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…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 1MC: Property, Plant, and Equipment is considered why type of asset? A. current assets B. contra assets...

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Similar questions

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 of the following are fixed assets? Financial assets at fair value through profit or loss Interests in and advances to joint ventures, co-venturers and associates Property, plant and equipment Right-of-use assets Investment properties Trademarks, goodwill and other intangible assets Operating lease receivables Finance lease receivables
How does the Conceptual Framework define an asset? Select one alternative A resource to which an entity has a future commitment as a result of past events and from which future economic benefits are expected to flow from the entity A resource controlled by an entity as a result of past events and from which future economic benefits are expected to flow to the entity A resource owned by an entity as a result of past events and from which future economic benefits are expected to flow to the entity A resource over which an entity has legal rights as a result of past events and from which economic benefits are expected to flow to the entity
Valuing assets at the amount of cash or equivalents paid or the fair value of the consideration given to acquire them at the time of acquisition most closely describes which measurement of fi nancial statement elements? B . Historical cost.
Valuing assets at the amount of cash or equivalents paid or the fair value of the consideration given to acquire them at the time of acquisition most closely describes which measurement of fi nancial statement elements? A . Current cost
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
Multiple choice: 1. It is a present obligation that has resulted from past events and has the potential to cause a transfer of an economic resource in its settlement. A. income B. asset C. equity D. liability 2. The usefulness of information is assessed in terms of its A. qualitative characteristics. B. timeliness C. verifiability D. size
Determine the initial cost of property, plant, and equipment and intangible assets acquired in exchange for equity securities or through donation.
A donated fixed asset (from a governmental unit) for which the fair value has been determined should be recorded as a debit to Fixed Assets and a credit to: a. Contributed Capital b. Retained Earnings c. Deferred Income d. Other Income
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.
An entity starts the capitalization of borrowing costs to the cost of a qualifying asset when * A. Expenditures for the asset are being incurred. B. Borrowing costs are being incurred. C. Activities necessary to prepare that asset for its intended use or sale are being undertaken. D. All of the above conditions are met.
1. When an item of asset is transferred to and from the classification investment property, carried using the cost model, the measurement basis at the date of transfer is the a. original cost. b. fair value. c. carrying amount. d. recoverable amount.2. What could be a valid reason for transfers from investment property to property, plant and equipment? a. When there is a change in use b. based on the accountant's discretion c. When the entity adopts the fair value model d. when there is change in asset's life3. An entity has an investment property that is held for rental income. The entity uses the fair value model for reporting the investment property. Which of the following statement is true? a. changes in fair value are reported in profit or loss in the current period b. changes in fair value are reported as an extraordinary gain c. changes in fair value are reported in other comprehensive income for the period d. changes in fair value are…

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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