Disclosures relating to PP&E assets are Select one: a. less extensive under ASPE. b. more extensive under ASPE. c. identical under IFRS and ASPE. d. less extensive under IFRS.
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Disclosures relating to PP&E assets are
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- MCQThe concept that states assets should be recorded at their original cost is known as the: i. Matching Principle ii. Consistency Principle iii. Cost Principle iv. Revenue Recognition PrincipleValuing assets at the amount of cash or equivalents paid or the fair value of the consideration given to acquire them at the time of acquisition most closely describes which measurement of fi nancial statement elements? A . Current cost
- The disclosure of a line item for Other current assets in the Statement of financial position would be justified according to which of the following? O Comparability Materiality o Consistency Neutrality o VerifiabilityDefine current assets. What basis is used for ordering individual items within the current assets section? How do current liabilities differ from long-term liabilities?According to the acquired assets should be recorded at the amount actually paid rather than at the estimated market value. O A. monetary unit assumption O B. going concern assumption O C. cost principle D. economic entity concept
- On the Statement of Financial Position, which of the following is true? Group of answer choices A. Assets and Liabilities are reported as totals, and Net Assets are reported by unrestricted and restricted classifications. B. Liabilities are reported as a total, and Assets and Net Assets are reported by unrestricted and restricted classifications. C. Assets, Liabilities, and Net Assets are reported by unrestricted and restricted classifications. D. Assets are reported as a total, and Liabilities and Net Assets are reported by unrestricted and restricted classifications.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 PrincipleQuoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date are an example of: Select one: A. a Level 2 input. B. a Level 3 input. C. a Level 4 input. D. a Level 1 input