Matching Type Equity.Intangible assets.Property, plant, and equipmentAssetsResources of a durable nature used in nature Economic rights or competitive advantages Resources expected to provide future economic benefits Residual interest in the net assets of an entity

Introduction:- A balance sheet is a statement of assets, liability, and equity. It is prepared after…

Answered: Matching Type Equity. Intangible…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Similar questions

Which of the following characteristics is most likely to diff erentiate investment propertyfrom property, plant, and equipment?A. It is tangible.B. It earns rent.C. It is long-lived.
It is a type of grant which has a primary condition that an entity must comply which would be related to purchase, construct or otherwise acquire a long term asset?
Investment property includes all of the following, EXCEPT:A. For sale in the ordinary course of businessB. Land held for capital appreciationC. For use in production of goods and services and for amdinistrative purposesD. Land held for currently undetermined use
Probable future sacrifices of economic benefits arising from an entity's present obligations to transfer resources or provide services to other entities in the future as a result of past transactions or events defines: Multiple Choice assets. liabilities. equity. retained earnings.
Which of the following features of an asset closely links its definition to the science of Economics? An asset is controlled by an entity An asset can provide future benefits to an entity An asset can command a price An asset is exclusively owned by an entity А. В. С. D.
25. A parent company’s investment account would include an element which is representative of : Multiple Choice the unrecorded difference between fair value and book value of the investee’s assets. the unrecorded book value of the investor’s assets. the goodwill accrued since the purchase of the investee. the recorded current value of the investee’s assets.
Fair value as a method of asset measurement is defined as: Multiple Choice O O the cost of an asset adjusted for the depreciation or amortization accumulated over its lifetime. price that would be received to sell assets in an orderly transaction between market participants on a given date. the net amount of cash into which an asset could be converted in the ordinary course of business. the value of what is given in exchange for the asset at its initial acquisition.
__________ is defined in the Conceptual Framework as ‘a present obligation of the entity to transfer an economic resource as a result of past events’. Select one alternative: Expense Income Asset Liability
shares on January 1. Promise paid $300,000 and issued $200,000 in long-term liabilities and paid Promise also agreed to pay $80,000 to the former owners of SaidSo contingent on meeting certain revenue goals during the following year. Promise estimated the present value of its probability adjusted expected payment for the contingency or contingent obligation at $30,000 in legal fees. $23,000 Precombination book values for SaidSo, Inc. are as follows: 80,000 90,000 175,000 Current assets 24 Equipment Buildings Goodwill 33,000 $378,000 Total $ (45,000) (180,000) (115,000) (138,000) 100,000 $(378,000) Current liabilities 2$ Common stock Retained earnings Revenues Expenses Total Promise's appraisal of SaidSo found two balance sheet accounts that differed from fair value. Equipment was undervalued by $15,000 and Buildings by $5,000. Promise noted that SaidSo has unrecorded client contracts worth $60,000 and résearch and development activity in process with an appraised fair value of $90,000
Determine the initial cost of property, plant, and equipment and intangible assets acquired in exchange for equity securities or through donation.
The amount due from or at the direction of the grantor is accounted for by the operator from the contract that is in the form of Financial asset as:fair value through other comprehensive incomeamortized costany of thesefair value through profit or loss
Under which type of investment classification is directly attributable cost of acquisition is not included in the initial measurement basis? financial assets at fair value through profit or loss financial assets at fair value through other comprehensive income financial assets at amortized cost O investment in associate

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	Equity.	Intangible assets.	Property, plant, and equipment	Assets
Resources of a durable nature used in nature
Economic rights or competitive advantages
Resources expected to provide future economic benefits
Residual interest in the net assets of an entity

Matching Type Equity. Intangible assets. Property, plant, and equipment Assets Resources of a durable nature used in nature Economic rights or competitive advantages Resources expected to provide future economic benefits Residual interest in the net assets of an entity