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

33.What characterizes the accounting for involuntary conversions of fixed assets? A. Defer gain if asset is replaced B. Record as regular asset sale C. Recognize loss immediately D. Capitalize insurance proceeds solve this

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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Access the FASB Accounting Standards Codification at the FASB website (asc.fasb.org). Determine the specific citation for each of the following items: 1. Depreciation involves a systematic and rational allocation of cost rather than a process of valuation. 2. The calculation of an impairment loss for property, plant, and equipment. 3. Accounting for a change in depreciation method. 4. Goodwill should not be amortized.

33.What characterizes the accounting for involuntary conversions of fixed assets? A. Defer gain if asset is replaced B. Record as regular asset sale C. Recognize loss immediately D. Capitalize insurance proceeds

33.What characterizes the accounting for involuntary conversions of fixed assets? A. Defer gain if asset is replaced B. Record as regular asset sale C. Recognize loss immediately D. Capitalize insurance proceeds provide answer

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.

Dear expert solve this question by using appropriate method.

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

Explain the accounting issues related to asset impairment.

An international financial reporting standard concerning depreciation states that: 1. The straight-line method should be used to depreciate all tangible non-current assets. 2. The reducing-balance method should be used to depreciate all intangible non-current assets. Are the above statements true or false? A. B. C. D. Statement 1 False False True True Statement 2 True False False True

The concept that states assets should be recorded at their original cost is known as the: A. Cost Principle B. Consistency Principle C. Principle D. Revenue Recognition Principle