If the “fair value less cost to sell” of a noncurrent asset held for sale is lower than its carrying value, the difference is treated as a. gain b. impairment loss c. depreciation expense d. prior period adjustment
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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 amortizationQuestion 7 The asset's book value is determined by deducting the residual value from its original cost. True False53 Any adjustment to the carrying amount of a noncurrent asset that ceases to be classified as held for sale should be included in profit or loss. Group of answer choices True False
- The ‘carrying value’ of a depreciable asset is the difference between ____? a. Depreciation and accumulated depreciation b. Cost and accumulated depreciation c. Cost and depreciation d. None of the above15 All financial assets are initially measured at fair value plus transaction costs, except Group of answer choices Fair value through OCI Fair value through profit and loss Amortized cost None of theseThe book value of an asset is equal to the: a. asset's market value less its historical cost b. book value relied on by secondary markets c. replacement cost of the asset d. asset's cost less accumulated depreciation
- Why is depreciation added to Net CAPEX? A To adjust CAPEX for taxable income B To isolate changes due to buying or selling of CAPEX с To reflect the economic value of the fixed assetsQuestion 1 Which of the following is not correct in relation to the reversal of an impairment loss of an individual asset? If the individual asset is recorded under the cost model, then the increase in the carrying amount is recognised immediately in profit or loss. Where the recoverable amount is less than the carrying amount of an individual asset, the reversal of a previous impairment loss requires adjusting the camying amount of the asset to recoverable amount. When reversing an impairment loss, the carrying amount cannot be increased to an amount in excess of the carrying amount that would have been determined had ne impairmert los been recognised. O For a depreciable asset there needs to be a calculation of carrying amount using the depreciation variables applied before the impairment loss to determine what the carrying amount would have been if there had been no impairment loss.The difference between book value of the asset with the proceeds received from its sale, will resultin Select one a. Always a gain b Depreciable Cost c Cain or loss d. Always a loss
- Impairment loss is a situation whenSelect one:a. Carrying amount of an asset is greater than recoverable amount of it.b. Carrying amount of an asset is smaller than that of recoverable amount of it.c. Carrying amount of an asset is equal to recoverable amount of it.d. Correct option is not listedQUESTION 17 Match the term on the left to the appropriate description on the right. v Historical cost A. The amount of a PP&E asset's acquisition cost that will be depreciated over the asset's useful life v Depreciable cost B. An asset whose value derives from rights and privileges rather than physical existence v Salvage value v Accumulated depreciation C. The capitalized acquisition cost of an asset v Intangible asset v Amortization D. The process of allocating an intangible asset's acquisition cost to expense over its useful life E. The book value of a fully-depreciated PP&E asset F. The total amount of depreciation expense that has been recorded to-date for a PP&E assetThe sale of a depreciable asset resulting in a loss indicates that the proceeds from the sale are a. Lesser than cost b. Less than current fair value c. Lesser than carrying amount d. Greater than carrying amount e. Greater than cost