Reading 29 long lived assets questions and answers
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Reading 29 long lived assets questions and answers
Reading 29: Long-lived AssetsQuestion #1 of 70Question ID: 4%422An IFRS-reporting firm reclassifies a building it owns from "owner-occupied" to "inves Reading 29 long lived assets questions and answers stment property." The fair value of the building is greater than its carrying value Under the fair value model for investment property, the firm will recognize a gain:A)in other comprehensive income but not on the income statement.B)equal to the difference between fair value and carrying value.C)onl Reading 29 long lived assets questions and answers y if it reverses a previously recognized loss.Question #2 of 70Question ID: 414519Marcel Inc. is a large manufacturing company based in the U.S. but aReading 29 long lived assets questions and answers
lso operating in several European countries. Marcel has long-lived assets currently in use that aro valued on the balance sheet at $600 million. This Reading 29: Long-lived AssetsQuestion #1 of 70Question ID: 4%422An IFRS-reporting firm reclassifies a building it owns from "owner-occupied" to "inves Reading 29 long lived assets questions and answers ermined in a professional appraisal to be $690 million. Assuming that Marcel reports under U.S. GAAP, the new appraisal of the assets' value most likely results in:A)a $90 million gain in other comprehensive income.B)an S80 million gain on income statement and $10 million gain in other comprehensive Reading 29 long lived assets questions and answers income.C)no change to Marcel's financial statements.Question #3 of 70Question ID: 590969Accelerated depreciation methods for financial reporting areReading 29 long lived assets questions and answers
mơsf likely to have which of the following effects on a company's financial ratios during the early years of an asset's life?A)Lower debt-to-equity raReading 29: Long-lived AssetsQuestion #1 of 70Question ID: 4%422An IFRS-reporting firm reclassifies a building it owns from "owner-occupied" to "inves Reading 29 long lived assets questions and answers $14 million. Train paid $8 million cash to acquire a franchise at the beginning of 20X8 that was expensed in 20X8. If Train had elected to amortize the cost of the franchise over eight years. 20X8 cash flow from operations (CFO) would have been:A) $21 million.B)$14 million.C)$22 million.Question #5 Reading 29 long lived assets questions and answers of 70Question ID; 498760In accounting for PP&E using the cost model, companies are required to disclose both gross asset value and accumulated depreciReading 29 long lived assets questions and answers
ation under:A)IFRS but not U.S. GAAP.B)U.S. GAAP but not IFRS.C)both IFRS and U.S. GAAP.Question #6 of 70Question ID: 414502Novak, Inc. owns equipmentReading 29: Long-lived AssetsQuestion #1 of 70Question ID: 4%422An IFRS-reporting firm reclassifies a building it owns from "owner-occupied" to "inves Reading 29 long lived assets questions and answers eciation expense in Year 3 for this equipment is:A)3000Reading 29: Long-lived AssetsQuestion #1 of 70Question ID: 4%422An IFRS-reporting firm reclassifies a building it owns from "owner-occupied" to "invesGọi ngay
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