What is the impairment loss to be allocated to the equipment?

Q: When an item of property, plant, and equipment is disposed of, how is gain or loss on disposal…

A: When an item of property, plant and equipment is disposed of, then gain or loss is determined by…

Q: how do you determine when goodwill will be written off under the impairment rules

A: Goodwill:Goodwill is the good reputation developed by a company over years. This is recorded as an…

Q: Explain the Costs of Defending Intangible Rights.

A: Intangible assets are the assets that cannot be seen physically, but its' presence in business have…

Q: impairment testing for goodwill?

A: ABOUT GOODWILL  :- Goodwill is an Intengible Assets of the Business . Which shows the Reputation of…

Q: Outline the measures used to describe possible loss accurately?

A: The success of a business depends on how accurately they predict future profit or loss arriving…

Q: re for impairment loss assets, what will happen/effect?

A: Impairment Recognition Business assets should be tested for impairment when a situation occurs that…

Q: How can be Preservation and Maintenance of the Property can be done?

A: Preservation and Maintenance of Property can be done as follows: The borrower of the property…

Q: What is the process of allocating the cost of natural resources to expense as they are used?

A: Natural resources usually include oil reserves, coal deposits, and mineral deposits. The natural…

Q: What is the auditor’s role with respect to the fixed asset system?

A: Definition: Fixed Assets: It refers to the long-term assets having a useful life of more than a year…

Q: Why is there a need to re-evaluate impairments due to trigger events?

A: When-ever there are any types of assets which are non-tangible assets as well as tangible assets…

Q: Which of the following is not a factor that limits the service life of an asset? a. Operational use…

A: Service life can be limited due to physical causes and functional causes such as deterioration,…

Q: Explain how losses on intangible assets that are impaired should be recorded in income.

A: When the carrying amount of the asset is less than the recoverable Amount it should be provided for…

Q: Define goodwill impairments.

A: Goodwill impairment is an accounting charge that companies record when goodwill's carrying value on…

Q: Provide detailed rational of why goodwill must be adjusted for impairment

A: Goodwill impairment is a charge that companies record when goodwill's carrying value on financial…

Q: Find the FASB ASC reference that explains how to measure an asset's impairment loss.

A: ASC- 360 provides guidance on accounting for the impairment or disposal of long-lived assets. The…

Q: give the definition, recognition, measurement and derecognition of Impairment of assets.

A: impairment of assets Definition An asset is stated "impaired" when its Market value (MV)less than…

Q: Why was the disposal value used for only replace and not upgrading?

A: Disposal Value will be used only in case of replacement because current machine will be sold if we…

Q: What statement is loss of sold equipment on?

A: Loss on sale of Equipment is a non operating loss. Such losses are shown in Income Statement after…

Q: Explain the accounting issues related to asset impairment.

A: Asset impairment: Asset impairment emerges when there is a sudden drop in the fair value of an asset…

Q: What are temporarily restricted net assets?

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

Q: Explain impairment procedures and presentation requirements for intangible assets.

A: Intangible assets are the long-term assets that do not have the physical appearance but it has the…

Q: Describe the procedures for conducting a goodwill impairment test.

A: Goodwill: Goodwill is an intangible asset. It is defined as the excess of cost of an acquired…

Q: The cost of a depreciable asset is referred to as the

A: The Answer :

Q: What is a portion of plant asset cost allocated as expense for the period? What is the difference…

A: Carrying Amount: The carrying amount is the purchase price less impairment and depreciation and is…

Q: Which of the following is not a fundamental issue in accounting for property, plant and equipment?…

A: International Accounting Standards IAS are the accounting standards  issued by International…

Q: What is important for a MACRS to consider at the time of disposal?

A: MACRS stands for Modified Accelerated Cost Recovery System. These are the regulations of…

Q: Discuss the overarching idea of Asset Liability Management and its key objectives. How does the…

A: Asset and liability management practices were first introduced by financial institutions during the…

Q: What reporting is appropriate for a loss contingency that does not qualify for recording at the…

A: Introduction: A contingency arises when a situation has to be handled in the future but whose…

Q: The depletion expense is

A: Depletion: It refers to the process of proportionately distributing the cost of the extracting…