Answer: Not required to be accounted for by the short-cut method if using IFRS.
Explanation:
A Short term Lease is one where a person or entity is granted the legal use of a space for a small period of time which is a year or less.
In calculating this, the Sixteenth International Financial Reporting Standards, IFRS 16, states that a Short Term lease may be charged directly to a Profit and Loss account.
It does not approve the use of the Shortcut method which is a qualitative measure of analysis that is ONLY approved under the US Accounting system (GAAP) and even then is not widely used.
Independent, classroom, activist, pragmatic
Answer:
useful life= 12 years
Explanation:
Giving the following information:
Purchase price= $140,000
Salvage value= $20,000
Annual depreciation= $10,000
<u>To calculate the useful life, we need to use the straight-line method formula:</u>
Annual depreciation= (original cost - salvage value)/estimated life (years)
10,000= (140,00 - 20,000) / useful life
10,000useful life = 120,000
useful life= 120,000 / 10,000
useful life= 12 years
Answer:
Objective and task.
Explanation:
A budget is a financial plan used for the estimation of revenue and expenditures of an individual, organization or government for a specified period of time, often one year. Budgets are usually compiled, analyzed and re-evaluated on periodic basis. The benefits of having a budget is that it aids in setting goals, earmarking revenues and resources, measuring outcomes and planning against contingencies.
The budgeting method described in the question is called objective and task. It is typically used by various organizations or companies due to the fact that, it's tied directly to the strategy and tactics of a company on an annual basis. Also, it is used to set a budget for marketing efforts while anticipating on informations about the company.
Answer: I will vote in favor of the bill.
Explanation:
Based on the above scenario, I would vote in favor of the bill. The argument here is in the case of bankruptcy, if an individual is willing to pay their dues but because of unavoidable financial circumstances, the individual seeks more time or other assistance which can help so that the person will later pay. I believe it's a good idea which should be supported by the law.
The court should have the right to decide terms of mortgages to help debtors in order for them to pay their debts in future rather than forcing them to leave the house. It will also help the country deal with issue of facilitating housing to maximum number of individuals.
In my opinion, the judge's decision should be given prime importance as the judge must evaluate the intention of the debtor and the capability of the debtor to pay the debts
