Q35390583

FAR- Conceptual Framework Kindly help me answer the following: 11. Which is an implication of the going concern assumption? * a. Depreciation and amortization policies are justifiable and appropriate. b. The current and noncurrent classification of assets and liabilities is justifiable and significant. c. All of these are an implication of going concern. d. The historical cost principle is credible.   12. The concept of accounting entity is applicable * a. Only to business organisations b. Only to the economic aspects of business organizations c. Only to the legal aspects of business organizations d. Whenever accounting is involved   13. The overall objective of financial reporting is to provide information * a. That allows owners to assess management performance. b. About assets, liabilities and equity of an entity. c. That is useful for decision making d. About financial…

Which one of the following is not one of the factors in computing depreciation? Cost price Inadequacy Salvage value Exchange price Which of the following account is debited when account payable is converted into note payable? 直

q26 Which of the following methods of fixed assets valuation provides more relevant information to users of the financial statements? Select one: a. Carrying value less accumulated depreciation and impairment losses b. Revaluation Method c. Book value less accumulated depreciation d. Historical Cost Method

Elaborate the term: “De-recognizing” financial assets

A The objective of IAS 36 Impairment of assets is to prescribe the procedures that an entity applies to ensure that its assets are not impaired. Required Explain what is meant by an impairment review. Your answer should include reference to assets that may form a cash generating unit. Note You are not required to describe the indicators of an impairment or how impairment losses are allocated against assets

8. Normal repair and maintenance of an asset is an example of what? a.Revenue expenditure b.Capital expenditure c.An expenditure that will be depreciated d.An expenditure that should be avoided

Please I want answer for this according to your understanding and experience. Thanks

Q4. Critically evaluate the approach adopted under IAS 38 in accounting for intangible assets.Your answer should refer to accounting for brand names under IAS 38.

N3 When valuing information assets, what criteria could be considered in establishing or determining the value of the assets?

HELP

An international financial reporting standard concerning depreciation states that: 1. The straight-line method should be used to depreciate all tangible non-current assets. 2. The reducing-balance method should be used to depreciate all intangible non-current assets. Are the above statements true or false? A. B. C. D. Statement 1 False False True True Statement 2 True False False True

Discuss with examples TWO (2) indicators that may require an entity to reduce the value of their assets in accordance to MFRS136 Impairment of Assets.

38. Which of the following account statements regarding assets is not true? a. An asset represents a probable future economic benefit b. Assets are obtained or controlled as a result of past or probable future transactions c. Assets reported on the balance sheet include both monetary and nonmonetary resources d. Assets include costs that have not yet been matched with revenues

Which of the following techniques can be used by management to overstate long-lived assets? *A. All of the aboveB. Record existing assets at amounts excluding incidental costsC. Include fictitious assets on the financial statementsD. Expense transactions that should be capitalized.

Oo.24. Subject  :- Account

Explain the conditions under which assets and liabilities are derecognized

Please sir help

14 The entry to record transaction costs for financial assets measured at fair value through surplus or deficit would include a debit to _________

41.Which of the following shall be taken into consideration when measuring and recognizing impairment loss on receivables?A.  Past experiences on the collectability of the receivablesB.  Present condition of the debtor, including the present economic environmentC.  Future expectations based on information that are available without undue cost and effort   a. A, B and C b. A and B only c. A only d. B only

Answer the following using the FASB codification

Question: Classification of liabilities is based on the same principles as the classification of assets'. Do you agree with this? Why or why not? **********correct answer please *************

Bb4. Changed from an accelerated method to the straight-line method of depreciating assets is a Change in accounting estimate and is a Prospective method- does this need to be disclosed in the footnotes