08-12-2006, 07:09 AM
QNo1 Not complete information
QNo2 Debit leased asset
Credit cash
QNo3 If the development activity is carried on in phases, then we can capitalize the development expense phase by phase. In normal circumstances it depends upon the nature of the development activity. If the subsequent expense results in a better development we can capitalize such development expense.
QNo4 Markup is usually on cost and GP on sales
QNo5 Actuarial sciences is a complete field and acturial calculations are based on the balance of probabilities of different issues relating to the subject matter. Accountants are not required to be aware of acturial methods except IAS 19 to some extent.
QNo6 Well the expense recognized as a balancing figure depends upon the closing provision of gratuity. The gratuity of labours is a direct expense and is recognized in the cost of inventory like their wages. So it affects the value of stock.
QNo7 On taxable income
QNo8 Previously it was not. But as per the recent amendments in the companies ordinance it has become a part of equity.
QNo9 No
QNo10 As per previous treatment JZ is rite. But now the latest IASs doesnot distinguish b/w exchange of similar and dissimilar asset and in both cases asset shud be recorded at FV of asset acquired unless the transaction lacks commercial substance.
QNO11 The whole cost goes to WDV account and depreciation rate is applied on the total of all assets. As WDV=cost-depreciation and in case of new asset WDV=cost
QNo12 Correct.
Plz give the full question in case of Q No 1.
Sory for late reply.....
QNo2 Debit leased asset
Credit cash
QNo3 If the development activity is carried on in phases, then we can capitalize the development expense phase by phase. In normal circumstances it depends upon the nature of the development activity. If the subsequent expense results in a better development we can capitalize such development expense.
QNo4 Markup is usually on cost and GP on sales
QNo5 Actuarial sciences is a complete field and acturial calculations are based on the balance of probabilities of different issues relating to the subject matter. Accountants are not required to be aware of acturial methods except IAS 19 to some extent.
QNo6 Well the expense recognized as a balancing figure depends upon the closing provision of gratuity. The gratuity of labours is a direct expense and is recognized in the cost of inventory like their wages. So it affects the value of stock.
QNo7 On taxable income
QNo8 Previously it was not. But as per the recent amendments in the companies ordinance it has become a part of equity.
QNo9 No
QNo10 As per previous treatment JZ is rite. But now the latest IASs doesnot distinguish b/w exchange of similar and dissimilar asset and in both cases asset shud be recorded at FV of asset acquired unless the transaction lacks commercial substance.
QNO11 The whole cost goes to WDV account and depreciation rate is applied on the total of all assets. As WDV=cost-depreciation and in case of new asset WDV=cost
QNo12 Correct.
Plz give the full question in case of Q No 1.
Sory for late reply.....
