Which of the following statements is an advantage of using the value in use measurement basis? i) ii) iii) iv) It assists a user to assess the future prospects of the business. Amounts used are objective and free form bias. It is an easily understood system of valuation. Amounts are reliable and can be verified to invoices and documents.

Which of the following statements is an advantage of using the value in use measurement basis? i) ii) iii) iv) It assists a user to assess the future prospects of the business. Amounts used are objective and free form bias. It is an easily understood system of valuation. Amounts are reliable and can be verified to invoices and documents.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

1. How much of the needed information can be provided by accountants?
Account
Which of the following best describes what we mean when we refer to the quality of financial statements? O A. Showing only revenue from product sells. B. Presenting all relevant information in a fair and complete manner. O C. Listing all assets in alphabetical order. OD. All of the above.
According to Generally Accepted Accounting Principles (GAAP), revenue is recognized as income when: a contract is signed to perform a service or deliver a good. managers decide to recognize it. payment is requested. income taxes are paid on the revenue earned. the transaction is complete and the goods or services are delivered.
Match each concept with the definition that best describes it. Expense recognition principle (matching [ Choose] principle) [ Choose ] Accounting basis in which companies record transactions that change a company's financial statements in the periods in which the events occur. Accounting basis in which companies record revenue when they receive cash and an expense when they pay out cash. The principle that companies recognize revenue in the accounting period in which the performance obligation is satisfied. Information that accurately depicts what really happened. The principle that companies recognize expense in the period in which they make efforts (consume assets or incur liabilities) to generate revenue. An assumption that accountants can divide the economic life of a business into artificial time periods. Monthly or quarterly accounting time periods. An accounting period that extends from January 1 to December 31. Revenue recognition principle Time period assumption Calendar year…
Options are: General Accounting principle Revenue recongnition principle Full disclosure principle Buisnmess entity assumption Going concern assumption
which manner the manager behave when choosing a particular accounting method to increase the reported income a. efficient manner b. opportunistic manner c. non d. both efficient and opportunist manner
.Explain the concept of double-entry accounting and its significance in maintaining accurate financial records.