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- (Multiple Choice Question) An impairment loss is recorded when capital asset's 1. net book value is higher than the amount it could likely be sold for 2. market value is higher than its accumulated amortization 3. market value is higher than its net book value 4. net book value is higher than its accumulated amortizationWhich of the following statements is false? A For tax purposes, companies can use the MACRS depreciation method. B When you change a depreciation estimate, such as salvage value, you need to make an adjustment to retained earnings. C If the expected future cash flow is less than the carrying amount, the asset is considered impaired. D If an impairment loss is recorded, depreciation must be recalculated since the book value changed. The answer A is wrongUnder the historical accounting system, depreciation is calculated on the original cost of fixed assets with the result that only an amount equivalent to the original cost of the fixed assets is available for its replacement when its life is over. This results in which of the following problem? a. Mixing up of the holding gains and operating gains b. Fixed assets values are unrealistic c. Return on capital employed misleading d. Insufficient provision of depreciation
- Please solve itAnd we do amortization entryor not and which income we use net income or income from continuing operatingWhich of the following statements is true when the straight-line method is used to compute amortization? Multiple Chaice Expense recognizes declines as the asset wears out Accumulated amortization is a constant amount during the asset's estimated useful life. Amortization expense per period is the amortizable cost divided by the number of periods in the asset's useful life. The carrying value of an asset is a constant amount during the asset's useful life. None of the other alternatives are correctWhich of the following is not true in regard to selling fixed assets? a.If the selling price is more than the book value, a gain is recorded. b.The cash receipt is recorded. c.The journal entry is similar to discarding fixed assets. d.Accumulated Depreciation will be credited.
- Which of the following statements is false? A For tax purposes, companies can use the MACRS depreciation method. B When you change a depreciation estimate, such as salvage value, you need to make an adjustment to retained earnings. C If the expected future cash flow is less than the carrying amount, the asset is considered impaired. D If an impairment loss is recorded, depreciation must be recalculated since the book value changed.Which of the following statements related to long-lived assets is true? Depreciation is calculated the same for financial reporting purposes and income tax purposes. If a company changes a depreciation estimate, it does not require a prior period adjustment. Depreciation is the process to value an asset at its fair market value. There is only one test to record an asset's impairment.KA. -Assume an investment classified as available for sale. Your value of market is less than its amortized cost. Which of the following assertions is correct? a. If management intends to sell the investment, it will recognize all of the impairment loss in the Statement of Income and Expenses. b. If management does not intend to sell the investment and the loss is for credit (credit los), will be recognized in the Statement of Income and Expenses. c. If management does not intend to sell the investment and the loss is not per credit (credit los), it will be recognized in Other comprehensive income . d. All of the above are correct. - Assume an investment in common stock accounted for using the heritage method. The investment will be impaired if: a. Its market value is less than its amortized cost and the loss of value it is not temporary (other than temporary) b. Its market value is less than its book value and the loss of value it is not temporary (other than temporary) c. Its market…
- 1. What factors must a company consider when choosing an amortization method to use for a fixed asset? Be sure to refer to IFRS and the effect of the decision on the financial statements. 2. What is the Capital Cost Allowance and how does it affect the amortization of assets?Reasons a company may choose to lease an asset include all of the following, except for short-term need for the asset.O high risk of obsolescence.O lack of cash.O preferential tax treatment of leased assets.A company wishes to report the highest earnings possibleaccording to GAAP. Therefore, when calculating depreciation for financial reporting purposes,a. It will follow the MACRS depreciation rates prescribedby the IRS.b. It will estimate the shortest lives possible for itsassets.c. It will estimate the longest lives possible for its assets.d. It will estimate lower residual values for its assets.