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Question 1 (1 point) Biological assets are valued at fair value less estimated costs to sell...
Question 1 (1 point) The fair value of the asset, debt, or equity securities given in...
Question 1 (1 point) The fair value of the asset, debt, or equity securities given in a noncash acquisition should determine the value of the consideration received. True False Question 2 (1 point) The interest capitalization period for a self-constructed asset ends either when the asset is substantially complete and ready for use or when interest costs no longer are being incurred. True False Question 3 (1 point) A distinguishing characteristic of intangible assets is that the extent and timing...
Question 1 (1 point) Saved The following are all estimates that companies are permitted to use...
Question 1 (1 point) Saved The following are all estimates that companies are permitted to use when calculating depreciation expense, EXCEPT: Useful Life of the Asset Historical Cost to Acquire Asset Residual (a.k.a. Salvage) Value of the Asset # of total units that the equipment is expected to produce over it's lifetime Question 2 (1 point) Saved Inventory is excluded from current assets in the quick ratio because inventory is not as easily converted into cash. True False Question 3...
Question 2 (1 point) Warranty liabilities are estimated based on actual warranty costs incurred to date...
Question 2 (1 point) Warranty liabilities are estimated based on actual warranty costs incurred to date True False Question 3 (1 point) Sales taxes which are combined in the sales price are required to have a journal entry recording the tax separately from the sale. True False Question 4 (1 point) The accounting for warranty costs is based on the concept of matching expenses with revenues, which requires that the estimated cost of honouring warranty contracts should be recognized as...
Ttue/False Questions (1 point each) Circle One 1. The value chain comprises activities from research and...
Ttue/False Questions (1 point each) Circle One 1. The value chain comprises activities from research and des production process, but does not include activities related Id development through the or services Clated to the distribution of products True False 2. Cost information used for one managerial decision could be irrelevant for anot managerial decision. True False inting information to be comparable between firms 3. It is more important for financial accounting information to be comparab than to be useful for...
38. A machine with a cost of S480000 has an estimated salvage value of $30,000 and...
38. A machine with a cost of S480000 has an estimated salvage value of $30,000 and an estimated useful life of 5 years or 15,000 hours. It is to be depreciated using the units-of-activity method of depreciation. What is the amount of depreciation for the second full year, durmg which the machine was used 5,000 hours? A) 890,000 B) S160,000 C) S150,000 D) S130,000 39. Intangible assets include each of the following except A) goodwill. B) patents. C) copyrights. D)...
Question 14 (1 point) Flynn Company experienced an accounting event that affected its financial statements as...
Question 14 (1 point) Flynn Company experienced an accounting event that affected its financial statements as indicated below: Assets Liab. + Equity Rev. NA NA Exp. + Net Inc. Cash Flow NA Which of the following accounting events could have caused these effects on Flynn's statements? 1) Recognized depletion expense on a copper mine. O2) Recognized depreciation expense under the double declining balance method. 3) Amortized patent cost under the straight-line method. 4) All of these.
QUESTION 1 AASB are initials that stand for: Australian Accounting Standards Board O Auditing & Assurance...
QUESTION 1 AASB are initials that stand for: Australian Accounting Standards Board O Auditing & Assurance Standards Board O Australian Accounting Standards Bureau O Accounting & Auditing Supervision Board QUESTION 2 AASB 1053 introduced a _-tier reporting system for entities producing general purpose financial statements. O three one two four QUESTION 7 Which of the following statements is correct with respect to research and development expenditures in accordance with AASB 138? O Activities aimed at obtaining knowledge that are likely...
Question 24 (1 point) Wilson Inc. owns equipment for which it paid $70 million. At the...
Question 24 (1 point) Wilson Inc. owns equipment for which it paid $70 million. At the end of 2018, it had accumulated depreciation on the equipment of $12 million. Due to adverse economic conditions, Wilson's management determined that it should assess whether an impairment loss should be recognized for the equipment. The estimated undiscounted future cash flows to be provided by the equipment total $60 million, and the equipment's fair value at that point is $50 million. Under these circumstances,...
NA Question 9 (1 point) In 2017. Antle Inc. had acquired Demski Co. and recorded goodwill...
NA Question 9 (1 point) In 2017. Antle Inc. had acquired Demski Co. and recorded goodwill of $245 million as a result. The net assets (including goodwill) from Antle's acquisition of Demski Co. had a 2018 year-end book value of $580 million. Antle assessed the fair value of Demski at this date to be $700 million, while the fair value of all of Demski's identifiable tangible and intangible assets (excluding goodwill) was $550 million. The amount of the impairment loss...
Question 29 (1 point) In January 2018, Vega Corporation purchased a patent at a cost of...
Question 29 (1 point) In January 2018, Vega Corporation purchased a patent at a cost of $200.000. Legal and filing fees of $50,000 were paid to acquire the patent. The company estimated a 10-year useful life for the patent and uses the straight-line amortization method for all intangible assets. In January, 2021, Vega spent $40,000 in legal fees for an unsuccessful defense of the patent and the patent is no longer usable. The amount charged to income (expense and loss)...
Question 1 (1 point) The fair value of the asset, debt, or equity securities given in a noncash acquisition should determine the value of the consideration received. True False Question 2 (1 point) The interest capitalization period for a self-constructed asset ends either when the asset is substantially complete and ready for use or when interest costs no longer are being incurred. True False Question 3 (1 point) A distinguishing characteristic of intangible assets is that the extent and timing...
Question 1 (1 point) Saved The following are all estimates that companies are permitted to use when calculating depreciation expense, EXCEPT: Useful Life of the Asset Historical Cost to Acquire Asset Residual (a.k.a. Salvage) Value of the Asset # of total units that the equipment is expected to produce over it's lifetime Question 2 (1 point) Saved Inventory is excluded from current assets in the quick ratio because inventory is not as easily converted into cash. True False Question 3...
Question 2 (1 point) Warranty liabilities are estimated based on actual warranty costs incurred to date True False Question 3 (1 point) Sales taxes which are combined in the sales price are required to have a journal entry recording the tax separately from the sale. True False Question 4 (1 point) The accounting for warranty costs is based on the concept of matching expenses with revenues, which requires that the estimated cost of honouring warranty contracts should be recognized as...
Ttue/False Questions (1 point each) Circle One 1. The value chain comprises activities from research and des production process, but does not include activities related Id development through the or services Clated to the distribution of products True False 2. Cost information used for one managerial decision could be irrelevant for anot managerial decision. True False inting information to be comparable between firms 3. It is more important for financial accounting information to be comparab than to be useful for...
38. A machine with a cost of S480000 has an estimated salvage value of $30,000 and an estimated useful life of 5 years or 15,000 hours. It is to be depreciated using the units-of-activity method of depreciation. What is the amount of depreciation for the second full year, durmg which the machine was used 5,000 hours? A) 890,000 B) S160,000 C) S150,000 D) S130,000 39. Intangible assets include each of the following except A) goodwill. B) patents. C) copyrights. D)...
Question 14 (1 point) Flynn Company experienced an accounting event that affected its financial statements as indicated below: Assets Liab. + Equity Rev. NA NA Exp. + Net Inc. Cash Flow NA Which of the following accounting events could have caused these effects on Flynn's statements? 1) Recognized depletion expense on a copper mine. O2) Recognized depreciation expense under the double declining balance method. 3) Amortized patent cost under the straight-line method. 4) All of these.
QUESTION 1 AASB are initials that stand for: Australian Accounting Standards Board O Auditing & Assurance Standards Board O Australian Accounting Standards Bureau O Accounting & Auditing Supervision Board QUESTION 2 AASB 1053 introduced a _-tier reporting system for entities producing general purpose financial statements. O three one two four QUESTION 7 Which of the following statements is correct with respect to research and development expenditures in accordance with AASB 138? O Activities aimed at obtaining knowledge that are likely...
Question 24 (1 point) Wilson Inc. owns equipment for which it paid $70 million. At the end of 2018, it had accumulated depreciation on the equipment of $12 million. Due to adverse economic conditions, Wilson's management determined that it should assess whether an impairment loss should be recognized for the equipment. The estimated undiscounted future cash flows to be provided by the equipment total $60 million, and the equipment's fair value at that point is $50 million. Under these circumstances,...
NA Question 9 (1 point) In 2017. Antle Inc. had acquired Demski Co. and recorded goodwill of $245 million as a result. The net assets (including goodwill) from Antle's acquisition of Demski Co. had a 2018 year-end book value of $580 million. Antle assessed the fair value of Demski at this date to be $700 million, while the fair value of all of Demski's identifiable tangible and intangible assets (excluding goodwill) was $550 million. The amount of the impairment loss...
Question 29 (1 point) In January 2018, Vega Corporation purchased a patent at a cost of $200.000. Legal and filing fees of $50,000 were paid to acquire the patent. The company estimated a 10-year useful life for the patent and uses the straight-line amortization method for all intangible assets. In January, 2021, Vega spent $40,000 in legal fees for an unsuccessful defense of the patent and the patent is no longer usable. The amount charged to income (expense and loss)...
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