If an entity was not able to determine the fair value of both the asset received and the asset given up, which is used in measuring the cost of the asset received? Group of answer choices fair value of the asset given up. fair value of the asset received. either fair value of the asset given up or carrying

Q: An intangible asset may be recorded:  Select one: a. . at the cost of the asset, which must exclude…

A: Solution: An intangible asset may be recorded, "if acquired from an external party at a cost."

Q: Which of the following amounts would be used in calculating a lessee's right of use asset (ROU)? ) O…

A: A lease is a contractual agreement between two parties, the lessor (owner) and the lessee (user),…

Q: Net purchase price of an asset plus all reasonable and necessary expenditures to get it in place and…

A: Depreciation expense: Depreciation expense is the reduction in a particular asset due to its use or…

Q: GAAP provides guidelines for the inclusion of interest in the initial cost of a self-constructed…

A: 1.

Q: 1.) If a newly acquired asset is ‘held for sale’, the asset or disposal group will be measured at:…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: To calculate the an part of the calcula

A: Amount realized means all forms of compensation received by the seller from the buyer. It can be in…

Q: Which of the following is INCORRECT regarding depreciation? Select one: O a. It is not a matter of…

A: Depreciation is an accounting method used to allocate the cost of tangible assets over their useful…

Q: If a company uses the fair value model to value investment property, changes in the fairvalue of the…

A: Under the fair value model, remeasuring of investment property is made at the end of each reporting…

Q: Allowable depreciation reduces the basis of an asset whether the depreciation is deducted or not.

A: Allowable depreciation is the depreciation of the asset which is must allowed to deduct from the tax…

Q: The difference between book value of the asset with the proceeds received from its sale, will…

A: The book value of the asset is the cost of the asset less accumulated depreciation.

Q: Which of the following answers is the correct formula for determining the his Select one: O a.…

A: Historical cost of an asset: It is a sun of purchase price and any cost incurred to bring the asset…

Q: Explain the historical cost concept as it applies to long-term operational assets. Why is the book…

A: The cost of a fixed asset include every expenses incurred in bringing the asset into present…

Q: What is the basis for the estimation of the fair value of the impaired operating resource? For…

A: An asset is said to be impaired if the carrying value or book value of asset is higher than the sum…

Q: A capital expenditure would be: Group of answer choices added to the cost of the asset ignored…

A: The Capital expenditure is that expenditure which is incurred for long term benefits. The benefits…

Q: In which of the following situations would a cost incurred after an asset’s acquisition be…

A: Asset A resource with a monetary value that is owned or managed by a person, company, or nation in…

Q: When nonmonetary assets are exchanged, a company records the cost of the nonmonetary asset acquired…

A: When a non monetary assets is exchanged for another non monetary assets. Asset shall be organised.…

Q: Identify the items included in the cost of a self-constructed asset and determine the amount of…

A: The self-constructed asset costs included in the asset cost are as follows direct materials direct…

Q: When using the fair value method, we adjust the reported amount of the investment for changes in…

A: The sales price agreed by the buyer and seller is termed as Fair value assuming both parties are…

Q: hat is the amount realized in a transaction? The gain on the sale of an asset The proceeds less the…

A: Capital gain is realized from the sale of fixed assets.

Q: The following terms are mismatched with its definitions. Match the terms to its correct definitions.…

A: The terms are matched with the definitions in below table:

Q: Which of the following is not a part of the impairment test of equipment under IFRS? Group of answer…

A: The objective of the question is to identify which of the given options is not a part of the…

Q: The amount for which an asset could be exchanged, a liability settled , or an equity instrument…

A: The amount for which an asset could be exchanged, a liability settled , or an equity instrument…

Q: A company is most likely to:A. use a fair value model for some investment property and a cost model…

A: SOLUTION:- A company is most likely to change from the fair value model when the company transfers…

Q: Which of the following is not a part of the impairment test of equipment under IFRS? Group of answer…

A: The objective of the question is to identify which of the given options is not a part of the…

Q: Any of the following should be met for borrowing cost to be capitalized, borrowing cost are being…

A: Borrowing cost is the cost incurred by an entity due to the funds borrowed by it like, interest…

Q: n a restated set of financial statements prepared in accordance with the current cost accounting,…

A: Realized gain is the gain on sale of the asset where its cost price is less than the selling price.…

Q: nder IFRS, disclosure for an investment property must include which of the following

A: The investment property is the property that is held with an intention to earn rental income. It…

Q: There are much argument about using cost instead of fair value to record acquired assets. In your…

A:

Q: If a company purchases a limited-life intangible asset, they _____________ amortize the asset and…

A: Intangible assets are those that are not monetary assets and cannot be touched or seen. These arise…

Q: How are capital expenditures made to improve the quality of a capital asset accounted for? Would the…

A: Capital expenditure funds are funds used by a company to acquire or upgrade physical assets such as…

Q: What is the treatment of any gain on a subsequent increase in the fair value less cost of disposal…

A: Subsequent will increase in truthful price. A gain for associated consequent increase in truthful…

Q: What costs are capitalized, or added to the asset account when acquiring property and equipment? A.…

A: Introduction:- Purchase price of plant and equipment consists of purchase price and all other costs…

Q: 8. If a FVTPL financial asset is bought, the investment account is

A: When Financial Asset is Bought, Value of Assets is Increased.   Journal Entry :— Dr. Financial…

Q: e amortized cost for a financial asset

A: Amortized cost is the amount at which financial assets are reported on Balance Sheet.

Q: Where non-current assets are held for sale, they are required to be measured using: the…

A: Non-current assets are held for sale - Non Current Assets are part of the assets in the balance…

Q: 1. How do we decide whether to capitalize (record as an asset) or expense a particular cost? 2.…

A: ANSWER   Cost: The cost of the long-lived assets refers to all the expenditures made in order to…

Q: The generally accepted accounting principle that supports recording the value of a property at the…

A: Correct answer is option 'D' i.e. cost principle. Explanation:  Under US GAAP As per cost principle…

Q: Why is depreciation expense recognized? Select one: a. To provide a better estimate of the market…

A: Depreciation expense is the systematic allocation of the cost of a long-term asset over its useful…

Q: The difference between book value of the asset with the proceeds received from its sale, will result…

A: The book value of an asset is the value of the asset calculated by deducting the accumulated…

Q: The allocation of the cost of a tangible asset to expense in the periods in which the asset is used…

A: Tangible assets are physical assets of a company such as land, building, machine which is used to…

Q: What is the 'carrying amount of a depreciating non-current asset? O A. The cost (or fair value) of…

A: INTRODUCTION The Carrying amount is calculated by deducting accumulated depreciation from the…

Q: right of use asset

A: Correct Answer :- C Sale price

Q: Under the impairment of assets, value-in-use is *   a. The undiscounted present value of future…

A: The impairment loss is recorded as an expense in the income statement of the company.

Q: Which of the following statements is correct with respect to the sale of a depreciable asset?…

A: The book value of an asset refers to the difference between the original cost of an asset and the…

Q: A gain on the disposal of an asset indicates that the asset was sold for more than Its fair value.…

A: Lets understand the basics. When there is sale happens of asset then there is profit or loss arise.…