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- Q21 Which of the following is NOT a step in impairment testing? Select one: a. Sell the asset after if the fair value is greater than the recoverable amount b. Calculate the asset’s carrying amount in the books of the entity c. Calculate the recoverable amount of the asset d. Assess whether there are circumstances that may indicate that the asset should be impaired.A consideration in determining the useful life of an intangible asset is not the: O expected actions of competitors O provisions for renewal or extension O initial cost O legal, regulatory, or contractual provisionsq24 Which of the following is NOT a step in impairment testing? Select one: a. Calculate the asset’s carrying amount in the books of the entity b. Sell the asset after if the fair value is greater than the recoverable amount c. Calculate the recoverable amount of the asset d. Assess whether there are circumstances that may indicate that the asset should be impaired.
- 34. Which of the following is not one of the basic questions that must be answered before the amount of depreciation charge can be computed? A) What method of cost apportionment is best for this asset ? B) What product or service is the asset related to? C) What is the asset's useful life? D) What is the depreciation base to use for the asset?3) Which of the following best describes a depreciation base?7) The acquisition cost of an asset relative to its fair value O The estimated market value of an asset at the end of its useful life O The historical cost of an asset less the depreciation recognized to date O The amount that should be expensed over an asset's useful lifeWhich one of the following is not an advantage of leasing fixed asset? a. Repairs and maintenance are borne by the lessor b. Risk of loss due to obsolescence is on the lessee c. Lessee has access to asset without the need to purchase the asset d. Lessor becomes the owner of the asset
- 93 Conptal Framo PROBLEMS PROBLEM 1: TRUE OR FALSE All changes in an entity's economic resources and claims to those resources result from the entity's financial performance. The qualitative characteristics of useful information apply nly to the financial information provided in the financial statements. . According to IFRS Practice Statement 2 Making Materiality Judgnents, cost is an important consideration when making materiality judgments. T, When making materiality judgments, assessment alone is not always sufficient to conclude that an item of information is not material. Es. Materiality judgments apply only to items that are recognized but not to those that are unrecognized. 6. The more significant the qualitative factors are, the lower the quantitative thresholds will be. Thus, an item with a zero amount can be material in light of qualitative thresholds. Fz. When making materiality judgments, an entity should judge an item's materiality only on its own and not in combination…Which of the following amounts would be used in calculating a lessee's right of use asset (ROU)? ) O Estimated Salvage Value O Market Value of the Asset O Unguaranteed Residual Value Bargain Purchase OptionQUESTION 17 Match the term on the left to the appropriate description on the right. v Historical cost A. The amount of a PP&E asset's acquisition cost that will be depreciated over the asset's useful life v Depreciable cost B. An asset whose value derives from rights and privileges rather than physical existence v Salvage value v Accumulated depreciation C. The capitalized acquisition cost of an asset v Intangible asset v Amortization D. The process of allocating an intangible asset's acquisition cost to expense over its useful life E. The book value of a fully-depreciated PP&E asset F. The total amount of depreciation expense that has been recorded to-date for a PP&E asset
- Which of the following is not a factor in selecting a depreciation method? a. salvage valueb. repair and maintenance costsc. Inflationd. the risk associated with the cash flows from the assetWhich statement is INCORRECT about subsequent measurement of intangible assets? Q7 Select one: a. When using the cost model an entity should estimate the estimated useful life as well as the estimated residual value if the asset is determined to have an indefinite useful life b. When using the cost model an entity should estimate the estimated useful life as well as the estimated residual value if the asset is determined to have a definite useful life. c. The same model chosen by an entity should be used for all intangible assets in the same class. d. Intangible assets may be measured using either the cost model or the revalued cost model.Which of the following is true regarding special issues in accounting for long-term assets? A. An assets useful life can never be changed. B. An assets salvage value can never be changed. C. Depreciation expense calculations may need to be updated using new and more accurate estimates. D. Asset values are never reduced in value due to physical deterioration.