False | |||
As per US GAAP, Fair value can be reported for those assets whose carrying value is based on mark to market (M2M) valuations. Hence the statement is false |
According to US GAAP, no asset can be reported at fair value. True or False According...
QUESTION 10 / 11 An asset is classified as goodwill on the balance sheet when a company purchases an asset at greater than fair-market value. According to GAAP, you can adjust goodwill when ______________SELECT ONLY ONE an asset is sold stock prices go down a new asset is purchased stock prices go up goodwill is impaired
Which of these statements, applying US GAAP wherever applicable is false? A statement of financial position represents the fundamental accounting equation. There are 5 steps to determine revenue recognition in a standard that became effective for public companies in 2018 A balance sheet asset amount can be based on the future value of a current amount. All the accounts included in the calculation of net income are nominal accounts.
Which is a true statement: a. Under US GAAP, a company will always have to impair a building if a triggering even occurs and the fair value is less than the book value. b. unless it is sold, the book value of a trademark will never decrease because it is not amortized. c. an oil and gas company using the full cost method will generally record a higher depletion expense than a company using the successful effort method if they...
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...
The corporation’s tax basis in an asset transferred into the business is the fair market value of the asset True or False
According to U.S. GAAP, periodminus−ofminus−time elements include performance, income, expenses, and capital maintenance adjustments. True False
true or false: GAAP requires using intrinsic value accounting for employee stock options
true or false? When a company pays its rent in advance, an asset is reported on the balance sheet.
The salvage value of an asset is a future value True O False
true or false: according to the Modigliani-Miller, choosing the right structure can increase the value of the firm.