Reproduction value is the A. Estimate of cost of reproducing, creating , developing or manufacturing a similar asset internally B. Salvage value of the asset C. Net value reflected in the company’s financial statements D. Cost of similar assets that have the nearest equivalent value as of the valuation date
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Reproduction value is the
A. Estimate of cost of reproducing, creating , developing or manufacturing a similar asset
internally
B. Salvage value of the asset
C. Net value reflected in the company’s financial statements
D. Cost of similar assets that have the nearest equivalent value as of the valuation date
Step by step
Solved in 4 steps
- The estimated economic life of an asset is also known as ________. A. residual value B. book value C. salvage life D. useful lifeTangible assets are first recorded at: Multiple Choice cost minus residual (or salvage) value. the amount of cash paid for them. current market value or resale value. all costs to acquire them and prepare them for use.Preparing an asset for sale after its useful life is a: a. Maintenance support cost b. Production and Construction cost c. Disposal cost d. Research and development cost
- We normally record a long-term asset at the a. Cost of the asset only.b. Cost of the asset plus all costs necessary to get the asset ready for use.c. Appraised value.d. Cost of the asset, but subsequently adjust it up or down to appraised value.Residual value is: A. Also called residual value.B. Also called scrap value.C. An estimate of the asset's value at the end of its benefit period.D. A factor relevant to determining depreciation.E. All of these.It is the initial cost of acquiring an asset, plus sales tax, transportation and normal costs of making asset serviceable. a. Adjusted standard cost O b. Cost basis O c. Standard cost O d. Adjusted cost basis
- An estimate of how an asset will be used up over its useful life is known as what? a. Depreciation rate b. Impairment value c. Useful life d. Salvage valueWhich of the following statements if not true? a. Depreciation is the process of allocating the purchase price of an asset minues its residual value to expense, for each period benefited by the asset. b. The cost of an asset includes all acquisition costs necessary to obtain the benefits to be derived from the asset. c. The service life of an asset is the measure of the number of years of service expected from the asset before its disposal. d. The residual value of an asset is the difference between the expected book value of the asset at the end of its service and the cost of disposal.The book value of an asset is defined as ____________________. a. Estimated fair market value b. Cost –Accumulated depreciation c. Cost – salvage – accumulated depreciation d. Cost- Salvage value
- Why is depreciation expense recognized? Select one: a. To provide a better estimate of the market value of the depreciated assets. b. So that the balance sheet value of plant assets will more accurately reflect the replacement cost of the assets. c. To ensure that cash will be available at the end of the assets' useful life in order to replace it. d. To match the cost of the asset against the revenue using a reasonable allocation. method. Save AnswersNextThe life cycle costs of an asset include which of the following? I. Purchase cost of the asset II. Shipping and installation cost of the asset. III. Operating and maintenance cost of the asset IV. Salvage value of the asset. Solve, a. I and IV only b. I, III, and IV only c. I and III only d. I, II, III, and IV.Statement 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 original cost.Statement 2: Any gain or loss from the disposal of the investment property shall be determined as the difference between the net disposal proceeds and the carrying amount of the asset and shall be recognized in profit or lossStatement 3: If owner-occupied property is transferred to investment property that is to be carried at fair value, the difference between the carrying amount of the property and its fair value shall be included in profit or loss.Statement 4: If an entity determines that the fair value of an investment property is not reliably determinable on a continuing basis, the entity shall measure that investment property using the revaluation model. All statements are true. Only two of the statements are true. Only three of the statements are true. All statements are…