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An asset group is being evaluated for an impairment loss. The following financial information is available for the asset group: Carrying Value=100,000,000 Sum of the undiscounted cash flows= 95,000,000 Fair value= 80,000,000 Carrying Value= $100,000,000 What is the value of the impairment loss?

When the carrying amount of an asset exceeds its recoverable amount, the asset is impaired. the excess represents impairment loss. there is a need to write-down the asset’s carrying amount to its recoverable amount. d. all of these   2. According to PAS 36 Impairment of Assets, the recoverable amount of an asset a. is determined only if there are indications that the asset is impaired. b. is determined at least annually. c. need not be determined if there are no indications for impairment, except for intangible assets with indefinite useful life, intangible assets not yet available for use, and goodwill acquired in a business combination which are required to be tested for impairment at least annually. d. is determined only if there are indications that the asset is impaired and need not be determined if there are no indications for impairment, except for intangible assets with indefinite useful life, intangible assets not yet available for use, and goodwill acquired in a business…

Statement 1: A recovery of impairment for a tangible long-lived asset is limited to the carrying value that would have been reported had the impairment not occurred.Statement 2: After an impairment loss is recorded, the recoverable amount becomes the basis for the impaired asset and is used to calculate depreciation in future periods. Group of answer choices Only statement 2 is correct Both statements are correct Both statements are incorrect. Only statement 1 is correct.

True or False _____ PAS 16 defines depreciation as "the decrease in the value of an asset." ______ According to PAS 16, items of PPE are initially measured at cost and subsequently measured using either the cost model or the fair value model. _______ an entity acquires an asset for P120k. The asset is estimated to have a useful life of 10 years and a residual value P20K. tHE STRAIGHT LINE DEPRECIATION RATE BASED ON DEPRECIABE AMOUNT IS 10% _______ An entity acquires an asset for P1M. A P200k residual value is estimated for the asset. Ar the end of the asset's useful life, the accumulated depreciation wil be equal to P1M. _______ A machine acquired on the 20th of Julyv(and ready for its intended use as at this date) would most likely be depreciated starting on the 1st of August. _______ A change in the depreciation method, useful life or residual value of a PPE is accounted for retrospectively.

In Able Company’s efforts to estimate a value for Baker Company's goodwill, Able is estimating Baker Company's expected future earnings. Able is using Baker's past earnings to project the future earnings. Which of the following items should be eliminated from Baker's past earnings in order to project future earnings?                  Extraordinary items                                Amortization expense                                                                            for identifiable intangibles a.                       Yes                                                              Nob.                       Yes                                                              Yesc.                        No                                                              Yesd.                        No                                                              No

When an asset is held for sale:   Question 10 options:   the asset is remeasured at the lower of carrying (book) value and fair value less costs to sell.   it must related to discontinued operations.   the company continues to record depreciation on the asset.   the asset is remeasured at the lower of fair value and carrying (book) value. The matching principle is best demonstrated by:   Question 11 options:   measuring expenses correctly.   not recognizing any expenses until some revenue has been received.   recognizing prepaid rent as revenue.   associating effort (expenses) with accomplishment (revenues).

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1. According to PAS 23, borrowing costs do not directly relate to the acquisition, construction, or production of a qualifying asset are  A. Capitalized as cost of the qualifying asset. B. Expensed C. Expensed, except when the borrowing costs relate to other assets D. Any of these as a matter of accounting policy choice   2. Which of the following is a qualifying asset?    A. A second-hand heavy machinery that takes 2 years to refurbish and customize for its intended use B. Biological asset measured at fair value less costs to sell C. A long-term note receivable (financial asset) D. A multi-million-dollar executive jet plane that is ready for its intended use upon purchase   3. An entity starts the capitalization of borrowing costs to the cost of a qualifying asset when *   A. Expenditures for the asset are being incurred. B. Borrowing costs are being incurred. C. Activities necessary to prepare that asset for its intended…

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Place T or F in front of each of the following statements. 1. The straight-line method of depreciation is based on the assumption that depreciation expense can be regarded as a constant function of time. 2. Plant assets should be written down (below cost) when their market value has declined temporarily. 3. The accounting profession has developed specifically recommended procedures for recording appraisal increases with respect to plant assets. 4. An asset's cost minus its accumulated depreciation equals its book value. 5. The sum-of-the-years'-digits method of depreciation ignores salvage value in the computation of an asset's depreciable base. 6. When using the double-declining balance method of determining depreciation, a declining percentage is applied to a constant book value. 7. The book value of plant assets initially declines more rapidly under decreasing-charge methods than under the straight-line method. 8. Accounting depreciation is computed by…

true or false 1. Some intangible assets are not required to be amortized every year. 2. Internally created intangibles are recorded at cost. 3. Internally generated intangible assets are initially recorded at fair value. 4. Amortization of limited-life intangible assets should not be impacted by expected residual values. 5. Internally generated goodwill should not be capitalized in the accounts 6. Dividends in arrears on cumulative preferred stock should be recorded as a current liability. 7. Magazine subscriptions and airline ticket sales both result in unearned revenues. 8. Discount on Notes Payable is a contra account to Notes Payable on the balance sheet. 9. All long-term debt maturing within the next year must be classified as a current liability on the balance sheetAll long-term debt maturing within the next year must be classified as a current liability on the balance sheet 10. A short-term obligation can be excluded from current liabilities if the company intends to refinance…

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Which of the following companies has a disclosure for which FASB ASC 450 applies, but FASB ASC 275 does not? O Comfort House has a loss contingency at the financial statement date, and it is remotely A. possible that the estimate for this contingency will change by a material amount within the next year. B. The Garden Foundation has an asset on which the depreciation will be recalculated due to the life of the assets being extended. C. The Summer Group has equipment that will be written down. D. The Winter Group has an intangible asset that needs to be written down.

What is the result of this disposal transaction on these general accounting question?

Which of the following is true? O The book value at the end of an asset's useful life will be the same under all the depreciation methods allowed under generally accepted accounting principles. The annual depreciation expense will usually differ under the various depreciation methods. The total depreciation in the accumulated depreciation account will be the same at the end of the asset's useful life under all the methods allowed under generally accepted accounting principles. O All are true.