#32 of 20 questions Multiple Choices --Previous Questions-- Multiple Choice Questions The following are risks of ownership Except: OLessee maintained assets OLessee has right to use assets for most or all of it useful life. OLessee runs the risk of technological obsolescence. b) Lessee insures assets OLessee insures asset dy

#32 of 20 questions Multiple Choices --Previous Questions-- Multiple Choice Questions The following are risks of ownership Except: OLessee maintained assets OLessee has right to use assets for most or all of it useful life. OLessee runs the risk of technological obsolescence. b) Lessee insures assets OLessee insures asset dy

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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question 42 choose the correct answer from the choices
Which one of the following tangible fixed assets would not normally be ?depreciated Option 1 O Equipment Machinery O Land O Buildings O
The carrying amount of an item of property, plant and equipment shall be derecognized 1. On disposal II. When no future economic benefits are expected from the use or disposal of the asset II only Neither I nor II Either I or II x I only
In the case study of Company XYZ's challenges in accounting for goodwill and intangible assets impairment, which factor poses a risk to the value of intangible assets such as patents and software? A) Technological advancements B) Annual amortization C) Lack of impairment testing D) Economic stability
Identifiable intangible assets include all of the following, except * Computer software Copyright Leasehold improvement Patent An intangible asset is identifiable when * O It arises from contractual and other legal right. It is either separable or it arises from contractual and other legal right. It is separable It is neither separable nor it arises from contractual and other legal right. Which is a characteristic of an intangible asset? * Claim for a specific amount of cash Physical existence Long-lived O Held for sale After initial recognition, an intangible asset shall be measured using * Cost model or revaluation model Cost model Revaluation model Cost model or fair value model O O O O O O O
Which of the following would be amortized? a)oil wells b) landc) equipment d) franchises Which of the following would NOT be considered an intangible asset: a) interest payableb)a patentc)a trade markd) all of these are intangible assets
2
MCQ4 Which of the following is not a characteristic of an intangible asset? It may be impaired and written off. It may be amortized using the straight-line method. Its useful life may exceed its legal life for amortization. O It has no physical substance.
question 28
S1: The realization process depends on the type of the property, plant and equipment-if the property, plant and equipment are non-depreciable, the realization of a gain or loss on an intercompany sale must await the property, plant and equipment's resale to outsiders; if the property. Plant and equipment are depreciable, the realization of gain or loss on an intercompany sale occurs on a piece meal basis over the remaining useful life of the property, plant and equipment. S2: Unrealized intercompany gains or losses involving the non-depreciable assets are viewed as being realized gradually over the remaining life of the asset as it is used by the purchasing affiliate. O Only S1 is correct. O Only S2 is correct. O Both statements are correct. O Both statements are incorrect.
Assets Classified as Intagible Assets Required: What is the total amount to be recognized as intangible assets?
question 27 choose the correct answer from the choices