Homework Answers
Answer is (d) It must have a re-sale value.
As per the conceptual framework of IASB, An asset is a resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity.
Therefore, it is evident from that an asset neednot necessarily have a resale value.
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According to the Conceptual Framework which of these is not an essential characteristic of an asset?...
[25] According to the FASB’s conceptual framework, which of the following is an essential characteristic of...
[25] According to the FASB’s conceptual framework, which of the following is an essential characteristic of a liability? A. Liabilities must require the obligated entity to pay cash to a recipient entity. B. Liabilities must be legally enforceable. C. The identity of the recipient entity must be known to the obligated entity before the time of settlement. D. Liabilities are obligations resulting from previous transactions or events. [26] Consolidated financial statements are prepared when a parent-subsidiary relationship exists in recognition...
Which of these is not a characteristic of equity as specified in the Conceptual Framework? Select...
Which of these is not a characteristic of equity as specified in the Conceptual Framework? Select one: O a. It cannot be calculated independently of assets and liabilities O b. It is diminished by unprofitable operations. c. It ranks after liabilities as a claim on assets. O d. It must be controlled by the entity.
The statement that is not correct concerning the definition of expenses in the Conceptual Framework is...
The statement that is not correct concerning the definition of expenses in the Conceptual Framework is which of the following? Select one: O a. An expense arises whenever the economic benefits in an asset are consumed or lost. O b. An expense must result in a decrease in equity. О с. The definition of expenses is expressed in terms of changes in assets, liabilities and equity. O d. The definition of expenses does not encompass items that have traditionally been...
the conceptual framework is with regards to the recognization of an asset according to the accounting...
the
conceptual framework is with regards to the recognization of an
asset according to the accounting field
QUESTION UNICHEM LIMITED, a company listed in the industrial sector of the JSE Limited acquired new technological manufacturing equipment to enhance their Vanderbijlpark facility. This equipment will be used to manufacture a new line of inventories. Unichem Limited decided to introduce this new line of inventories as its market research department indicated that there is a demand for these products and that Unichem...
6. Preparation of consolidated financial statements when a parent-subsidiary relationship exists is an example of the...
6. Preparation of consolidated financial statements when a parent-subsidiary relationship exists is an example of the Select one: a. relevance characteristic b. comparability characteristic c. economic entity d. neutrality characteristic 7. Measurement uncertainty can affect.... Select one: a, relevance characteristic b. faithful representation and relevance characteristic c. understandability characteristic d. faithful representation characteristic 8. Erin Company applies the same accounting treatment to similar events from period to period. Erin Company is exhibiting which of the following qualities as described by...
Which of the following is not a characteristic of an asset? 17 Murple Choice The entity...
Which of the following is not a characteristic of an asset? 17 Murple Choice The entity has little or no discretion to avoid It embodies a future benefit totas transaction or event
The conceptual framework is with regards to the recognization of an asset in the accounting field...
The
conceptual framework is with regards to the recognization of an
asset in the accounting field
QUESTION UNICHEM LIMITED, a company listed in the industrial sector of the JSE Limited acquired new technological manufacturing equipment to enhance their Vanderbijlpark facility. This equipment will be used to manufacture a new line of inventories. Unichem Limited decided to introduce this new line of inventories as its market research department indicated that there is a demand for these products and that Unichem Limited...
According to the Conceptual Framework information that is free from material error and bias has greater:...
According to the Conceptual Framework information that is free from material error and bias has greater: Select one: O a. Relevance. O b. Decision making usefulness. c. Verifiability O d. Faithful representation
Question 1a) Which of the following is NOT an essential characteristic to all assets? a) A...
Question 1a) Which of the following is NOT an essential characteristic to all assets? a) A resource owned by the entity. b) As a result of a past event. c) A resource controlled by the entity. d) A present economic resource. Question 1b) Which of the following characteristics of a company business structure is TRUE? a) All of the other options. b) Easy to start up. c) Directors have limited liability. d) A separate legal entity.
A liability should only be recognised in the financial statements when: Question 9 Not yet answered...
A liability should only be recognised in the financial statements when: Question 9 Not yet answered i reserves have been set aside by the entity. ii. the amount can be measured reliably. Marked out of 1.00 ill, it is probable that the future sacrifice of economic benefits will be required. Flag question Select one: O a. i and is only Ob i and ill only Oc. li and ill only Od. ili and ili O e. None of the options
Which of these is not a characteristic of equity as specified in the Conceptual Framework? Select one: O a. It cannot be calculated independently of assets and liabilities O b. It is diminished by unprofitable operations. c. It ranks after liabilities as a claim on assets. O d. It must be controlled by the entity.
The statement that is not correct concerning the definition of expenses in the Conceptual Framework is which of the following? Select one: O a. An expense arises whenever the economic benefits in an asset are consumed or lost. O b. An expense must result in a decrease in equity. О с. The definition of expenses is expressed in terms of changes in assets, liabilities and equity. O d. The definition of expenses does not encompass items that have traditionally been...
the
conceptual framework is with regards to the recognization of an
asset according to the accounting field
QUESTION UNICHEM LIMITED, a company listed in the industrial sector of the JSE Limited acquired new technological manufacturing equipment to enhance their Vanderbijlpark facility. This equipment will be used to manufacture a new line of inventories. Unichem Limited decided to introduce this new line of inventories as its market research department indicated that there is a demand for these products and that Unichem...
Which of the following is not a characteristic of an asset? 17 Murple Choice The entity has little or no discretion to avoid It embodies a future benefit totas transaction or event
The
conceptual framework is with regards to the recognization of an
asset in the accounting field
QUESTION UNICHEM LIMITED, a company listed in the industrial sector of the JSE Limited acquired new technological manufacturing equipment to enhance their Vanderbijlpark facility. This equipment will be used to manufacture a new line of inventories. Unichem Limited decided to introduce this new line of inventories as its market research department indicated that there is a demand for these products and that Unichem Limited...
According to the Conceptual Framework information that is free from material error and bias has greater: Select one: O a. Relevance. O b. Decision making usefulness. c. Verifiability O d. Faithful representation
A liability should only be recognised in the financial statements when: Question 9 Not yet answered i reserves have been set aside by the entity. ii. the amount can be measured reliably. Marked out of 1.00 ill, it is probable that the future sacrifice of economic benefits will be required. Flag question Select one: O a. i and is only Ob i and ill only Oc. li and ill only Od. ili and ili O e. None of the options
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