Accounting For Governmental & Nonprofit Entities
18th Edition
ISBN: 9781259917059
Author: RECK, Jacqueline L., Lowensohn, Suzanne L., NEELY, Daniel G.
Publisher: Mcgraw-hill Education,
expand_more
expand_more
format_list_bulleted
Videos
Textbook Question
Chapter 5, Problem 17.1EP
Under GASB standards, which of the following would be considered an example of an intangible asset?
- a. A lake located on city property.
- b. Water rights associated with the springs that supply the water to the lake.
- c. The city’s irrigation system, which uses water from the lake.
- d. None of the above would be considered an intangible asset.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Directions: Read and analyze the following standards and answer what is required.
Required:
Write the definition, recognition, measurement and derecognition if any in the chart above provided for the following:
Intangible assets
Impairment of assets
Investment property
Agriculture
Borrowing cost
Government grant
Under GASB Statement No. 34, which of the following is true of infrastructure?a. Infrastructure must be recorded and depreciated unless a modified approach is used, in which case, depreciation is not required.b. Infrastructure must be recorded and depreciated in all cases.c. Infrastructure is not to be recorded and depreciated.d. The state and local governments have the option, but are not required, to record and depreciate infrastructure.
Write the definition, recognition, measurement and derecognition if any provided for the following:
Intangible assets
Impairment of assets
Investment property
Agriculture
Borrowing cost
Government grant
Chapter 5 Solutions
Accounting For Governmental & Nonprofit Entities
Ch. 5 - What are general capital assets? How are they...Ch. 5 - Explain what disclosures the GASB requires for...Ch. 5 - Prob. 3QCh. 5 - Prob. 4QCh. 5 - Prob. 5QCh. 5 - What is the accounting difference between using...Ch. 5 - Prob. 7QCh. 5 - Prob. 8QCh. 5 - Prob. 9QCh. 5 - What is a service concession arrangement, and why...
Ch. 5 - Prob. 13CCh. 5 - Prob. 14CCh. 5 - Prob. 15CCh. 5 - Under GASB standards, which of the following would...Ch. 5 - Two new copiers were purchased for use by the city...Ch. 5 - Maxim County just completed construction of a new...Ch. 5 - A capital projects fund would probably not be used...Ch. 5 - Machinery and equipment depreciation expense for...Ch. 5 - Prob. 17.6EPCh. 5 - Prob. 17.7EPCh. 5 - Callaway County issued 10,000,000 in bonds at 101...Ch. 5 - Neighborville enters into a lease agreement for...Ch. 5 - Neighborville enters into a lease agreement for...Ch. 5 - Prob. 17.11EPCh. 5 - Prob. 17.12EPCh. 5 - Prob. 17.13EPCh. 5 - Arbitrage rules under the Internal Revenue Code a....Ch. 5 - Prob. 17.15EPCh. 5 - Make all necessary entries in the appropriate...Ch. 5 - Prob. 19EPCh. 5 - Prob. 20EPCh. 5 - In the current year, the building occupied by...Ch. 5 - Prob. 22EPCh. 5 - Make all necessary entries in a capital projects...Ch. 5 - The year-end pre-closing trial balance for the...Ch. 5 - Prob. 25EPCh. 5 - This year Riverside began work on an outdoor...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- For each of the statements below, state the types of intangible assets that best suit them. (i) A sign which distinguishes the goods and services of one entity from those of another.(ii) A form of protection provided by the law to authors of original creative works, including literary works, musical works, artistic works, films, sound recordings, and broadcasts.(iii) The application of research findings or other knowledge to a plan or design for the production of new or substantially improved materials, devices, products, processes, systems or services before the start of commercial production or use.(iv) A method of marketing and distributing products and services based on a two-party contract.(v) An exclusive right granted for an invention, which is a product or a process that provides a new way of doing something or offers a new technical solution to a problem.(vi) A license is required in order to use properties or rights owned by other entities, such as broadcasting licenses for…arrow_forwardWhich of the following statements is correct? a. Both IFRS and GAAP permit revaluation of property, plant, and equipment. b. IFRS permits revaluation of property, plant, and equipment but not GAAP. c. Both IFRS and GAAP do not permit revaluation of property, plant, and equipment. d. GAAP permits revaluation of property, plant, and equipment but not IFRS.arrow_forwardIdentify the following as intangible assets (IA), natural resources (NR), or some other asset (O). Salt minearrow_forward
- Which of the following includes only intangible assets? Group of answer choices A)Natural resources, patents, and trademarks. B)Research and development costs, franchises, and trademarks. C)Copyrights, licenses, and land. D)Leaseholds, patents and copyrights.arrow_forwardi）State the recognition criteria for an intangible asset. ii）Briefly explain the recognition criteria for the research and development costs. iii）arrow_forwardWhich of the following is not dealt with by PAS 41? [A] the accounting for biological assets [B] the subsequentmeasurement of agricultural produce harvested from biological assets [C] the accounting treatment of government grant received in respect of biological assets [D] all of the choices are dealt with by PAS 41.arrow_forward
- Which of the following is least likely capitalized as cost of land? Grading, filling, draining clearing and similar site development activities Survey Landscaping and similar improvements that have limited useful lives. Special assessment Subsequent to initial recognition, an entity shall use this model to account for its items of property, plant and equipment. cost model revaluation model fair value model Cost model or revaluation model as an accounting policy choice It is the systematic allocation of the depreciable amount of an asset over its estimated useful life. Depreciation Impairment Revaluation all of thesearrow_forwardAccording to IAS 38 Intangible Assets, which of the following conditions would preclude any part of the development expenditure from being capitalized as an intangible asset? A The development is incomplete B The benefits flowing from the completed development are expected to be at least equal to its cost C Funds are unlikely to be available to complete the development D The development is expected to give rise to more than one productarrow_forwardWhich one of the following internally-generated items may be eligible for capitalization as intangible assets in accordance with IAS 38 Intangible Assets? (Ignore business combinations.) Select one: a. Goodwill b. A pre-production prototype c. The cost of researching new material d. A customer listarrow_forward
- Which of the following criteria would suggest that a not-for-profit capitalize its works of art, historical treasures, or similar assets?a. They are held for public inspection, education, or research in furtherance of public service rather than financial gain.b. They are protected, kept unencumbered, cared for, and preserved.c. They are subject to be used in the acquisition of other items for the collection.d. They are held primarily to be resold for financial gain.arrow_forwardThe local parkland is owned and maintained by the local government council. Questions : Is the parkland as assets of the Council and should it be included on its balance sheet?arrow_forwardExplain what is meant by the impairment of the value of property, plant, and equipment and intangible assets. How should these impairments be accounted for?arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Auditing: A Risk Based-Approach (MindTap Course L...AccountingISBN:9781337619455Author:Karla M Johnstone, Audrey A. Gramling, Larry E. RittenbergPublisher:Cengage Learning
Auditing: A Risk Based-Approach (MindTap Course L...
Accounting
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Cengage Learning
Asset impairment explained; Author: The Finance Storyteller;https://www.youtube.com/watch?v=lWMDdtHF4ZU;License: Standard Youtube License