Under the impairment of assets, value-in-use is *   a. The undiscounted present value of future cash flows arising from the continuing use of the asset and from its disposal. b. The discounted present value of future cash flows arising from the continuing use of the asset and from its disposal. c. The higher of an asset's fair value less cost to sell and its market value d. The amount at which the asset is recognized in the statement of financial position

Q: With depreciation, the book value of a fixed asset usually ___ __ ___ with the asset's market value

A: Introduction: - Depreciation is a non-cash expense. Depreciation is charged on fixed asset over a…

Q: Which of the following amounts would be used in calculating a lessee's right of use asset (ROU)? ) O…

A: A lease is a contractual agreement between two parties, the lessor (owner) and the lessee (user),…

Q: What is the formula for the NET FIXED ASSET if it is not given in the financial statement?

A: The net value of a company's fixed assets is measured using net fixed assets. In a nutshell, net…

Q: An asset is considered impaired if: O the fair market value of the asset exceeds the carrying value…

A: In accounting, an asset is considered impaired when its carrying amount (book value) is greater than…

Q: An asset is impaired if: O a. The amount to be recovered through use (or sale) of the asset exceeds…

A:

Q: To calculate the an part of the calcula

A: Amount realized means all forms of compensation received by the seller from the buyer. It can be in…

Q: Borrowing costs on borrowings obtained for the purpose of acquiring or constructing a qualifying…

A: Following is the answer to the given question

Q: 3. Statement 1: An entity shall begin.capitalizing borrowing costs as part of the cost of qualifying…

A: Answer is Option c)  Both the statements are correct

Q: Fixed assets are ordinarily presented on the balance sheet OO at their current market value under…

A: Fixed assets are ordinarily presented in balance sheet at their cost less accumulated depreciation.…

Q: Which of the following assets do not qualify for capitalization of interest costs incurred during…

A: Interest cost means the amount of outlay incurred to finance the non-current assets or the assets…

Q: When an impairment loss occurs, the carrying amount of the asset should be reduced to its   a) ©…

A: Impairment: It implies to an increase in the fixed asset's carrying value in relation to the price…

Q: True or False: The loss in the market value of tangible fixed assets is referred to as depreciation.

A: Introduction: Depreciation is a source of pre-expense. It is applied to fixed assets over the…

Q: em is normally reported as a current asset, NCA if non- current. If not an asset, write NA.  9.…

A: Non current assets refers to the those assets which the company made for long term time frame and…

Q: ment of a long-term asset, the depreciation of a long-term asset, and the sale of a long-term…

A: The organization would be established for doing business in the market. Thus, it requires a lot of…

Q: Which of the following assets appears on the balance sheet at fair value? Equipment, Land,…

A: Fair value refers to the actual amount paid in an open market to purchase the assets. Fair value…

Q: hat is the amount realized in a transaction? The gain on the sale of an asset The proceeds less the…

A: Capital gain is realized from the sale of fixed assets.

Q: The following terms are mismatched with its definitions. Match the terms to its correct definitions.…

A: The terms are matched with the definitions in below table:

Q: If an entity capitalized transaction costs to a financial asset at fair value through profit or…

A: Transaction costs seem to be the costs spent while purchasing or selling a product or service.…

Q: A deposit received is reported as a *   current asset investment revenue

A: Note: As per BARTLEBY guidelines, when multiple questions are given then first question is to be…

Q: Which of the following is not a part of the impairment test of equipment under IFRS? Group of answer…

A: The objective of the question is to identify which of the given options is not a part of the…

Q: Under IAS 36 Impairment of Assets, impairment test for an individual asset requires that the…

A: IAS 36 provide for the impairment of assets and states that assets must not be carried in balance…

Q: True or False: In accounting, depreciation represents the decrease in a long-term tangible asset’s…

A: A method of accounting known as depreciation spreads out the cost of an item over the period of that…

Q: Which of the following is not a part of the impairment test of equipment under IFRS? Group of answer…

A: The objective of the question is to identify which of the given options is not a part of the…

Q: Residual value is O a. Present value. O b. Value in use. O . The net cash amount that is received…

A: The fixed assets may have a residual value that can be attained at the end of its life.

Q: Accounting Which statement is false? Accounting for asset retirement obligations (ARO) apply to both…

A: The given question asked about the correctness of the statement.    Assets retirement obligations:…

Q: hen a firm disposes of a capital asset, the difference between the net book value of the asset and…

A: Basic Accounting Concept Capital gain or loss on transfer of assets

Q: An impairment loss is recorded when capital asset's   1. net book value is higher than the amount it…

A: Impairment loss is excess of carrying amount of assets over its recoverable amount .  Recoverable…

Q: The “carrying value” of a long term asset on the Balance Sheet represents: a. The net book value of…

A: Correct answer-option a:The net book value of the asset

Q: Long term assets without any physical existence but, possessing a value are called Current assets O…

A: (d) intangible assets is the correct option.  Intangible assets : intangible assets are those assets…

Q: When does a company record an asset related to a gain contingency? a. When future events will…

A: A contingency, in general, is an uncertain future event or condition that may result in a gain or a…

Q: 17. Which of the following amounts shall not be recognized in profit or loss with respect to…

A: Rental Income from the Investment property shall be recognized in the profit and loss statements as…

Q: The return on plan assets   a.is the change in the fair value of the plan assets during the year. b.…

A: Introduction: A long-term employee benefit fund's plan assets are assets/investments kept for the…

Q: A loss on impairment of an intangible asset under IFRS is the asset's: a. carrying amount less the…

A:

Q: When accounting for self-constructed PPE and computing the amount of interest cost to be…

A: Self constructed PPE are those Property, Plant and Equipment which is constructed by the business on…

Q: e amortized cost for a financial asset

A: Amortized cost is the amount at which financial assets are reported on Balance Sheet.

Q: Where non-current assets are held for sale, they are required to be measured using: the…

A: Non-current assets are held for sale - Non Current Assets are part of the assets in the balance…

Q: ssets intended to be held and used for ircumstances except luctive purposes may suffer from…

A: Impaiment of Asset seeks  to ensure that an entity's assets are not carried at more than their…

Q: 1. How do we decide whether to capitalize (record as an asset) or expense a particular cost? 2.…

A: ANSWER   Cost: The cost of the long-lived assets refers to all the expenditures made in order to…

Q: What is an intangible asset? Should all intangible assets be subject to amortization? Explain why or…

A: An intangible asset is one that lacks a physical form. Intangible assets include goodwill, brand…