answer true or false: gains are increases in net assets from peripheral activities while revenues are increases from ongoing activities.
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- Asset Valuation and Income Recognition. Asset valuation and recognition of net income closely relate. Explain, including conditions when they do not.When an asset increases, a liability must also increase.answer true or false: gains are increases in net assets from peripheral activities while revenues are increases from ongoing activities.
- financial assets generate net income to the economy, while real assets define the allocation of income Select one: True FalseUnder this concept a profit is earned only if the financial (or money) amount of the net assets at the end of the period exceeds the financial (or money) amount of net assets at the beginning of the period, after excluding any distributions to, and contributions from, owners during the period. Performance capital maintenance Financial capital maintenance Capital position maintenance Physical capital maintenanceIf an asset increases in value, the increase is noted as________. Select one: a. an increase in net profit in the statement of comprehensive income b. an increase in retained earnings in statement of financial position c. an increase in “other profit” in statement of comprehensive income d. an increase in revaluation surplus in the statement of financial position and other comprehensive income in the statement of comprehensive income
- What transactions are included in income from continuing operations? Briefly explain why it is important tosegregate income from continuing operations from other transactions affecting net incomeIf an asset is sold at a gain, why is the gain deducted from net income when computing the netcash provided by operating activities under the indirect method?Which of the following is NOT correct regarding the rate of return on assets? a. The rate of return on assets measures management’s ability to productively employ all its resources. b. The rate of return on assets measures the return on all assets used regardless of how the assets are financed. c. The rate of return on assets is a measure of profitability. d. The rate of return on assets measures the return on the investment made by the owners of the entity. is B the correct answer?
- Which of the following statements about the FASB conceptual framework, as compared to the IASB conceptual framework is most correct? Group of answer choices A)The FASB framework allows for upward revaluations of tangible, long-lived assets. B)The FASB framework and IASB framework are now fully converged. C)The FASB framework lists revenue, expenses, gains, losses, and comprehensive income related to financial performance.Financial reporting purposes, long-lived, revenue-producing assets typically are classified in two categories. What are the two categories explain?The net assets approach of computing for the net income requires this item to be added to the ending capital. a. Beginning capital b. Additional investments c. Withdrawals d. Increase in Liabilities
