Q35390583

FAR- Conceptual Framework Kindly help me answer the following: 11. Which is an implication of the going concern assumption? * a. Depreciation and amortization policies are justifiable and appropriate. b. The current and noncurrent classification of assets and liabilities is justifiable and significant. c. All of these are an implication of going concern. d. The historical cost principle is credible.   12. The concept of accounting entity is applicable * a. Only to business organisations b. Only to the economic aspects of business organizations c. Only to the legal aspects of business organizations d. Whenever accounting is involved   13. The overall objective of financial reporting is to provide information * a. That allows owners to assess management performance. b. About assets, liabilities and equity of an entity. c. That is useful for decision making d. About financial…

Which one of the following is not one of the factors in computing depreciation? Cost price Inadequacy Salvage value Exchange price Which of the following account is debited when account payable is converted into note payable? 直

q24 Which of the following is NOT a step in impairment testing? Select one: a. Calculate the asset’s carrying amount in the books of the entity b. Sell the asset after if the fair value is greater than the recoverable amount c. Calculate the recoverable amount of the asset d. Assess whether there are circumstances that may indicate that the asset should be impaired.

What is the purpose of recognizing depreciation on the financial statements?  Is it designed to report PPE at fair value on the balance sheet?

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A The objective of IAS 36 Impairment of assets is to prescribe the procedures that an entity applies to ensure that its assets are not impaired. Required Explain what is meant by an impairment review. Your answer should include reference to assets that may form a cash generating unit. Note You are not required to describe the indicators of an impairment or how impairment losses are allocated against assets

Q4. Critically evaluate the approach adopted under IAS 38 in accounting for intangible assets.Your answer should refer to accounting for brand names under IAS 38.

N3 When valuing information assets, what criteria could be considered in establishing or determining the value of the assets?

Note: Option A is incorrect. Need correct option

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Explain the accounting issues related to asset impairment.

38. Which of the following account statements regarding assets is not true? a. An asset represents a probable future economic benefit b. Assets are obtained or controlled as a result of past or probable future transactions c. Assets reported on the balance sheet include both monetary and nonmonetary resources d. Assets include costs that have not yet been matched with revenues

The FASB Accounting Standards Codification represents the single source of authoritative U.S. generally accepted accounting principles. Required: 1. Obtain the relevant authoritative literature on the impairment or disposal of long-lived assets using the FASB Accounting Standards Codification at the FASB website (asc.fasb.org). Indicate the Codification topic number that provides guidance on accounting for the impairment of long-lived assets. 2. What is the specific citation that discusses the disclosures required in the notes to the financial statements for the impairment of long-lived assets classified as held and used? 3. Describe the disclosure requirements.

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Identify the accounting issues related to asset impairment.

Q21 Which of the following is NOT a step in impairment testing? Select one: a. Sell the asset after if the fair value is greater than the recoverable amount b. Calculate the asset’s carrying amount in the books of the entity c. Calculate the recoverable amount of the asset d. Assess whether there are circumstances that may indicate that the asset should be impaired.