5. This is a class of asset that are not essentials in the on going operations of the business. A. Fixed Assets C. Non-Operating Assets B. Current Assets D. None of the above
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5. This is a class of asset that are not essentials in the on going operations of the
business.
A. Fixed Assets C. Non-Operating Assets
B. Current Assets D. None of the above
Step by step
Solved in 3 steps
- Non-performing assets are described as……………… * a. Sub-standard assets b. Doubtful assets c. Standard assets d. Loss assets4. Because intangible assets have no physical form:A. they are not subject to the recognition criteria of other assets and may be recorded if they satisfy the three elements of the definition.B. they must be expensed immediately, as assets must be able to be measured.C. they have no real value and should be excluded from accounting reports.D. none of the given answers is correct.Which is not an expense? A. costs of goods sold or services rendered B. loss on disposal of a noncurrent asset C. write-off of a worthless intangible D. use of entity resources E. answer not given
- In accordance with IAS 36 Impairment of Assets, which one of the following is an indicator that an asset may be impaired? a. evidence that the asset is physically damaged b. a fall in interest rates that materially affects the asset’s value in use c. the market capitalisation of the entity is greater than the carrying amount of its net assets d. a decline in the asset’s market value, as would be expected from normal useLO1 The purpose of depreciation is to record the assets market value in the accounting records.Which of the following does describe intangible assets? a. They are not lack physical existence. b. They are financial instruments. c. They provide short-term benefits. d. They are classified as long-term assets.
- 2) Which of the following does not relate to expenses which require capitalisation? A) Expenses that relate to required major inspection of the asset B) Expenses that enhance the economic benefits provided by the asset C) Expenses that relate to the replacement of a major component of the asset D) Expenses that relate to day-to-day maintenanceObjectives of the fixed asset system do NOT includea. authorizing the acquisition of fixed assets.b. recording depreciation expense.c. computing gain and/or loss on the disposal of fixed assets.d. maintaining a record of the fair market value of all fixed assets.1. IAS 36 applies to which of the following assets? (a) Inventories. (b) Financial assets. (c) Assets held for sale. (d) Property, plant, and equipment. 2. Value-in-use is (a) The market value. (b) The discounted present value of future cash flows arising from use of the asset and from its disposal. (c) The higher of an asset’s fair value less cost to sell and its market value. (d) The amount at which the asset is recognized in the balance sheet. 3. If the fair value less costs to sell cannot be determined (a) The asset is not impaired. (b) The recoverable amount is the value-in-use. (c) The net realizable value is used. (d) The carrying value of the asset remains the same. 4. If assets are to be disposed of (a) The recoverable amount is the fair value less costs to sell. (b) The recoverable amount is the value-in-use. (c) The asset is not impaired. (d) The recoverable amount is the carrying value. 5. Estimates of future cash flows normally would cover projections over a maximum…
- 8. Normal repair and maintenance of an asset is an example of what? a.Revenue expenditure b.Capital expenditure c.An expenditure that will be depreciated d.An expenditure that should be avoided19. An SME does not need to estimate the residual value of its depreciable assets when computing for depreciation expense. True or FalseSame data in I1, but assuming the use of asset revaluation method, how much is the total asset revaluation? Use parenthesis ( ) if your answer is a negative asset revaluation
