A customer purchases a service O An entity receives a product previously ordered O A customer inquires about the availability of a service An entity pays an employee for work performed

Q: one or more of the following statements are characteristics of assets: a. a probable future benefit…

A: Assets are those resources whether tangible or intangible, current or fixed have an economic value…

Q: What do the allowable deductions include?

A: Tax: Tax refers to a compulsory payment or a contribution to the state revenue, levied by the…

Q: Explain the differences between a PPO and an HMO.

A: The question is based on the concept of different types of health insurance policy and their…

Q: Differentiate Ordinary Deduction and Special Deduction

A: A deduction can be defined as an expense that can be deducted (as the name suggests) / subtracted…

Q: What is make-whole provision?

A: A call provision helps the issuer of the bond to call back or repurchase the bond at any time before…

Q: Define corporation

A: Corporation is a legal entity separate from its shareholders. Just like an individual, a corporation…

Q: What condition(s) qualif

A: A variable interest entity (VIE) refersto a legal business structure in which an capitalist features…

Q: Which two models may an entity opt for when accounting for investment property?

A: Investment property is a type of properly held by personnel for the intention of earning returns…

Q: Which one of the following category unearned revenue belong to? a. Limited liability b. Current…

A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…

Q: Explain secondary apportionment with relevant examsples

A: Secondary Apportionment: In refers to the process in which the service department overhead is…

Q: With relevent examples, explain the folbwoy 2l Primary appointmert Secondary bpperntment ) Direct…

A: Cost allocation refers to the determination of the overhead cost to a particular product. It is of 2…

Q: Deduction allowed is a kind of deduction from?

A: An "authorised discount" is a price cut on goods or services that a seller permits a customer to…

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: In the Insuring Agreement, what word is used to ensure all conditions are met to meet a condition?…

A: The word used to ensure all conditions are met to meet a condition is and. Option D is correct.

Q: Please explaim  part B) and c?  how Ending imventory balance calculated for both part of questions

A: Ending inventory units are the number of units which are not sold during the year. It is Calculated…

Q: Difference of Perpetual and Peiodic

A: Perpetual:-It is the inventory management system that keeps the record of the inventory in…

Q: 1. Give an example of an asset and a liability.

A: The asset and liabilities are two important concepts for firms, banks, individuals, and other…

Q: - Qus 2 Exp lain the shape g he yiedd Curut in Querr. Diffenentiale befween forewan de and futurs.…

A: 1) Market segmentation theory can be defined as a theory which provides that there is no association…

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: In the statement of financial position, investment of a specific entity OA Can be classited as…

A: In statement of financial position, it includes Assets, Liabilities and  Equity of the company are…

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: The first amount was inccorect

A: Solution:- When equal amount is paid each period at end of period, it is called ordinary annuity.…

Q: discuss the concept of ordinary shares with examples

A: Answer:- Shares meaning:- Shares are ownership representative units of stock that a firm issues. To…

Q: Mutual agency is defined

A: In a partnership, two or more parties agree to operate and manage a business and share the profits…

Q: -1) Write down at least two examples for : Asset Liability Capital or Owners Equity Revenue Expense

A: Assets: Assets are those items that provide value for money and future economic benefit for an…

Q: 4. Which of the following statements is correct? I. An entity shall present separately each…

A: As per IAS 1 Presentation of Financial Statements,  The objective IAS 1 of IFRS is to prescribe the…

Q: Provide worded problem about compound interest

A:

Q: Define S corporation

A: The S corporation is a tax election that legal business entities can choose to elect for taxes…

Q: Question 3. Classify each of the following accounts as (a) asset, (b) liability, or (c) equity.…

A: Assets means resources that the business have. It may be tangible resources or intangible resources.…

Q: Explain consignment arrangement with example.

A: Goods in transit: Goods in transit can be described as the inventories which are shipped by the…

Q: Define the term " name capitalized " .

A: When the cost or the expenses is recorded in the financial statement such as the balance sheet in…

Q: True or false The guidance under PFRS 3 shall be used to identify the acquirer.

A: Accounting standards refers to the guidelines as well as principles which guide in recording the…