.Which of the following is not a criterion for classifying an asset as current? -It is expected to be realized within twelve months after the reporting period. -It is expected to be realized, or intended for sale or consumption in the normal course of the entity’s normal operating cycle. -It is a cash and cash equivalent restricted for the purchase of a non-current asset within 12 months after the reporting period. -It is held primarily for the purpose of being traded. 2.All of the following are essential characteristics of an intangible assets, except -Expected future economic benefits. -Controlled by the enterprise. -identifiability -Indefinite useful life. 3.The admission of a new partner to an existing partnership -requires purchasing the interest of one or more existing partners. -causes a legal dissolution of the existing partnership. -may be accomplished only by investing assets in the partnership. -is almost always accompanie
.Which of the following is not a criterion for classifying an asset as current? -It is expected to be realized within twelve months after the reporting period. -It is expected to be realized, or intended for sale or consumption in the normal course of the entity’s normal operating cycle. -It is a cash and cash equivalent restricted for the purchase of a non-current asset within 12 months after the reporting period. -It is held primarily for the purpose of being traded. 2.All of the following are essential characteristics of an intangible assets, except -Expected future economic benefits. -Controlled by the enterprise. -identifiability -Indefinite useful life. 3.The admission of a new partner to an existing partnership -requires purchasing the interest of one or more existing partners. -causes a legal dissolution of the existing partnership. -may be accomplished only by investing assets in the partnership. -is almost always accompanie
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1.Which of the following is not a criterion for classifying an asset as current?
-It is expected to be realized within twelve months after the reporting period.
-It is expected to be realized, or intended for sale or consumption in the normal course of the entity’s normal operating cycle.
-It is a cash and cash equivalent restricted for the purchase of a non-current asset within 12 months after the reporting period.
-It is held primarily for the purpose of being traded.
2.All of the following are essential characteristics of an intangible assets, except
-Expected future economic benefits.
-Controlled by the enterprise.
-identifiability
-Indefinite useful life.
3.The admission of a new partner to an existing partnership
-requires purchasing the interest of one or more existing partners.
-causes a legal dissolution of the existing partnership.
-may be accomplished only by investing assets in the partnership.
-is almost always accompanied by the liquidation of the business.
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