When the asset revaluation account is used to revalue assets prior to admitting a new partner, Asset Revaluation is debited with an upward revaluation of an asset. true or False
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When the asset revaluation account is used to revalue assets prior to admitting a new partner, Asset Revaluation is debited with an upward revaluation of an asset. true or False
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- In an acquisition of assets, the acquirer must give up which of the following? A. Other Assets B. Cash C. Liability D. Any of the givenCan a member who contributed an asset demand for its return, transfer or conveyance upon dissolution when it was initially contributed upon a condition to not return, transfer or convey it back?When an asset is sold, the accumulated depreciation account for the asset must be closed off to the asset realisation account. A. True B. False
- Residual interest in the asset of an entity that remains after deducting its liabilities is? a. Liabilities b. Expense c. Owner’s Equity d. AssetsIn an acquisition where there is an exchange of assets for assets, how does the ownership structure of the acquiree change? A. The net assets decreaseB. The net assets may increase, decrease or remain the same.C. The net assets increaseD. There is no change in the net assetsIf it loses significant influence over the associate, the balance of the investment in the associate is recorded at:A. Fair valueB. Identifiable net asset propertyC. Cost methodD. Keep the equity method
- Which statement is correct regarding derecognition of financial assets? A. Transfer of risks and rewards is evaluated by determining the transferee’s ability to sell the asset. B. A sale and repurchase transaction where the repurchase price is a fixed price is a transfer of financial asset that qualifies for derecognition. C. The entity shall continue to recognize the transferred asset in its entirety if the transfer does not qualify for derecognition because the entity has retained substantially all the risks and rewards of ownership of the transferred asset. D. If an entity neither transfers nor retains substantially all the risks and rewards of ownership of a transferred asset, the entity shall continue to recognize the transferred asset to the extent of its continuing involvement.In an acquisition where there is an exchange of assets for assets, how does the ownership structure of the acquiree change? There is no change in the net assets The net assets increase The net assets decrease The net assets may increase, decrease or remain the same.If a loss from sale or exchange of property between related parties is disallowed and the property is subsequently sold to an unrelated party, a.The disallowed loss is lost forever. b.The disallowed loss may be used if there is a further loss on the subsequent sale. c.The unrelated party may claim the loss previously disallowed. d.An amended return may be filed to claim the loss previously disallowed. e.The disallowed loss may be used to offset gain on the subsequent sale.
- Liabilities are the owner's claim on assets. Group of answer choices True FalseWhen should a transfer of receivables be recorded as a sale? A) The buyer surrenders controlof the receivables to the seller. B) The transferor maintains effective control over the transferred assets through an agreement to repurchase or redeeem them prior to their maturity. C) The transferee cannot pledge or exchange the transferred assets. D) The transferred asstes are isolated from the transferor.Where the payment of an investment property is deferred beyondnormal credit terms, how should the entity account for anyadditional payment above the cash cost of the asset?
