a. always shown in the statement of financial position at their original cost b. never removed from the business

Q: The following properties have been owned by a business for more than one year.  Which of them would…

A: 1231 property includes:Livestock held for draft, breeding, dairy, or sporting purposesDepreciable or…

Q: An adjustment, to the carrying amount of a non-current asset that ceases to be classified as ‘held…

A: If the noncurrent asset is classified as held for sale, it would be recorded in the income from…

Q: Discuss the basic accounting problem that arises in handling each of the following situations. a.…

A:

Q: Which of the following must be recorded in the accounting records when an asset that is NOT held for…

A: As given in the question non current assets is derecognized, which means sold or no more useful.

Q: Which of the following would have an effect on the presentation of past years' comparable financial…

A: Financial Statement- Financial statements contain information about an entity's financial activity…

Q: Required Which of the following items should be classified as long-term operational assets?…

A: Long-term operating assets are acquired  by a company to generate revenue over a long period  of…

Q: Plant assets are: O Tangible assets used in the operation of a business that have a useful life of…

A: Solution: A plant asset is a fixed assets having useful life of more than a year and that is used in…

Q: Which of the following statements related to long-lived assets is true?     Depreciation is…

A: Depreciation : Depreciation is an accounting method of allocating the cost of a tangible or…

Q: Which of the following would NOT be reflected in the income statement?

A: Income statement- it is a part of financial statements prepared by the company that shows the…

Q: Which one of the following items is not included in the determination of income from continuing…

A: Income from continuing operations:

Q: As the usefulness of the property and equipment asset account of an entity expires, O A liability is…

A: Asset Account Expires: This occurs when a cost is totally consumed or when a benefit is received in…

Q: Which of the following is a valid statement regarding "assets held for sale"? X Depreciation…

A: Assets Held For Sale: These are assets that company plans to sell and are non-current (or…

Q: Property, plant and equipment are: A. Tangible assets used in the operation of a business that have…

A: Property, plant, and equipment is considered as long term assets and it is presented in the balance…

Q: The profit or loss section or the statement of profit or loss shall include the following line…

A: Lets understand the basics. This question deals with the PAS 1. In this standard it is specified…

Q: Which of the following would be considered a long−term ​asset?     A. Office Supplies   B. Land…

A: The balance sheet represents the financial position of the business with assets and liabilities on a…

Q: Identify the accounting assumption or principle that is described below. Is the rationale for why…

A: Definition: Going concern assumption: The going concern assumption emphasizes the longevity of the…

Q: Companies that use IFRS: a.    must report all their assets on the statement of financial position…

A: IFRS: IFRS - International Financial Reporting Standards. It consists of a set of accounting rules…

Q: How are assets to be reported when the liquidation basis of accounting is being applied?a. At cost…

A: Assets cannot be reported at its fair value, book value (cost less accumulated depreciation), or…

Q: Which depreciation method is most frequently used in businesses today? Select one: a. Straight-line…

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: Identify the accounting concept that describes each situation below. Do not use any concept more…

A: a). Going concern assumption.b). Economic entity assumption.c). Full disclosure principle.d).…

Q: Which of the following characteristics is not common to both tangible and intangible assets? a.…

A: Tangible assets refers to the assets which have physical form while intangible assets lack physical…

Q: entity discontinued an operation and disposed of the discontinued operation the transaction should…

A: Discontinued Operations are a part of the company operation which have been discontinued or shut…

Q: Ebersole, Inc. has been concerned about whether intangible assets could generate cash in case of…

A: Definition:   Generally Accepted Accounting Principles: GAAP (Generally Accepted Accounting…

Q: When a company is the recipient of a donated asset, the account credited may be a A) revenue…

A: Rules of Debit and Credit:Following rules are followed for debiting and crediting different accounts…

Q: Also known as the historical cost principle, ________ states that everything the company owns…

A: Accounting principles are those rules or regulations which are used by all the accountants in…

Q: For each account listed, identify the category in which it would appear on a classified balance…

A: Classified balance sheet of the business is the indicator of the financial position of the business.…

Q: Is it necessary for a business to use the same method of computing depreciation for all classes of…

A: Every fixed asset like plant, machinery, equipment etc wears off over the period of time with use.…

Q: Depreciation expense is:

A: Answer

Q: Land and Buildings that are not currently used in the operation of the business are classified in…

A: Assets are the resources that are used or held in the business for future use purposes. Assets are…

Q: If the asset is long-lived but not used in the normal operations of the business, it will be…

A: An expense is a cost incurred for operation of business and its benefits does not last long. An…

Q: Under the historical accounting system, depreciation is calculated on the original cost of fixed…

A: The question is multiple choice question. Required  Choose the Correct Option.

Q: An asset classified as property, plant, and equipment on the balance sheet must have which one of…

A: Property plant and equipment are: long term assets means they are expected to be used from more…

Q: Discuss whether and how a company should account for a revaluation increase and a revaluation…

A: The answer are as follows

Q: Which of the following is not true in regard to selling fixed assets? a.If the selling price is more…

A: The journal entry for sale of fixed asset Cash A/C dr (sale amount) Loss on sale (if bookvalue >…

Q: Revenue Expenditures are Select one: O a. Expenses related to Business Operation O b. None of the…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: ness, the balance in Accumulated Depreciation is exactly equal to the cost of the asset. (A) Is it…

A: Depreciation : Depreciation refers to the reduction in the monetary value of a fixed asset due to…

Q: the following are regarded as assets of a business except shop lot that has been rented for use by…

A: Business assets are those which are owned by the business such as building,  machinery, furniture,…

Q: Accumulated depreciation, as used in accounting, represents: O An expense on the income statement.…

A: Depreciation is an outlay which is being recorded in the books due to the fall in the asset's worth.…

Q: An assets is classified as a fixed asset when ______________ a. It has life less than one year b. It…

A: Assets are classified into two types 1. Current assets 2. Non current or fixed assets   These are…

Q: name two situations in which a business can take a depreciation expense.

A: The portion of a fixed asset that's been considered destroyed in the current period is depreciation…