CHOICE QUESTIONS Which of the following assets held by an enterprise would qualify investment property as defined by IAS 40, Investment Property? Land held for capital appreciation Building held to earn rentals Land for sale in the ordinary course of business Land held for undetermined future use I. II. III. IV.

CHOICE QUESTIONS Which of the following assets held by an enterprise would qualify investment property as defined by IAS 40, Investment Property? Land held for capital appreciation Building held to earn rentals Land for sale in the ordinary course of business Land held for undetermined future use I. II. III. IV.

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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25. A parent company’s investment account would include an element which is representative of : Multiple Choice the unrecorded difference between fair value and book value of the investee’s assets. the unrecorded book value of the investor’s assets. the goodwill accrued since the purchase of the investee. the recorded current value of the investee’s assets.
Which of the following values for an intangible asset would a company capitalize and amortize? a.) purchase price b.) research costs c.) residual value d.) development costs
8. Income is: a. An amount for payment of services, interest, or profit from investment b. The gain derived from capital or labor c. Any material gain, not otherwise excluded by law, realized out of a closed and completed transaction, where there is an exchange of economic value for economic value, with a specified taxable period, under the method of accounting employed. d. A flow of service rendered by capital by the payment of money from it or any other benefit rendered by a fund of capital in relation to such fund through a period of time.
Fair value as a method of asset measurement is defined as: Multiple Choice O O the cost of an asset adjusted for the depreciation or amortization accumulated over its lifetime. price that would be received to sell assets in an orderly transaction between market participants on a given date. the net amount of cash into which an asset could be converted in the ordinary course of business. the value of what is given in exchange for the asset at its initial acquisition.
__________ is defined in the Conceptual Framework as ‘a present obligation of the entity to transfer an economic resource as a result of past events’. Select one alternative: Expense Income Asset Liability
Residual interest in the asset of an entity that remains after deducting its liabilities is? a. Liabilities b. Expense c. Owner’s Equity d. Assets
which of the following are fixed assets? Financial assets at fair value through profit or loss Interests in and advances to joint ventures, co-venturers and associates Property, plant and equipment Right-of-use assets Investment properties Trademarks, goodwill and other intangible assets Operating lease receivables Finance lease receivables
Sales and exchanges of personal use and investment use property are generally reported first on form 8949 sales and other dispositions capital assets the total reported on form 8949 are they carry to which form or schedule?
Capital expenditures incurred subsequent to purchase of property assets increase total assets. T/F
Section 197 intangible property acquired as part of an acquisition of a business is amortized over what?
q13 According to IFRS, which accounting policy may an entity apply to measure investment property in periods subsequent to initial recognition? Select one: a. Fair value model or revaluation model. b. Cost model or fair value model c. Fair value model only. d. Cost model or revaluation model.
The following are properly classified as capital expenditure, except: a. Expenses to promote business goodwill b. Acquisition of intangibles c. Rentals under a “Lease-to-Own” agreement d. None of the above