The generally accepted accounting principle that supports recording the value of a property at the purchase price when the market value is higher is the:
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- The generally accepted accounting principle that supports recording the value of a property at the purchase price when the market value is higher is the: A. conservatism principle B. going concern principle C. monetary principle D. cost principleThe amount for which an asset could be exchanged, a liability settled , or an equity instrument could be exchanged between knowledgeable parties is known as _________ a. Fair value cost principle b. Historical cost principle c. Futuristic cost principle d. Replacement cost PrincipleAccording to historical cost principle, the assets and liabilities should be reported (tick whichever apply)? a.At their market value b.At their cost of acquisition c.At their replacement value d.All of the above
- 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.Which accounting concepts requires non-current assets to be valued at cost less accumulated depreciation, rather at their enforced saleable value a. Prudence b. Relevance c. Comparability d. Going concernAsset Valuation and Income Recognition. Asset valuation and recognition of net income closely relate. Explain, including conditions when they do not.
- Which of the following statements about capitalizing costs is correct? A. Capitalizing costs refers to the process of converting assets to expenses. B. Only the purchase price of the asset is capitalized. C. Capitalizing a cost means to record it as an asset. D. Capitalizing costs results in an immediate decrease in net income.According to the acquired assets should be recorded at the amount actually paid rather than at the estimated market value. O A. monetary unit assumption O B. going concern assumption O C. cost principle D. economic entity conceptThe right of use asset is more likely computed as a percentage of which of the following figures? fair value the lower of the sale price and fair value sale price carrying amount
- The difference between book value of the asset with the proceeds receive from its sale, with result in?Why is depreciation added to Net CAPEX? A To adjust CAPEX for taxable income B To isolate changes due to buying or selling of CAPEX с To reflect the economic value of the fixed assetsRevenue Expenditures are Select one: O a. Expenses related to Business Operation O b. None of the these O c. Have no direct effect on profit O d. Expenses incurred when purchasing non- current assets