What are the key distinctions between income and revenue

Assignment Help Accounting Basics
Reference no: EM132618172

Questions -

Q1. In the past provisions for repairs and maintenance were often recorded as liabilities by companies. Explain why this is no longer accepted with reference to the definition of a provision according to AASB137 Provisions, Contingent Liabilities and Contingent Assets. Provide one example of provision which is accepted under the accounting standard.

Q2. Biological assets have unique characteristics which can differentiate them from other assets. Discuss at least two of the unique characteristics of biological assets.

Q3. What are the key distinctions between 'income" and 'revenue'? Why do you think the AASB/IASB made these distinctions? Explain with examples.

Q4. The CEO of Banjo Ltd suggests that the costs of the opening ceremony for a new plant should be included in the cost of the plant rather than being expensed. Do you agree and explain what expenditure should be included in the cost of property, plant and equipment?

Reference no: EM132618172

Questions Cloud

Describe what is strategic integration : Describe what is strategic integration and how it ties to the implementation of technology within your business organization.
How much must Paul pay in estimated taxes to avoid a penalty : Paul has the following information: AGI for 2019 = $155,000. How much must Paul pay in estimated taxes to avoid a penalty
Provide journal entries for the year ending June : Provide journal entries for the year ending 30 June 2020 as shown in the books of Koolkat Ltd (the lessee) in accordance with AASB 16 Leases
Emerging threats-internet-related crime : Internet-related crime occurs every minute. Cybercriminals steal millions of dollars with near impunity.
What are the key distinctions between income and revenue : What are the key distinctions between 'income" and 'revenue'? Why do you think the AASB/IASB made these distinctions? Explain with examples
Make security architecture risk assessment easier : When should the architect begin the analysis? What are the tips and tricks that make security architecture risk assessment easier?
Calculate the amount of application money : Adelaide Briton Ltd was registered on the first of July 2020. Calculate the amount of application money that would be applied to application and calls
Describe the components of decision tree in data mining : Describe the components of a decision tree in data mining. Give an example problem and provide an example of each component in your decision making tree.
Calculate the basic earnings per share of Scott Ltd : During the year ended 30 June 2020, the company made net profit after tax of $450 000. Calculate the basic earnings per share of Scott Ltd

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd