Any adjustment to the carrying amount of a noncurrent asset that ceases to be classified as held for sale should be included in profit or loss. Group of answer choices True False
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- Q21 Which of the following is NOT a step in impairment testing? Select one: a. Sell the asset after if the fair value is greater than the recoverable amount b. Calculate the asset’s carrying amount in the books of the entity c. Calculate the recoverable amount of the asset d. Assess whether there are circumstances that may indicate that the asset should be impaired.q24 Which of the following is NOT a step in impairment testing? Select one: a. Calculate the asset’s carrying amount in the books of the entity b. Sell the asset after if the fair value is greater than the recoverable amount c. Calculate the recoverable amount of the asset d. Assess whether there are circumstances that may indicate that the asset should be impaired.17 The accounting book value of an asset represents the historical cost of the asset rather than its current market value or replacement cost. Select one: True False
- 7. Which of the following must be done when accounting for depreciation under IFRS GAAP but can be done under U.S. GAAP? a. Depreciate by function b. Depreciate by nature c. Depreciate by components d. All of these 8. When accounting for contingent liabilities IFRS GAAP defines ‘probable’ as a. likely b. more likely than not c. possible d. none of these 9. When accounting for contingent liabilities U.S. GAAP defines ‘probable’ as a. likely b. more likely than not c. possible d. none of theseLO1 The purpose of depreciation is to record the assets market value in the accounting records.15. Which one of the following is not a method of valuation of goodwill? a. Average profit method b. Revaluation method c. Super profit method d. Capitalization method
- 40 When reclassification is made from owner-occupied property to investment property that will be carried at fair value, the excess of the fair value over the carrying value at the date of transfer is a. ignored b. recognized as gain on transfer c. credited to revaluation surplus d. debited to loss on transfer1. The sale of a depreciable asset resulting in a loss indicates that the proceeds from the sale are a) Lesser than carrying amount b) Less than current fair value c) Lesser than cost d) Greater than carrying amount e) Greater than cost13 The entity shall measure a non-current asset that ceases to be classified as held for sale at the lower of carrying amount before the asset was classified as held for sale, adjusted for any depreciation, amortization or revaluations that would have been recognized had the asset not been classified as held for sale, and its value in use at the date of the subsequent decision not to sell. True or False
- q19 Which statement is INCORRECT regarding recognition of intangible assets? Select one: a. An intangible asset should be initially recorded at cost. b. An intangible asset acquired in exchange of another asset can be recognized at the fair value of the asset given up in exchange. c. An intangible asset can only be recognized if its cost can be measured reliably. d. An intangible asset can be recorded at its fair value if its cost cannot be ascertained.20. For an SME, changes in the fair value less costs to sell of biological assets are a. recognized in profit or loss b. recognized in other comprehensive income c. not recognized d. a or bq23 Which of the following is not a requirement for the recognition of an intangible asset? Select one: a. It should ONLY be used by the entity in its productive and administrative processes b. It can be sold separately from the entire business c. It should be identifiable and separable. d. It should be non-monetary and should not have physical substance
