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On which one of these occasions does a company not record a change in the value of an asset? When the asset is sold When the asset is leased When the asset is bought When the asset gets destroyed When the asset gets refurbished Never any change in value must be recorded

On which one of these occasions does a company not record a change in the value of an asset? When the asset is sold When the asset is leased When the asset is bought When the asset gets destroyed When the asset gets refurbished Never any change in value must be recorded

FINANCIAL ACCOUNTING
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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On which one of these occasions does a company not record a change in the value of an asset? What is the difference between Operating and Investing Cash Flow? (one answer) What is the most appropriate description for a "fixed asset"? (one answer) What is characteristic of the "declining balance" method of depreciation? (two answers) Which method of inventory valuation is the most common? (one answer) When the asset is sold When the asset is leased When the asset is bought When the asset gets destroyed When the asset gets refurbished Never - any change in value must be recorded There is none Operating cash flow comes from regular business, investing cash flow comes from asset investments Operating cash flow comes from regular business, investing cash flow goes into asset investments Operating cash flow goes into regular business, investing cash flow comes from asset investments Operating cash flow goes into regular business, investing cash flow goes into asset investments Operating cash flow comes from the current year business, investing cash flow comes from the anticipated future business Operating cash flow goes into the current year's business, investing cash flow goes into the anticipated future business Fixed cost annualized People and their knowledge ◆ Objects that are used for the business and cannot be sold quickly The ground the business is built on Assets financed only by shareholders Annuities fall Annuities stay the same Asset will be depreciated fully within shorter time Asset will never be fully depreciated This method is forbidden by law Annuities first rise, then fall Individual unit cost LIFO (Last In, First Out) Fair value estimation FIFO (First In, First Out) Average cost method Lowest of alternate values
Transcribed Image Text:On which one of these occasions does a company not record a change in the value of an asset? What is the difference between Operating and Investing Cash Flow? (one answer) What is the most appropriate description for a "fixed asset"? (one answer) What is characteristic of the "declining balance" method of depreciation? (two answers) Which method of inventory valuation is the most common? (one answer) When the asset is sold When the asset is leased When the asset is bought When the asset gets destroyed When the asset gets refurbished Never - any change in value must be recorded There is none Operating cash flow comes from regular business, investing cash flow comes from asset investments Operating cash flow comes from regular business, investing cash flow goes into asset investments Operating cash flow goes into regular business, investing cash flow comes from asset investments Operating cash flow goes into regular business, investing cash flow goes into asset investments Operating cash flow comes from the current year business, investing cash flow comes from the anticipated future business Operating cash flow goes into the current year's business, investing cash flow goes into the anticipated future business Fixed cost annualized People and their knowledge ◆ Objects that are used for the business and cannot be sold quickly The ground the business is built on Assets financed only by shareholders Annuities fall Annuities stay the same Asset will be depreciated fully within shorter time Asset will never be fully depreciated This method is forbidden by law Annuities first rise, then fall Individual unit cost LIFO (Last In, First Out) Fair value estimation FIFO (First In, First Out) Average cost method Lowest of alternate values
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