According to PFRS 5, Assets held for sale are measured at a. fair value b. fair value less cost to sell c. carrying amount d. lower of b and c
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According to PFRS 5, Assets held for sale are measured at
a. fair value
b. fair value less cost to sell
c. carrying amount
d. lower of b and c
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Solved in 2 steps
- All financial assets are initially measured at fair value plus transaction costs, except A. Amortized cost C.None of these C. Fair value through profit and loss D. Fair value through OCIAF’s inventories are valued at the lower of cost or net realizable value. Does thisapproach differ from U.S. GAAP?Under PFRS 15, what is the measurement of consignment sales revenue? a. realizable value of consideration received or receivaby b. cost of consideration received or receivable c. fair value of the consideration received or receivable d. book value of thw consideration received or receivable
- Which of the following accounts is an example of a contra-asset?A) Cost of Goods Sold B)Sales Discounts C) Purchases D) Deferred Revenue E) LIFO ReserveUnder PFRS 15, what is the measurement of consignment sales revenue? A. Realizable value of consideration received or receivable B. Fair value consideration received or receivable C. Book value consideration received or receivable D. Cost of consideration received or receivableBiological assets are measured as followsInitial Subsequenta. cost fair value less costs to sellb. fair value fair valuec. fair value lower of cost and fair value less cost to selld. fair value less costs to sell fair value less costs to sell
- The generally accepted accounting principle that supports recording the value of a property at the purchase price when the market value is higher is the: A. conservatism principle B. going concern principle C. monetary principle D. cost principle1. 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…receivables not measured initially at their transaction price are measured initially ata. fair value plus transaction costs that are directly attributable to the acquisition of the financial assetb. fair valuec. fair value minus transaction costs that are directly attributable to the acquisition of the financial assetd. fair value less costs to sell
- Which of the following observations refers to the term differential? Select one: a. Excess of investment amount over fair value of net assets b. Excess of Investment amount over book value net assets c. Excess of fair value over book value of net assets d. Excess of fair value over historical cost of assetsThe possible answers for option D are:Cost of Goods SoldDepreciation ExpenseEarned RevenueIncome Tax ExpenseInsurance ExpenseInterest ExpenseSupplies ExpenseWage Expense15 All financial assets are initially measured at fair value plus transaction costs, except Group of answer choices Fair value through OCI Fair value through profit and loss Amortized cost None of these
