Question 7 of 100How will a pool car operator be affected when there is loss or damage to cargo? Select one answer.The pool car operator will be liable for 50% of the loss/damageThe pool car operator will be liable for 75% of the loss/damageThe pool car operator will be liable for 100% of the loss/damageThe pool car operator will not be liable for the loss/damage

Pool car operator will have legal obligation to transport cargo safely and carefully. So they will…

Answered: Question 7 of 100 How will a pool car…

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter5: Deductions For And From Agi

Section: Chapter Questions

Problem 32MCQ: Which of the following is not a possible limitation on the deduction of a personal casualty loss?...

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q15 Which of the following are circumstances that may indicate that the asset may be impaired? (i) A motor vehicle has been damaged in an accident (ii) A debtor is in financial difficulty (iii)Consumer tastes have changed in the market and sales prices of the inventory have been reduced so that the goods will have to be sold at much lower prices, if at all (iv) Cost prices of raw materials used in production have increased Select one: a. (i), (ii), (iii) and (iv) b. (i), (ii), (iv) only c. (i) and (iv) only d. (iv) only
Question 26 Which of the following is included in All Risks coverage? particular loss due to cargo thrown overboard to keep afloat O total loss due to the destruction of war partial loss due to workers' strike on the dock O total loss due to failure to delivery
q24 Which of the following is NOT a step in impairment testing? Select one: a. Calculate the asset’s carrying amount in the books of the entity b. Sell the asset after if the fair value is greater than the recoverable amount c. Calculate the recoverable amount of the asset d. Assess whether there are circumstances that may indicate that the asset should be impaired.
Q21 Which of the following is NOT a step in impairment testing? Select one: a. Sell the asset after if the fair value is greater than the recoverable amount b. Calculate the asset’s carrying amount in the books of the entity c. Calculate the recoverable amount of the asset d. Assess whether there are circumstances that may indicate that the asset should be impaired.
Your asset is impaired: its 'fair value less costs to sell' is OMR 4k and its value in use' is OMR 6k. Carrying value of the asset is OMR 8k. Which is the value of asset in the statement of financial position after impairment? O a. OMR 8k. O b. Loss of OMR 2k. O c. Zero. O d. OMR 6k.
When a plant asset is traded for another of similar asset, losses on the asset traded are not recognized. ____ 7. Receiving payment prior to delivering goods or services causes a current liability to be incurred. ____ 8. One of the most popular defined benefit plans is the 401K plan. ____ 9. All long-term liabilities eventually become current liabilities. ____ 10. The cost of new equipment is called a revenue expenditure because it will help generate revenues in the future True and false questions....
Which of the following is not a possible limitation on the deduction of a personal casualty loss? The lesser of the fair market value of the property or the adjusted basis at the time of the loss A100 floor for each casualty event A10 percent of AGI floor for all casualty losses during the year A personal casualty not associated with a federally declared disaster All of the above are possible limitations on a personal casualty loss
Q23 Which of the following statement(s) is (are) true? (i) An intangible asset is impaired if the carrying amount is higher than its recoverable amount (ii) Recoverable amount is the asset’s fair value or its value-in-use at the reporting date. (iii) For an intangible asset with infinite useful life, impairment test should be performed only if there is evidence to indicate that an intangible asset has been impaired. (iv) For an intangible asset with finite useful life, impairment test should be performed annually even if there is no evidence that the asset has been impaired. Select one: a. (i), (ii), (iii) and (iv) b. (i) and (ii) only c. (i) and (iv) only d. (i) only
16. Each of the following is an example of an asset's involuntary conversion except A) a condemnation of property. B) a theft of the asset. C) the sale of a fully depreciated asset. D) a fire damaging an asset.
Virginia has business property that is stolen and partially destroyed by the time it was recovered. She receives an insurance reimbursement of $6,000 on property that had a $14,000 basis and a decrease in market value of $10,000 due to damage caused by the theft. What is the amount of Virginia's casualty loss? $14,000 $8,000 $10,000 $4,000 None of the above
Q8 Statement I: The cost or sacrifice whether economic or non-economic in nature incurred by the society is called as social costs.Statement II: The industry started in a village, which had no pollution before. Due to this, all villagers are affected now with poor health leading to expenses on medicines etc.is also a social cost that villagers are bearing. a. None of the statements are true b. Statement II is false c. Both the statements are true d. Only Statement I is true
Q10 Which of the following statement is NOT correct? Select one: a. When the carrying amount of an asset is less than the recoverable amount, then an asset should have its previous impairments reversed to the value of the recoverable amount provided there is accumulated amortization to cover the difference. b. The difference between the carrying amount of an asset and the recoverable is the impairment loss if the carrying amount is greater. c. When the carrying amount of an asset is greater than the recoverable amount, then an asset should be impaired to the value of the recoverable amount d. The difference between the carrying amount of an asset and the recoverable is the impairment loss if the carrying amount is less.

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