Usingthe historical cost concept, long-term assets are recorded at Select one: a. fair value b. market...
Usingthe historical cost concept, long-term assets are recorded at
Select one:
a. fair value
b. market value
c. none of the choices
d. the amount paid for the item
Homework Answers
In historical cost approach, assets purchased with money are recorded at the cost of purchase or the actual amount paid to acquire those assets.
The answer is d) the amount paid for the item
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Usingthe historical cost concept, long-term assets are recorded
at
Select one:
a. fair value
b. market...
Under ASPE The historical cost of long-term assets Select one: a. Becomes larger over the life...
Under ASPE The historical cost of long-term assets Select one: a. Becomes larger over the life of the asset b. Becomes smaller over the life of the asset c. Remains unchanged from the time they are purchased to the time they are sold d. Is irrelevant when recording purchases of capital assets
diffferentiate historical cost concept from the fair value cost from the fair value cost concept of...
diffferentiate historical cost concept from the fair value cost from the fair value cost concept of measurement.State clearly their advantages and disadvantages
Differentiate historical cost concept from the fair value cost concept of measurement.
Differentiate historical cost concept from the fair value cost concept of measurement.
Case A Target's Books Current Assets Long-term Assets Liabilities Book Value $15,000.00 $85,000.00 $20,000.00 Fair Value...
Case A Target's Books Current Assets Long-term Assets Liabilities Book Value $15,000.00 $85,000.00 $20,000.00 Fair Value $20,000.00 $130,000.00 $30,000.00 Assume Parent offers $150,000 for 100% of Target's net assets. Case B Target's Books Current Assets Long-term Assets Liabilities Book Value $15,000.00 $85,000.00 $20,000.00 Fair Value $30,000.00 $80,000.00 $20,000.00 Assume Parent offers $130,000 for 100% of Target's net assets. Case C Target's Books Current Assets Long-term Assets Liabilities Book Value $15,000.00 $85,000.00 $20,000.00 Fair Value $40,000.00 $60,000.00 $60,000.00 Assume Parent offers...
Which of the following statement is true about fair value? Select one: a. It is the...
Which of the following statement is true about fair value? Select one: a. It is the amount of revenue recognized using the completed contract method. b. It is the amortized cost of an asset. c. It is the price that would be received in exchange for an item in a transaction between independent parties. d. It is the price that was actually paid when an item was purchased.
For manufacturers, long-term tangible assets: Select one: a. Are often the largest item on the balance...
For manufacturers, long-term tangible assets: Select one: a. Are often the largest item on the balance sheet b. Are usually the smallest item on the balance sheet c. Are not shown on the statement of financial position d. Are classified as liabilities
Long-term assets can be: Select one: a. Debited or credited at the point of purchase b....
Long-term assets can be: Select one: a. Debited or credited at the point of purchase b. Assets or liabilities c. Composed of property, plant, or equipment only d. Tangible or intangible
The purpose of a long-term asset contra account is to: Select one: a. Reduce the asset,...
The purpose of a long-term asset contra account is to: Select one: a. Reduce the asset, but at the same time not affecting owner’s equity b. Use it as a temporary account c. Present a higher net income d. Always reflect the original value (historical cost) of the asset on the balance sheet
1) Intangible Assets are initially recorded at: A) fair value B) present value 3) cost 4)...
1) Intangible Assets are initially recorded at: A) fair value B) present value 3) cost 4) expected fair value 2) GAAP requires that research and development costs must be: 1) capitalized. 2) accumulated until the existence of future benefits is determined. 3) expensed in part and capitalized in part. 4) expensed as incurred.
QUESTION 18 Long term assets of the acquired company are reduced in proportion to their fair...
QUESTION 18 Long term assets of the acquired company are reduced in proportion to their fair values and any excess is recorded as a deferred credit (negative goodwill) when the purchase price of the acquired company is less than fair value of net assets acquired. True False
Case A Target's Books Current Assets Long-term Assets Liabilities Book Value $15,000.00 $85,000.00 $20,000.00 Fair Value $20,000.00 $130,000.00 $30,000.00 Assume Parent offers $150,000 for 100% of Target's net assets. Case B Target's Books Current Assets Long-term Assets Liabilities Book Value $15,000.00 $85,000.00 $20,000.00 Fair Value $30,000.00 $80,000.00 $20,000.00 Assume Parent offers $130,000 for 100% of Target's net assets. Case C Target's Books Current Assets Long-term Assets Liabilities Book Value $15,000.00 $85,000.00 $20,000.00 Fair Value $40,000.00 $60,000.00 $60,000.00 Assume Parent offers...
QUESTION 18 Long term assets of the acquired company are reduced in proportion to their fair values and any excess is recorded as a deferred credit (negative goodwill) when the purchase price of the acquired company is less than fair value of net assets acquired. True False
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