Some football clubs include the players in the statement of financial position (balance sheet) as an asset.
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 61% (13 reviews)
According to IASB framework an item should only recognize as an asset if that ...View the full answer
Answered By
Simon kingori
I am a tier-one market researcher and content developer who has been in this field for the last six years. I’ve run the freelancing gamut; from market research, data mining and SEO/SMM to copywriting, Content Development, you name it, I’ve done it. I’m extremely motivated, organized and disciplined – you have to be to work from home. My experience in Freelancing is invaluable- but what makes me a cut above the rest is my passion to deliver quality results to all my clients- it’s important to note, I've never had a dissatisfied client. Backed by a Masters degree in Computer Science from MOI university, I have the required skill set and burning passion and desire to deliver the best results for my clients. This is the reason why I am a cut above the rest. Having taken a Bsc. in computer science and statistics, I deal with all round fields in the IT category. It is a field i enjoy working in as it is dynamic and new things present themselves every day for research and exploration.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Managerial Accounting questions
-
Statement of Financial position Adjustment and Preparation Presented below is the statement of financial position of Sargent Corporation for the current year. 2010 The following information is...
-
The directors of Chekani plc, a large listed company, are engaged in a policy of expansion. Accordingly, they have approached the directors of Meela Ltd, an unlisted company of substantial size, in...
-
The December 31, 2012, statement of financial position for the Blood Donors of America Foundation is presented below. Statement of Financial Position December 31, 2012 Assets...
-
For 32 hours of work, you are paid $241.60. How much would you receive for 37 hours?
-
A long straight wire carrying a current I and a H-shaped conductor with sliding connector are located in the same plane as shown in Fig. 3.81. The connector of length l and resistance R slides to the...
-
Use the same scale to construct boxplots for the full IQ scores (IQF) for the low lead level group (group 1) and the high lead level group (group 3) in Data Set 7 "IQ and Lead" in Appendix B. Use the...
-
Explain when control might exist without majority ownership. AppendixLO1
-
B-You is a consulting firm that works with managers to improve their interpersonal skills. Recently, a representative of a high-tech research firm approached B-Yous owner with an offer to contract...
-
Primary Standard Violation Situation Alexandria receives an iPad from a salesperson at a lean consulting group. She keeps the iPad, even though she knows that her department will be responsible for...
-
The most probable velocity ump is the velocity possessed by the greatest number of gas particles. At a certain temperature, the probability that a gas particle has the most probable velocity is equal...
-
Give three examples of items which pass the definition test for an asset but fail the recognition criteria?
-
Classify each of the items in the following list as: asset; liability; neither an asset nor a liability. (a) Cash at bank (b) Loan from the bank (c) Letter from the bank promising an overdraft...
-
If you were an Antarctic explorer and fell into a hidden, snow-covered crevass on a glacier that is 200 m (660 ft) thick, would you fall all the way to the base of the glacier?
-
K ints: 0 of 3 Save The height of women ages 20-29 is normally distributed, with a mean of 64 inches. Assume = 2.7 inches. Are you more likely to randomly select 1 woman with a height less than 65.2...
-
CASE 11-23 Balanced Scorecard LO11-4 Haglund Department Store is located in the downtown area of a small city. While the store had been profitable for many years, it is facing increasing competition...
-
0.1 points Sert Avne Your monthly Cable/Internet payment increases to $104 for the month of March and on. What is the new annual total you pay for Cablemed $1,178 $1,192 $1,206 $1,220
-
Tax issues are definitely a concern of consolidated entities. Using external resources, please explain some of the challenges faced by the accountant for tax purposes regarding consolidated entities....
-
Ownership of 51% of the outstanding voting common stock of a company would usually result in a. the use of the cost method b. the use of the lower of cost or market method c. the use of the equity...
-
Suppose a newspaper article states that the distribution of auto insurance premiums for residents of California is approximately normal with a mean of $1,650. The article also states that 25% of...
-
Draw and label the E and Z isomers for each of the following compounds: 1. CH3CH2CH==CHCH3 2. 3. 4. CH,CH2C CHCH2CH Cl CH3CH2CH2CH2 CH CH2CCCH2CI CHCH3 CH3 HOCH CH CCC CH O-CH C(CH
-
Give five examples of items which are liabilities?
-
State the criteria for recognition of a liability?
-
Explain why an item may pass the definition test but fail the recognition criteria for a liability?
-
When credit terms for a sale are 2/15, n/40, the customer saves by paying early. What percent (rounded) would this savings amount to on an annual basis
-
An industrial robot that is depreciated by the MACRS method has B = $60,000 and a 5-year depreciable life. If the depreciation charge in year 3 is $8,640, the salvage value that was used in the...
-
What determines a firm's beta? Should firm management make changes to its beta? Be sure to consider the implications for the firm's investors using CAPM.
Study smarter with the SolutionInn App