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What is an economic resource that is expected to be of benefit in the future?
assets
Economists use to estimate a resource's future economic value compared to its present value?
cost-benefit analysis
Are future economic trends influenced by economic theories?
Yes, the future economic trends are usually influenced by the economic theories.
The future perfect tense of the word benefit?
Will have benefited.
What does the economic planner do?
plans for the future economy
Does revenue include accounts receivable?
Accounts Receivable is an asset since it is a resource controlled by the entity as a result of past transaction with the future economic benefit to flow to the entity.
Is accounts receivable a revenue?
Accounts Receivable is an asset since it is a resource controlled by the entity as a result of past transaction with the future economic benefit to flow to the entity.Sale of goods and services is a revenue and not accounts receivable.
Is property an asset or liability?
Asset: It is a resource controlled by the entity with the future economic benefit flowing to the entity as a result of past transaction.
What the definition of assets?
An asset is a resource controlled by an entity (ie. the entity is entitled to the benefits or can restrict use of the asset) as a result of a passed event (ie. signing of a contract) from which future economic benefits are expected to flow to the entity to whom the asset belongs.
Is an account receivable a revenue?
Accounts Receivable is an asset since it is a resource controlled by the entity as a result of past transaction with the future economic benefit to flow to the entity.Sale of goods and services is a revenue and not accounts receivable.
What is an economic resource that is expected to be of benefit in the future?
assets
When is an asset classified as a current asset?
An asset is something that is considered to be a future economic benefit of the business a current asset is the same but that future economic benefit is expected to occur within 12 months.
What is contingent investment?
An asset in which the possibility of an economic benefit depends solely upon future events that can't be controlled by the company. Due to the uncertainty of the future events, these assets are not placed on the balance sheet. However, they can be found in the company's financial statement notes.
What is the journal entry for deposit for future subscriptions of stocks?
Any Prepayment would result in a general entry as follows: DR X Prepayment/Deposit (A) xxxx CR Bank (A) xxxx assuming the Prepayment meets the asset definition and recognition criteria which are: 1) Resource Controlled By the Business 2) Due to a Past Event 3) From which future economic benefits are expected to flow 4) Is Measurable 5) Future Economic benefits are probable applying it: The Entity has a legal right (resource) due to the payment (past event) that will entitle it to claim services/goods (future economic benefit). It is valued at the cash price payed (measurable) and the transacting party is likely to comply with the legal right (FEB Probably). You can use this for any deposit payed and should be applicable to the subscription of stocks.
Economists use to estimate a resource's future economic value compared to its present value?
cost-benefit analysis
What happens to provision tax when an entity makes a loss?
When an entity incurs a loss, the provision for income tax may be adjusted accordingly. Typically, if the entity has a taxable loss, it may not owe any current income tax, and the provision for tax may be reduced or eliminated for that period. Additionally, the entity may be able to carry forward the loss to offset future taxable income, potentially resulting in deferred tax assets. This allows the entity to benefit from the loss in future profitable periods.
What is the common characteristic possessed by all assets?
The common characteristic possessed by all assets is that they provide future economic benefits. Assets can take various forms, such as cash, property, or inventory, but they all contribute to a person's or organization's ability to generate revenue or value over time. Additionally, assets are expected to be controlled by the entity and have measurable value.
