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INTERMEDIATE ACCOUNTING 2 QUESTIONS WITH COMPLETE ANSWERS
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INTERMEDIATE ACCOUNTING 2 QUESTIONS WITH COMPLETE ANSWERS
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INTERMEDIATE ACCOUNTING 2QUESTIONS WITH COMPLETE
ANSWERS
Liabilities - answer-are present obligation of an entity to transfer economic resources as
a result of past event
Obligation - answer-a duty or responsibility that an entity has no practical ability to avoid
Economic resources - answer-asset represents a right with a potential to produce
economic benefit
Legal obligation - answer-as a consequence of contract or statutory requirement
Constructive obligation - answer-gives rise to liability by reason of normal business
practice, custom and a desire to maintain good business relations or act in an equitable
manner
Obligating event - answer-past event that leads to legal or constructive obligation
Working capital - answer-money available to meet the current and short term obligations
Covenants - answer-attached to borrowing agreements which represent undertakings
by the borrower
Grace period - answer-period within which the entity can rectify the breach and during
which the lender cannot demand immediate repayment
Estimated liabilities - answer-obligations which exists at the end of the reporting period
although their amount is not definite
Deferred revenue or unearned revenue - answer-income already received but not yet
earned
Bonus - answer-to motivate officers and employees by directly relating their well being
to the success of the entity
Refundable deposits - answer-consist of cash or property received from customers but
which are refundable after compliance with certain conditions
Premiums - answer-articles of values such as toys, dishes, silverware and other goods
given to customers as result of past sales or sales promotion activities
, Customer loyalty program - answer-to build brand loyalty, retain their valuable
customers and of course, increase sale volume
Stand-alone selling price - answer-price at which an entity would sell a promised good
or services separately to a customer
Award credits - answer-described as "points"
Warranty - answer-to provide free repair service or replacement during a specified
period if the products are defective
Accrual approach - answer-soundest theoretical support because it properly matches
cost with revenue
Expense as incurred approach - answer-approach of expensing warranty cost only
when actually incurred
Evenly during the year - answer-assume that half of sales were made on january 1 and
the other half on july 1
Provision - answer-an existing liability of uncertain timing or uncertain amount, both
probable and measurable
Best estimate - answer-amount that an entity would rationally pay to settle the obligation
at the end of reporting period or to transfer it to a third party at that time
Expected value - answer-statistical method of estimation used in a large population of
items
Risk - answer-describes variability of outcome
Future event - answer-affect the amount require to settle an obligation shall be reflected
in the amount of a provision where there is a sufficient evidence that they will occur
Onerous contract - answer-contract in which unavoidable costs of meeting the
obligation under the contract exceed economic benefits expected to be received under it
Restructuring - answer-a program planned and controlled by management and
materially changes either the scope of a business of an entity or the manner in which
that business is conducted
Contingent liability - answer-a possible obligation that arises from past event and whose
existence will be confirmed only by the occurrence or non-occurrence of one or more
uncertain future events not wholly within the control of the entity
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