Homework Answers
Answer : Option A , Cost Model and Revaluation Model .
Explanation;
The most important measurement methods are acceptable for Property Plant & Equipment according to AASB 116 is Cost Model and Revaluation Model.
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Which of the following measurement methods are acceptable for Property, Plant and Equipment (PPE) according to...
QUESTION 18 Using the cost model outlined in AASB 116 to measure property, plant and equipment...
QUESTION 18 Using the cost model outlined in AASB 116 to measure property, plant and equipment at acquisition, which of the following costs would not be included? Directly attributable costs Initial estimates of dismantling and removal costs 12-month servicing plan Purchase price QUESTION 19 Is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (AASB 13). Face value Fair value Market value...
Property, Plant and equipment (PPE) are key items for any company to operate at an effective...
Property, Plant and equipment (PPE) are key items for any company to operate at an effective level. These range in different types. Choose any company and describe how PPE can help the company?
ACC206: Financial Reporting MCQ please help 1. According to FRS 16 Property, Plant and Equipment, gains...
ACC206: Financial Reporting MCQ please help 1. According to FRS 16 Property, Plant and Equipment, gains when selling property, plant and equipment for cash: a. are the excess of the cash proceeds over the fair value of the assets. b. are the excess of the book value of the assets over the cash proceeds. c. are part of cash flows from operations. d. None of the listed options. 2. At the end of its fiscal year, an adverse economic condition...
Here is selected financial statement data regarding a company's property, plant, and equipment. Balance Sheet: Property,...
Here is selected financial statement data regarding a company's property, plant, and equipment. Balance Sheet: Property, plant, and equipment Accumulated depreciation Dec 31, 2018 $ 800,000 142,000 Dec 31, 2017 $ 559,00 86,01 2018 Income Statement: Depreciation expense Loss on sale of property, plant, and equipment $ 90,000 19,000 During the year, PPE with a book value of $48,000 were sold. In the statement of cash flows, the investing activities section should show a cash disbursement for "purchases of property,...
M Ltd is a subsidiary of C Ltd. M Ltd’s property, plant and equipment in its...
M Ltd is a subsidiary of C Ltd. M Ltd’s property, plant and equipment in its separate financial statements are measured using the revaluation model prior to acquisition. On the date of acquisition, the consolidation worksheet entries required, in relation to any fair value adjustments would be: a. no adjustment required b. for both a revaluation increment and decrement c. when there is an decrease in revaluation d. when there is an increase in revaluation
QUESTION 10 Which of the following statements is true of the revaluation model in AASB 116?...
QUESTION 10 Which of the following statements is true of the revaluation model in AASB 116? It is the preferred model of managers. It is required under AASB 116. Once adopted, the firm can no longer revert back to the cost model. None of the given options are correct. QUESTION 11 A financial statement that complies with the requirements of the Conceptual Framework and accounting standards, and that meets the information needs common to users who are unable to prepare...
CVS Caremark reported sales of $126,761 million and property, plant and equipment (PPE), net of $8,615...
CVS Caremark reported sales of $126,761 million and property, plant and equipment (PPE), net of $8,615 million in 2013. If sales are projected to increase 10% per year over the next five years, what is the projected capital expenditures (purchases of new PPE) for 2014? $12,676 million There is not enough information to determine the amount. $9,477 million $9,000 million $8,615 million
Assessment Task Description Part A A new accountant has been appointed to the firm of Catherine...
Assessment Task Description Part A A new accountant has been appointed to the firm of Catherine Ltd, which is a reporting entity that prepares general purpose financial statements according to the AASB standards. This company owns a large number of depreciable assets. Upon analyzing the entity's current depreciation policy, which is based on straight line depreciation method the accountant realized that financial statements prepared by the entity do not show the true and fair view of company's financial position. He,...
Here is selected financial statement data regarding a company's property, plant, and equipment. Balance Sheet: Property,...
Here is selected financial statement data regarding a company's property, plant, and equipment. Balance Sheet: Property, plant, and equipment Accumulated depreciation Dec 31, 2018 $ 144,000 48,000 Dec 31, 2017 $ 60,000 13,000 Income Statement: Depreciation expense Gain on sale of property, plant, and equipment 2018 $ 42,000 3,000 Acquisitions of PPE were $110,000 during the year. In the statement of cash flows, the investing activities section should show a cash receipt from "sales of property, plant, and equipment" for...
Which of the following statement is not typical of property, plant and equipment as compared to...
Which of the following statement is not typical of property, plant and equipment as compared to most current asset accounts? 1) A property, plant and equipment cutoff error near year-end has a more significant effect on net inome. 2) Relatively few transactions occur in property, plant and equipment during the year. 3) The assets involved with property, plant and equipment ordinarily have relatively longer lives. 4) Property, plan and equipment accounts typically have a higher dollar value.
QUESTION 18 Using the cost model outlined in AASB 116 to measure property, plant and equipment at acquisition, which of the following costs would not be included? Directly attributable costs Initial estimates of dismantling and removal costs 12-month servicing plan Purchase price QUESTION 19 Is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (AASB 13). Face value Fair value Market value...
Here is selected financial statement data regarding a company's property, plant, and equipment. Balance Sheet: Property, plant, and equipment Accumulated depreciation Dec 31, 2018 $ 800,000 142,000 Dec 31, 2017 $ 559,00 86,01 2018 Income Statement: Depreciation expense Loss on sale of property, plant, and equipment $ 90,000 19,000 During the year, PPE with a book value of $48,000 were sold. In the statement of cash flows, the investing activities section should show a cash disbursement for "purchases of property,...
QUESTION 10 Which of the following statements is true of the revaluation model in AASB 116? It is the preferred model of managers. It is required under AASB 116. Once adopted, the firm can no longer revert back to the cost model. None of the given options are correct. QUESTION 11 A financial statement that complies with the requirements of the Conceptual Framework and accounting standards, and that meets the information needs common to users who are unable to prepare...
Assessment Task Description Part A A new accountant has been appointed to the firm of Catherine Ltd, which is a reporting entity that prepares general purpose financial statements according to the AASB standards. This company owns a large number of depreciable assets. Upon analyzing the entity's current depreciation policy, which is based on straight line depreciation method the accountant realized that financial statements prepared by the entity do not show the true and fair view of company's financial position. He,...
Here is selected financial statement data regarding a company's property, plant, and equipment. Balance Sheet: Property, plant, and equipment Accumulated depreciation Dec 31, 2018 $ 144,000 48,000 Dec 31, 2017 $ 60,000 13,000 Income Statement: Depreciation expense Gain on sale of property, plant, and equipment 2018 $ 42,000 3,000 Acquisitions of PPE were $110,000 during the year. In the statement of cash flows, the investing activities section should show a cash receipt from "sales of property, plant, and equipment" for...
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