An intangible asset may be recorded: A. if acquired from an external party at a cost. B. if it is internally generated and fits the definition of an asset and meets the associated recognition criteria. C. at a value other than cost if that value more reliably records the worth of the intangible asset. D. at the cost of the asset, which must exclude any additional expenditure required to prepare the asset for us

Q: An intangible asset may be recorded:  Select one: a. . at the cost of the asset, which must exclude…

A: Solution: An intangible asset may be recorded, "if acquired from an external party at a cost."

Q: Access the Codification glossary (“Master Glossary”) to answer the following. a. What is the…

A: a.

Q: Which of the following is INCORRECT regarding depreciation? Select one: O a. It is not a matter of…

A: Depreciation is an accounting method used to allocate the cost of tangible assets over their useful…

Q: capitalisation

A: As per IAS -16 and expenditure incurred need to be capitalized if the below two conditions are…

Q: Explain the difference in the accounting treatment of costs incurred to purchaseintangible assets…

A:

Q: 1. Identifiable intangible assets are those intangible assets that: A. have been purchased by the…

A: Intangible assets are those assets which do not have physical existence.

Q: Which one of the following is an intangible asset?

A: We know that as per IAS 38 vis a vis IFRS 38 an intangible asset is an identifiable non monetary…

Q: describe the costs associated with tangible and intangible assets, and the methods of expensing…

A: Tangible Assets: Intangible assets are tangible assets that can be touched or felt. They include…

Q: 5) Which of the following costs should always be expensed as incurred? A) the costs of externally…

A: Solution" As per GAAP, internally developed intangible assets are not capitalized unless same is…

Q: Which of the following is not a factor that limits the service life of an asset? a. Operational use…

A: Service life can be limited due to physical causes and functional causes such as deterioration,…

Q: Explain how losses on intangible assets that are impaired should be recorded in income.

A: When the carrying amount of the asset is less than the recoverable Amount it should be provided for…

Q: Identify the items included in the cost of a self-constructed asset and determine the amount of…

A: The self-constructed asset costs included in the asset cost are as follows direct materials direct…

Q: Which of the following most accurately reflects the concept of depreciation as used in accounting?…

A: In accounting, depreciation refers to the allocation of the cost of a tangible asset over its useful…

Q: 8. An item of property, plant and equipment should recognised as an asset if and only if: A. it is…

A: IAS 16 “Property, Plant, and Equipment”, deals with the determination of the cost of fixed assets to…

Q: Discuss the factors that influence the estimation of service life for a depreciable asset.

A: Fixed asset:It refers to the long-term assets having a useful life of more than a year which is,…

Q: The following terms are mismatched with its definitions. Match the terms to its correct definitions.…

A: The terms are matched with the definitions in below table:

Q: what is the attributes of determining the far value of intangible assets.

A: A non-physical asset is referred to as an intangible asset. Intangible assets contain goodwill, name…

Q: give the definition, recognition, measurement and derecognition of Impairment of assets.

A: impairment of assets Definition An asset is stated "impaired" when its Market value (MV)less than…

Q: Any of the following should be met for borrowing cost to be capitalized, borrowing cost are being…

A: Borrowing cost is the cost incurred by an entity due to the funds borrowed by it like, interest…

Q: An asset is said to be fully depreciated when:

A: An  provided economic benefit these are creating value of addition story enhance the profit…

Q: There are much argument about using cost instead of fair value to record acquired assets. In your…

A:

Q: O To prescribe the accounting treatment for property, plant, and equipment. O To specify the…

A: Lets understand the basics.IAS 16 "Property, plant and equipment" deals with the accounting…

Q: An entity that acquires an intangible asset may use the revaluation model for subsequent measurement…

A: Lets start with basic understanding. Intangible asset is considered under IAS 38 " Intangible…

Q: Explain the accounting issues related to asset impairment.

A: Asset impairment: Asset impairment emerges when there is a sudden drop in the fair value of an asset…

Q: Explain the concept of VALUE IN USE. Why can it be a basis for recoverable amount of an item of…

A: Value in use means the asset’s net worth for the present time. Value in use is used to take decision…

Q: Explain about the existence of an active market in relation to the intangible assets and the…

A: Here discuss about the details of intangible assets and its valuation and accounting treatment which…

Q: ntangible assets can only be measured using the revaluation model if the acquiring entity:

A: The Answer:

Q: Explain the difference between Tangible and Intangible Assets

A: Introduction: Assets: Any resource which is having monetary value called as Assets. Assets are to be…

Q: The cost of an item of PPE comprises the initial estimate of the cost of dismantling and removing…

A: Cost of PPE: In addition to the asset's purchase price, tariffs, and taxes that are not recoup able,…

Q: Which one of the following disclousures is required by generally accepted accounting principle? a.…

A: The correct option is B. Balances of major classes of depreciable assets, by nature or function.