In a service In a service concession arrangement, the operator recognizes? Correctoptiona) The infrastructure as its PPEb) Either a financial asset or an intangible assetc) Always an intangible assetd) Always a financial asset

Explanation of Service Concession Arrangement: A service concession arrangement is a contract…

Answered: In a service concession arrangement,…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 15DQ

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In a service concession arrangement, the operator recognizes? Correct option a) The infrastructure as its PPE b) Always a financial asset c) Always an intangible asset d) Either a financial asset or an intangible asset
Problem related to Accounting
Subject: Financial Accounting
Which of the following intangible assets should not be amortized? a. Copyrights b. Customer lists c. Perpetual franchises d. All of these intangible assets should be amortized.
An operator treats the resurfacing services included in a service concessionarrangement as a separate performance obligation if: A. The resurfacing is to be performed only when the infrastructure deterioratesbelow a specified condition. B. The resurfacing is to be performed only when the infrastructure is used beyond aspecified level of usage.C. The resurfacing is to be performed regardless of the infrastructure’s condition orlevel of usage.D. Any of these. Letter A is incorrect.
Identify the following as intangible assets (IA), natural resources (NR), or some other asset (O). Leasehold
the amortization of intangible assets with finite useful lives is justified by the : a- economic entity assumption b- going concern assumption c- monetary unit assumption d- historical cost assumption
Recall the definition of assets: probable economic benefits obtained or controlled by a particular entity as a result of past transactions or events. Discuss how a leased building might qualify as an asset of the lessee (tenant) under this definition.
Which of the following statement best defines an asset? a. An asset is a resource owned by the entity with a financial value b. An asset is resource controlled by the entity from which future economic benefits are expected to be generated c. An asset is a resource controlled by an entity because of past events d. An asset is a resource controlled by an entity as a result of past events from future economic benefits are expected to be generated
Which one of the following is an essential characteristic of an asset? A. The inflow of future economic benefits is controlled by the enterprise B. It must be exclusively owned and must be exchangeable C. The cost of the asset can be measured accurately D. It is a result of either a past or predictable transaction or activity
Which movable assets those are not considered as leasehold improvements?
Which of the following is considered a current asset?a) Landb) Inventoryc) Equipmentd) Goodwill

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In a service concession arrangement, the operator recognizes? Correct option a) The infrastructure as its PPE b) Either a financial asset or an intangible asset c) Always an intangible asset d) Always a financial asset