Please respond to all questions related to Fixed Assets. 1. Is it necessary for a business to use the same method of computing depreciation: (a) for all classes of its depreciable assets, (b) for financial statement purposes and in determining income taxes? 2. For some of the fixed assets of a business, the balance in Accumulated Depreciation is exactly equal to the cost of the asset. (a) Is it permissible to record additional depreciation on the assets if they are still useful to the business and currently used in operation? (b) When should an entry be made to remove the cost and the accumulated depreciation from the books?

Q: What is the ability to revalue fixed assets under IFRS provides flexibility in reflecting the true…

A: Step 1: Understanding IFRS Revaluation ModelUnder the International Financial Reporting Standards…

Q: how the value of the property is established through an appraisal?

A: Appraisal of a property is done to understand the highest probable price for a property and to…

Q: How can we determine the Acquisition of Fixed Assets?

A: Fixed Assets- Fixed Assets are those assets which are acquired for the purpose of: production or…

Q: Define current assets and list the typical asset categories included in this classification.

A:

Q: lassification costs

A: A long-term physical piece of property or equipment that a company owns and utilises in its…

Q: Explain relaxed policy (current assets)

A: Relaxed Policy is just something contrary to a restricted approach.

Q: Describe classifications of long term assets.

A: Long-term assets: Long – term assets are those assets that are generally held by a company for more…

Q: Explain the difference between asset allocation funds and lifecycle funds

A: Asset allocation Funds make investments in different asset classes based on the efficient frontier…

Q: Define Intangible Assets.

A: Definition:   Assets: These are the resources owned and controlled by business and used to produce…

Q: Define Donated Assets.

A: Donated assets are the assets donated to governmental or non profit entity without any consideration…

Q: Describe  accounting for depreciation of fixed assets?

A: The depreciation is the reduction in the value of fixed assets with the usage and passage of time.

Q: What is impairment in the context of intangible assets?

A: Non-physical assets without physical substance but with economic worth to a business or individual…

Q: Choose one example of an asset, and referring to the characteristics of assets, explain why your…

A: Assets are property of the company which provides economic benefits to the company. A liability…

Q: leasing of fixed assets

A: The leasing of fixed assets means transfer of the fixed assets by the owner to other party to use…

Q: Define restricted policy (current assets)

A: The assets which are liquidated and converted in cash within a time period of one year and less than…

Q: Explain estimated fixed assets

A: Introduction:- Assets are resources (property) presented in the balance sheet because for it an…