We use dual model for lease accounting due to the accounting concept of: A) Conservatism. B) Materiality. C) Substance over form. D) Historical cost. O A O B
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Dual model for lease accounting due to following accounting concept.
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- The accounting concept that is principally used to classify leases into operating and finance is a. Prudence b. Neutrality c. Substance over form d. CompletenessThe new standard, Revenue from Contracts with Customers, recognizes revenue based on a(n): Revenue-Expense Approach Asset-Liability Approach O Asset-Equity Approach O Liability-Equity Approach(2, 7) Helping tags: Accounting, Intermediate Accounting . . . WILL UPVOTE, just pls help me answer the question and show complete solutions. Thank you! 1. The information on the defined benefit plan is provided in the picture. a) How much is the remeasurement on asset ceiling to be reported in OCI? b) What is the interest on asset ceiling?
- Which among the following suits best for Unearned revenue? a. Liability b. Expense c. Revenue d. Assettrue or false The net defined benefit liability/asset that is presented in the balance sheet is the difference between the FVTA and the PV of DBO, subject to the asset ceiling if appropriate.The costs of leasing are a. the down payment b. the lease payments. c. the buyout. d. a. and b. e. a., b., and c.
- 1.-To which element does the following definition correspond: It is a format where interest and payments are normally calculated to settle a loan. A) Format for credit standards B) Inventory maintenance cost form. C) Depreciation table D) Amortization table (Choose one option)Borrowing cost may include interest expense calculated using the effective interest method. 3. Statement 1: Borrowing cost may include finance charges in respect to operating lease. Statement 2: a. Only the first statement is correct. b. " Only the second statement is correct. C. Both statements are correct. d. Neither of the statements is correct.Loans and receivable should be measured subsequent to initial recognition at * a. Amortized cost using the straight line method b. Fair value c. Fair value plus transaction cost d. Amortized cost using the effective interest method
- What is net operating income approach, what are the assumptions of this approach. In what conditions it is appropriate to use this approach. How the calculations are made, explain with an example.Purchasing power gain or loss results from: a. Monetary asset only b. Monetary liability only c. Both monetary asset and monetary liability d. Nonmonetary assets and nonmonetary liability1. All of the following accounts are impliedly contained in the account Construction in Progress except: A. Costs incurred to date B. Contract Revenue to date C. Gross Profit to date D. Progress Billings to date 2. S1: Zero Profit Method in revenue recognition principle recognizes income upon the completion a construction contractS2: A contract asset exists when Contract revenue to date is less than progress billings to date. A. Both are true B. Both are false C. S1 True D. S2 True
