Chapter 15, Problem 15.1DA

Long-lived assets that are held for sale Select one: a. continue to be depreciated. b. are generally not re-measured at each balance sheet date. c. are carried at the higher of book value and fair values less costs of disposal. d. are reported separately from other assets.

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The most common method of recording depletion for accounting purposes is the Select one: a. single-declining method. b. double-declining method. c. straight-line method. d. units of production method.

Disclosures relating to PP&E assets are Select one: a. less extensive under ASPE. b. more extensive under ASPE. c. identical under IFRS and ASPE. d. less extensive under IFRS.

Which of the following is NOT likely to be an indicator of possible asset impairment? Select one: a. evidence of obsolescence or physical damage b. the book value of the entity’s net assets is greater than the entity’s market capitalization c. a significant decrease in the asset's market value d. costs incurred for asset acquisition or operation are significantly lower than originally expected

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When the unit of production method of depreciation is used, which of the following best describes depreciation expense? Select one: a. Depreciation expense will vary directly with output. b. Depreciation rate per unit will vary directly with output. c. Depreciation expense will vary directly with sales. d. Depreciation rate per unit will vary directly with sales.

Financial Accounting

The rate of return on assets (ROA) is calculated by dividing Select one: a. average total assets by net income. b. net income by average total assets. c. net income by net revenue. d. net revenue by average total assets.