How does the Conceptual Framework define an asset? Select one alternative A resource to which an entity has a future commitment as a result of past events and from which future economic benefits are expected to flow from the entity A resource controlled by an entity as a result of past events and from which future economic benefits are expected to flow to the entity A resource owned by an entity as a result of past events and from which future economic benefits are expected to flow to the entity A resource over which an entity has legal rights as a result of past events and from which economic benefits are expected to flow to the entity

How does the Conceptual Framework define an asset? Select one alternative A resource to which an entity has a future commitment as a result of past events and from which future economic benefits are expected to flow from the entity A resource controlled by an entity as a result of past events and from which future economic benefits are expected to flow to the entity A resource owned by an entity as a result of past events and from which future economic benefits are expected to flow to the entity A resource over which an entity has legal rights as a result of past events and from which economic benefits are expected to flow to the entity

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter9: Acquisitions Of Property

Section: Chapter Questions

Problem 5DQ

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Similar questions

In order for an asset to be recognized in the financial statements, which of the following definition is consistent with the IASB framework? Select one: a. Asset is a resource controlled by the entity from which future economic benefits are expected to flow to the entity. b. Asset is a resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity. c. Asset is a resource controlled by the entity as a result of future events and from which future economic benefits are expected to flow to the entity. d. Asset is a resource controlled by the entity as a result of present events and from which future economic benefits are expected to flow to the entity.
Question 2: one of the following is a definition of asset: a- a present economic resource controlled by the entity as a result of a future event b- a present economic resource owned by the entity as a result of a future event C- a present economic resource owned by the entity as a result of a past event d- a present economic resource controlled by the entity as a result of a past event
__________ is defined in the Conceptual Framework as ‘a present obligation of the entity to transfer an economic resource as a result of past events’. Select one alternative: Expense Income Asset Liability
Which of the following statements applies to the recognition of property, plant, and equipment acquisitions? O It is certain that the item's associated future benefits will flow to the entity. O The cost can be measured reliably. It is probable that the item's associated future benefits will flow to the entity. O It is probable that the item's associated future benefits will flow to the entity and costs can be measured reliably.
one or more of the following statements are characteristics of assets:a. a probable future benefitb. a particular entity obtains the benefit and control others’ access to itc. does not give the rise to the entity to control the benefitd. a +b
Which one of the following is an essential characteristic of an asset? A. The inflow of future economic benefits is controlled by the enterprise B. It must be exclusively owned and must be exchangeable C. The cost of the asset can be measured accurately D. It is a result of either a past or predictable transaction or activity
How should research and development expenditure be dealt with in an entity's financial statements? a- Research expenditure should always be written off as an expense but development expenditure should always be capitalised as an intangible asset b- Research and development expenditure should always be written off as an expense c- Research expenditure should always be written off as an expense but development expenditure should be capitalized as an intangible asset if it satisfies certain conditions d- Research and development expenditure should always be capitalised as an intangible asset
Probable future sacrifices of economic benefits arising from an entity's present obligations to transfer resources or provide services to other entities in the future as a result of past transactions or events defines: Multiple Choice assets. liabilities. equity. retained earnings.
It is a type of grant which has a primary condition that an entity must comply which would be related to purchase, construct or otherwise acquire a long term asset?
Which two models may an entity opt for when accounting forinvestment property?
When fair value is used in the measurement of assets in the financial statements, current GAAP provides the following references as basis of fair value except Price in an active market Price based on the assessed value of governmental bodies Price in a more recent transaction Price taken from industry or sector benchmarks
An entity starts the capitalization of borrowing costs to the cost of a qualifying asset when * A. Expenditures for the asset are being incurred. B. Borrowing costs are being incurred. C. Activities necessary to prepare that asset for its intended use or sale are being undertaken. D. All of the above conditions are met.