Gains and losses from asset sales are considered an operating activity. Group of answer choices True False
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- Which of the following is not part of the definition of an asset O a. Control of a resource O b. Resulting from a past event O c. Inflow of economic benefits Od. During the accounting periodAssets are usually valued under which basis? A. replacement costB. historical costC. net realizable valueD. present valueAccording to the acquired assets should be recorded at the amount actually paid rather than at the estimated market value. O A. monetary unit assumption O B. going concern assumption O C. cost principle D. economic entity concept
- The amount for which an asset could be exchanged, a liability settled , or an equity instrument could be exchanged between knowledgeable parties is known as _________ a. Fair value cost principle b. Historical cost principle c. Futuristic cost principle d. Replacement cost PrincipleWhich of the following statements about capitalizing costs is correct? A. Capitalizing costs refers to the process of converting assets to expenses. B. Only the purchase price of the asset is capitalized. C. Capitalizing a cost means to record it as an asset. D. Capitalizing costs results in an immediate decrease in net income.Which accounting concepts requires non-current assets to be valued at cost less accumulated depreciation, rather at their enforced saleable value a. Prudence b. Relevance c. Comparability d. Going concern
- Consider the following graph. According to CAPM, which of the following is TRUE? Assets E and F are overpriced Asset B is underpriced; asset E is correctly priced Assets C and D are correctly priced Assets A and C are underpricedA right of use asset is initially measured at costs and subsequently measured using the A. Cost model B. Fair value model C. Revaluation model D. Any of theseBrand recognition is an example of O a. Intangible asset O b. Expenses O c. Tangible asset O d. Income
- _______Accounting concept is in valuation of fixed assets? A. Historical cost concept B. Dual aspect concept C. Entity concept D. RealisationAccording to historical cost principle, the assets and liabilities should be reported (tick whichever apply)? a.At their market value b.At their cost of acquisition c.At their replacement value d.All of the aboveBiological assets are measured as followsInitial Subsequenta. cost fair value less costs to sellb. fair value fair valuec. fair value lower of cost and fair value less cost to selld. fair value less costs to sell fair value less costs to sell