A provision should be recognised A. For a future obligation B. For a present obligation C. For
Question:
A provision should be recognised
A. For a future obligation
B. For a present obligation
C. For a future event
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 60% (5 reviews)
B For...View the full answer
Answered By
PALASH JHANWAR
I am a Chartered Accountant with AIR 45 in CA - IPCC. I am a Merit Holder ( B.Com ). The following is my educational details.
PLEASE ACCESS MY RESUME FROM THE FOLLOWING LINK: https://drive.google.com/file/d/1hYR1uch-ff6MRC_cDB07K6VqY9kQ3SFL/view?usp=sharing
3.80+
3+ Reviews
10+ Question Solved
Related Book For
Corporate Accounting As Per The Companies Act 2013 Including Rules 2014 And 2015
ISBN: 9789352605569
2nd Edition
Authors: M Hanif, A Mukherjee
Question Posted:
Students also viewed these Business questions
-
The purpose of this activity is to expose students to the varying treatment of specific items under U.S. GAAP versus IFRS. This activity will focus on accounting for current liabilities and...
-
(a) Provisions are particular kinds of liabilities. It therefore follows that provisions should be recognized when the definition of a liability has been met. The key requirement of a liability is a...
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
Law Management Services began business on January 1, 2012, with a capital investment of $120,000. The company manages condominiums for owners (Service Revenue) and rents space in its own office...
-
What are the differences between cash flows from operating activities and the elements of an income statement?
-
Car manufacturers are interested in whether there is a relationship between the size of car an individual drives and the number of people in the drivers family (that is, whether car size and family...
-
14-3. What are the six reasons consumers prefer to shop and buy online?
-
Vlado Corporation (a U.S.-based company) has a wholly-owned subsidiary in Moldova that manufactures insulated wire at a cost of $3 per meter. Vlado imports the insulated wire and sells it to U.S....
-
Cherokee Incorporated is a merchandiser that provided the following information: Required: Prepare a traditional income statement. Prepare a contribution format income statement. Complete this...
-
An obligating event is A. A past event that leads to a present obligation B. An event that creates a legal obligation C. A liability of uncertain timing, or amount
-
AS----29 is applicable only to: A. Provision for valuation adjustment for fixed asset B. Provision for liabilities and charges C. Provision for valuation adjustment for current assets
-
Table 8.1 shows average monthly U.S. housing starts (in thousands). Estimate a simple linear regression model where the dependent variable is the number of housing starts and the explanatory variable...
-
! Required information [The following information applies to the questions displayed below.] Littleton Books has the following transactions during May. May 2 Purchases books on account from Readers...
-
4) Consider the table to the right that shows the number of free samples () and number of protein shakes sold (y). a)Complete the table [3 marks] b) Find the equation of the line of best fit X x y 8...
-
Determine the mean number of credit cards based on the raw data. (b) Determine the standard deviation number of credit cards based on the raw data. (c) Determine a probability distribution for the...
-
B Harry is a county Department of Social Services worker whose clients consist primarily of poor, female-headed families receiving public assistance. During one of his meetings with Dora, a single...
-
1 A, Weakly coupled carts (20 points) m m2 Figure 1: A system of two masses and three springs. A symmetric two degree of freedom system consists of two identical rigid masses m = m = m pictured in...
-
Assume that Penske Tire, a large tire distributor, completed the following selected transactions: 2013 Dec. 1 Sold tires to Select Movers Inc., receiving a $40,000, six-month, 5 percent note. Ignore...
-
Highland Theatre is owned by Finnean Ferguson. At June 30, 2014, the ledger showed the following: Cash, $6,000; Land, $100,000; Buildings, $80,000; Equipment, $25,000; Accounts Payable, $5,000;...
-
What types of taxpayers are more likely to be audited by the IRS?
-
Anya is concerned that she will be audited by the IRS. a. Under what circumstances is it possible that the IRS will review each line item on her tax return? b. Is it likely that all items on Anyas...
-
a. What does the term hazards of litigation mean in the context of taxation? b. Why would the IRS or a taxpayer settle or compromise a case based on the hazards of litigation?
-
ABC Corporation has an activity - based costing system with three activity cost pools - Machining, Setting Up , and Other. The company's overhead costs, which consist of equipment depreciation and...
-
Consolidated Balance Sheets - USD ( $ ) $ in Thousands Dec. 3 1 , 2 0 2 3 Dec. 3 1 , 2 0 2 2 Current assets: Cash and cash equivalents $ 9 8 , 5 0 0 $ 6 3 , 7 6 9 Restricted cash 2 , 5 3 2 Short -...
-
How does corporate governance contribute to investor confidence and stakeholder trust? Accounting
Study smarter with the SolutionInn App