7.    Which of the following must be done when accounting for depreciation under IFRS GAAP but can be done under U.S. GAAP? a. Depreciate by function b. Depreciate by nature c. Depreciate by components d. All of these

Which of the following factors cannot be used to determine an insurer's limit of liability on property coverage? O A. Actual cash value Replacement cost Salvage value Policy limits OB. O C. D. Whiteboard

Which of the following statements is true?   Question 2 options: a The capitalizable costs of patents are legal fees and other registration costs. b An identifiable tangible asset developed internally is never recognized in the accounts as an asset. c Intangible assets usually have a residual value that must be considered in the amortization of cost. d An intangible asset is usually amortized by a credit to an income account.

MCQ4 Which of the following is not a characteristic of an intangible asset? It may be impaired and written off. It may be amortized using the straight-line method. Its useful life may exceed its legal life for amortization. O It has no physical substance.

The main objective of IAS 36 Impairment of Assets is to prescribe the procedures that should ensure that an entity's assets are included in its statement of financial position at no more than their recoverable amounts. Where an asset is carried at an amount in excess of its recoverable amount, it is said to be impaired and IAS 36 requires an impairment loss to be recognized. Required: Define an impairment loss explaining the relevance of fair value less costs to sell and value in use and state how frequently assets should be tested for impairment. 2. Describe the possible incators of impairment. 3. Explain how an impairment loss is accounted for after it has been calculated.

Vikrambahi

Includes claims to specific assets in the event of default Group of answer choices Secured Unsecured Increases Asset Increases Liability

9 - When identifying undervalued and overvalued assets, which of the statements below is false?   An asset is properly valued if its estimated rate of return is equal to its required rate of return. An asset is considered overvalued if its estimated rate of return is below its required rate of return. An asset is considered undervalued if its estimated rate of return is above its required rate of return. An asset is considered overvalued if its required rate of return is below its estimated rate of return. All of the above answers are false. None of the above answers is false.

Which of the following statements is FALSE? Some intangible assets are not required to be amortized. Research and development expenditures are expensed as incurred because of the uncertainty regarding their future cash flows. Amortization expense is generally recorded with a credit to the Accumulated Amortization account. Internally generated goodwill is not capitalized in the accounts.

49) IFRS and GAAP a) are diametrically opposed in their accounting for impairments of assets held for disposal. b)  are similar in the accounting for impairments of assets held for disposal. c) are moving toward common ground in their accounting for impairments of assets held for disposal. d) are moving further apart in their accounting for impairments of assets held for disposal.