When an intangible asset is acquired by an exchange of assets, which of the following measures will need to be considered in the determination of the cost? Fair value of the asset given up O Initial cost of the asset given up O Carrying amount of the asset received O Replacement cost of the asset received

When an intangible asset is acquired by an exchange of assets, which of the following measures will need to be considered in the determination of the cost? Fair value of the asset given up O Initial cost of the asset given up O Carrying amount of the asset received O Replacement cost of the asset received

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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Question

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Multiple Choice
When an intangible asset is acquired
by an exchange of assets, which of
the following measures will need to
be considered in the determination of
the cost?
Fair value of the asset given up
Initial cost of the asset given up
Carrying amount of the asset received
Replacement cost of the asset received
21 of 25
II
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