Each reportable segment is required to disclose the following information except for: Question 20Answer a. Capital expenditures b. Extraordinary items c. Gross profit or loss d. Depreciation, depletion, and amortization
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- Define each of the following terms:d. Depreciation; amortization; EBITDAWhich one of the following disclousures is required by generally accepted accounting principle? a. Depreciation expense for each major class of asset b. Balances of major classes of depreciable assets, by nature or function c. Accumulated depreciation on each depreciable asset d. An explanation of why the depreciation method used was selected by managementd. Record the entry for reclassifying the net assets.
- 31. Expenditures to acquire long-term assets are most likely classified as Personnel Services (PS) Maintenance and Other Operating Expenses (MOOE) Financial Expenses (FE) Capital Outlay (CO)Which of the following should be disclosed in the Summary ofSignificant Accounting Policies?a. rent expense amount b. maturity dates of long-term debtc. methods of amortizing intangiblesd. composition of plant assets1. Exploration and evaluation assets are initially measured at a. cost. b. revalued amount. c. fair value. d. a or b 2. Exploration and evaluation assets are exploration and evaluation expenditures recognized as a. assets in accordance with the entity’s accounting policy. b. expenses in accordance with applicable PFRSs. c. assets in accordance with (a) above, subject to the limitations provided under PAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. d. any of these Use the following information for the next two questions: In 20x1, OBSTREPEROUS NOISY Mining Corp. acquired the right to use 1,000 acres of land to mine for gold. The lease cost is ₱200,000,000, and the related exploration costs on the property amounted to ₱40,000,000. It is the policy of OBSTREPEROUS Mining Corp. to capitalize all costs of exploration and evaluation of mineral resources. Intangible development costs of drilling, tunnels, shafts, and wells incurred before opening the mine amounted to…
- Recording depreciation each period is necessary in accordance with the Select one: a. going concern principle. b. expense recognition principle. c. historical cost principle. d. asset valuation principle.75. An alternative term used for accumulated depreciation expenses? A. O Provision for depreciation B.Cumulative depreciation C.Targeted depreciation D.DepletionDefine current assets. What basis is used for ordering individual items within the current assets section? How do current liabilities differ from long-term liabilities?
- Common categories of a classified balance sheet include Current Assets, Long-Term Investments, Plant Assets, Intangible Assets Current LiabilitiesLong-Term Liabilities, and EquityFor each of the following items, Identify the balance sheet category where the item typically would best appearIf an item does not appear on the balance sheetIndicate that instead.Question Accounting27) Which one of the following category prepaid expenses belong to? a. Current asset b. Non-current asset c. Intangible asset d. Current liability