This is the situation where liquidation value is considered for industries which purpose are related to highly regulated by the government which are normally limited like mining and oil. Select the correct response: Business Failures Divestment Corporate end of life Depletion of scarce resources
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- It is a circumstance in which the liquidation value of an industry is examined for purposes that are highly controlled by the government and are generally limited, such as mining and oil. Choose the right answer: Failures in Business Divestment End of life for a company Scarce resources are being depleted..Which of the following is not an external indication of impairment? An unexpected decline in the asset's market value An undesirable change in the market in which the company operates The asset becoming idle due to discontinued operations An unfavorable technological changePresented below are a number of operational guidelines and practices that have developed over time. Instructions Select the assumption, principle, or constraint that most appropriately justifies these procedures and practices. (Do not use qualitative characteristics.) a. Fair value changes are not recognized in the accounting records. b. Financial information is presented so that investors will not be misled. c. Intangible assets are amortized over periods benefited. d. Agricultural companies use fair value for purposes of valuing crops. e. Each enterprise is kept as a unit distinct from its owner or owners. f. All significant post-balance-sheet events are disclosed. g. Revenue is recorded when the product is delivered. h. All important aspects of bond indentures are presented in financial statements. i. Rationale for accrual accounting. j. The use of consolidated statements is justified. k. Reporting must be done at defined time intervals. l. An…
- One of the indirect costs of financial distress is having to sell assets at lower than market value. Using examples explain what this is and how it could effect the value of a firm.The assumption that a business enterprise will not be sold or liquidated in the foreseeable future is known as the: Question 12 options: economic entity assumption. materiality. going concern assumption. fair value principle. Which of the following is not a category to measure financial statement elements? Question 13 options: Cash-flow measures. Current (market) value measures. Cost-based measures. Hybrid measures.Historical cost is based on actual, not merely possible, transactions. It is the acquisition price of the assets. The managers only have to record all the assets and liabilities at their acquisition price. This results in; a. Less manipulations in financial statements b. surviving test of time c. making relevant economic decisions d. None
- Which of the following statements is correct? O Intangible assets used in the operation of a business are always long term O Some intangible assets convey exclusive rights which are represented only by tangible physical substance O Intangible assets are obtained in two ways: acquisition from an external source or internally developed O The process of recording the expiration of the economic benefits of an intangible asset is called depletionIt is the gradual diminution of the useful value of tangible property resulting from wear and tear and normal obsolescence. It is also applied to the amortization of intangible assets the use of which in the trade or business is definitely limited in duration. Group of answer choices Depreciation Depletion Obsolescence Bad debts(Assumptions, Principles, and Constraint) Presented below are a number of operational guidelines and practices that have developed over time.InstructionsSelect the assumption, principle, or constraint that most appropriately justifies these procedures and practices. (Do not use qualitative characteristics.)(a) Fair value changes are not recognized in the accounting records.(b) Financial information is presented so that investors will not be misled.(c) Intangible assets are amortized over periods benefited.(d) Agricultural companies use fair value for purposes of valuing crops.(e) Each enterprise is kept as a unit distinct from its owner or owners.(f) All significant post-balance-sheet events are disclosed.(g) Revenue is recorded when the product is delivered.(h) All important aspects of bond indentures are presented in financial statements.(i) Rationale for accrual accounting.(j) The use of consolidated statements is justified.(k) Reporting must be done at defined time intervals.(l) An…
- • Which of the following is incorrect? O Straight line amortization of goodwill is simpler than goodwill impairment testing. Straight line amortization is considered by many to provide little if any useful information to readers of financial statements. Straight line amortization can only be used under U.S. GAAP when impairment testing is impossible. Goodwill impairment testing provides companies with more opportunities to engage in earnings management than does straight line amortization.Which one of the following is violated when a firm has a policy of accelerating the recognition of depreciation expense during good years and decreasing depreciation expense during lean years? Relevance Matching Consistency ConservatismA company is most likely to:A. use a fair value model for some investment property and a cost model for other investment property.B. change from the fair value model when transactions on comparable properties becomeless frequent.C. change from the fair value model when the company transfers investment property toproperty, plant, and equipment.
