IASB requires the use of _____ as a measurement basis. a. historical cost b. not given c. current cost d. fair value

Q: When reporting information, the most important thing to be considered is that, the cost. a. Should…

A: When reporting information, the most important thing to be considered is that, the cost Should be…

Q: Which of the following best defines the concept of a relevant cost? a. A past cost that is the same…

A: Relevant Cost: it is a cost which is used for taking decision  for the business management. this…

Q: Information produced using fair value as the measurement base is considered:   I. More neutral.…

A: Answer:- Fair value method meaning:- When a buyer and a seller voluntarily agree on a price for an…

Q: Any cost that is avoidable is relevant for decision purposes. O A. True O B. False

A: Relevant costs are those costs that are affected by the specific management decision being…

Q: Which method results in a more realistic amount for income because it matches the most current costs…

A: The current costs is based on the purchasing of the latest products which means the having book…

Q: A principle that is concerned with information that should be significant enough to affect…

A: Accounting Principles: These are the methods, guidelines, and rules that shall be followed by the…

Q: Which of the following aspects of a cost-benefit study would have the greatest uncertainty as to its…

A: Cost - benefit analysis is a decision making process in which costs incurred and revenues earned due…

Q: Q.What are the consequences of misclassifying a non-value-added cost as a value-added cost? When in…

A: Cost:   It refers to the economic value incurred by an organization for manufacturing a product or…

Q: n a decision analysis situation, which one of the following costs is generally not relevant to the…

A: Decision making is the process used to choose one of the various available alternatives. Examples of…

Q: Why opportunity cost is measured and relate with the evaluation of alternative, can it be an…

A: Cost or expenditure is the total amount spent by an individual, group and company to make a finished…

Q: Which of the following elements of fi nancial statements is most closely related to measurement of…

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: What is the definition of cost?

A: In the business, costs are the important measures to determine the value of elements being purchased…

Q: Which option does NOT form part of measurement bases in terms of IAS1? Select one: O a. Prime cost O…

A: In summary, IAS 1 does not specifically mention "prime cost" as a measurement basis, but it does…

Q: Why are inventories valued at the lower-of-cost-or-netrealizable value (LCNRV)? What are the…

A:

Q: Differentiate between Appraised value and Assessed value?

A: Difference between appraised value and Assessed value:Appraisal value refers to that on a specific…

Q: Explain the arguments for and against using historical cost as a measurement base.

A: Historical Cost Accounting is a method of accounting in which the assets in the balance sheet are…

Q: In what circumstances is the compressed adjustedpresent value (APV) model useful, and how wouldit be…

A: The question is based on the concept of adjusted present value (APV). APV uses net present value…

Q: Which of the following costs can be ignored when making a decision? a. Opportunity costs. b.…

A: Sunk cost can be ignored when making a decision. It is irrelevant cost for decision making.  Sunk…

Q: relevant (differential) revenues and relevant (differential) costs

A: Relevant revenues and relevant costs are two terms used in evaluating the acceptance of special…

Q: Which method is required under GAAP? O All are acceptable methods O FIFO O LIFO O Average cost or…

A: GAAP means the generally accepted accounting principle which means that those accounting principle…

Q: Which of the following elements of fi nancial statements is most closely related to measurement of…

A: Financial statements are statements which provides the information about the financial position of…

Q: cost that has been incurred in the past, cannot be recouped, and is not relevant to future decisions…

A: Period cost is the cost which is assigned to specific period. It is a fixed cost.it is non…

Q: In the blanks provided to the right below, select the letters of the underlying assumption,…

A: 1 J 2 I.  3 H. 4 G. 5 G. 6 L.

Q: What is the difference between gross method and the net method?

A: Gross margin (gross profit): Gross margin is the amount of revenue earned from goods sold over the…

Q: What is the difference between historical cost accounting and fair value accounting?

A: Historical cost accounting records assets and liabilities at their original purchase cost, adjusted…

Q: Explain the difference between the “nature-of-expense” and “function-of-expense” classifications.

A: International Financial Reporting Standards:   IFRS (International Financial Reporting Standards) is…

Q: ases? or only in t

A: The explanation is given below ,