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

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A: Intangible assets are those which have no physical existence. They cannot be touched or held. Yet…

Q: Which of the following concepts is violated when measuring inventories at the lower of cost and net…

A: Solution: As per  historical cost concept, in accounting value of an assets is recorded at original…

Q: 2. Which of the following statement is true? a. Existence and valuation assertions related to…

A: Existence and valuation assertions related to long-lived assets are most relevant assertions because…

Q: Which of the following sets represents a false relationship regarding the accounting for the cost of…

A: Intangibles are those assets which do not have any physical existence, only their value can be felt…

Q: 6. Bond usually sell at a premium: 2 points   a. None of the cases. b. When the stated rate of…

A: Option b is correct.

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

Q: According to PAS 36 Impairment of Assets, the recoverable amount of an asset is determined only if…

A: SOLUTION- EXPLANATION- IAS 36 IMPAIRMENT OF ASSETS SEEKS TO ENSURE THAT AN ENTITY'S ASSETS ARE NOT…

Q: Which of the following items should not appear in the Statement of Financial Position (Balance…

A: In balance sheets, Assets, liabilities and Equity should be shown.

Q: Explain how losses on intangible assets that are impaired should be recorded in income.

A: When the carrying amount of the asset is less than the recoverable Amount it should be provided for…

Q: There are various types of accounting changes, each of which is required to be reported differently.…

A: 1.A change from the sum-of-the-years’-digit method of depreciation to straight line method, creates…

Q: q23 Which of the following is not a requirement for the recognition of an intangible asset? Select…

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Q: Which of the following does describe intangible assets? a. They are not lack physical existence.…

A: The correct answer for the above mentioned question is given in the following steps for your…

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Q: Which of the following is not likely to be an indicator of possible asset impairment? O evidence of…

A: Options a, b and c are the indicators of possible asset impairment and option d is not. Therefore,…

Q: Which is not an expense? *   costs of goods sold or services rendered loss on disposal of a…

A: Expense is the money spent in operations in order to generate revenues.

Q: Under IAS 36 Impairment of Assets, impairment test for an individual asset requires that the…

A: IAS 36 provide for the impairment of assets and states that assets must not be carried in balance…

Q: In accordance with IAS 36 Impairment of Assets, which one of the following is an indicator that an…

A: Solution: In accordance with IAS 36 Impairment of Assets, "a decline in the asset’s market value, as…

Q: Which of the following statements is false regarding intangible assets? O a. Intangibles with an…

A: Intangible Assets is a non monitory asset with our physical substance, such assets are identifiable…

Q: Select the best answer for the question. 5. Which of the following statements about the Accumulated…

A: Accumulated Depreciation account contains the total depreciation charged on the asset till date. Due…

Q: Which of the following statements relating to intangible assets is true? A All intangible assets…

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Q: Inventor's life is not considered in determining the useful life of an intangible asset.   TRUE OR…

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Q: Which statement on property, plant and equipment (PPE) is true? *   a. PPE items may include…

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Q: An intangible asset: a. cannot be classified on the statement of financial position because it lacks…

A: As posted multiple independent questions we are answering only first question kindly repost the…

Q: Indicate whether each of the following statements is true or false. a) Long-term assets having no…

A: Intangible assets are those assets which are non- monetary, identifiable assets without the physical…

Q: Why must we have an entry to remove fully depreciated fixed assets (no salvage value) from the books…

A: Depreciation: Depreciation is a method of reducing the capitalized cost of long-lived operating…

Q: What is the largest estimated possible loss that could arise in a safe payment schedule? no need to…

A: the largest estimated possible loss that could arise in a safe payment schedule are the value of…

Q: Objectives of the fixed asset system do NOT includea. authorizing the acquisition of fixed assets.b.…

A: Answer:   Option d.

Q: Depreciation, depletion, and amortization deductions are not available for some types of property;…

A: Some assets' costs are not recovered because they do not qualify as trade assets, which is the…

Q: Depreciation continues to be one of the most controversial, difficult, and important problemareas in…

A: Depreciation is the purposeful, gradual reduction in the reported value of an item over its useful…

Q: I. The costs of uninsured hazards or claims for uninsured accidents during construction are regarded…

A: Assets are the resources of the entity for which the company or the individual has ownership. They…

Q: Which of the following statements is true regarding the amortization of intangible assets? a.…

A:

Q: The assets which does not have physical existence are called: Intangible assets None of these…

A: Tangible Assets: These assets are Physical, Measurable Resources; like Property, Plant &…

Q: Explain the meaning of an impairment of an asset. Provideseveral examples. What accounting event…

A: Impairment of assets: Impairment of the asset arises when the current market value of the asset…

Q: Kline Company failed to record depreciation of equipment. How does this omissionaffect Kline’s…

A: Answer: d. Net income is understated and assets are understated.

Q: A The objective of IAS 36 Impairment of assets is to prescribe the procedures that an entity applies…

A: Impairment of asset means the decrease in the carrying value of asset. If the carrying amount is…

Q: why is there a need to re evaluate impairment of assets due to trigger events?

A: The impairment refers to the decrease in the value of assets of the company. This reduction is…

Q: Which of the following statements about MACRS is false? A. Depreciable assets are assumed to have no…

A: MACRS stands for "Modified Accelerated Cost Recovery System"  MACRS is the depreciation method…

Q: Which of the following is true regarding special issues in accounting for long-term assets?A. An…

A: Long term assets are those assets in the business which are being held for longer period of time,…

Q: Explain how losses on impaired intangible assets shouldbe reported in income.

A: Intangible Assets: An intangible asset refers to the good name and reputation of an organization…

Q: 15 - Which of the following statements about depreciation is false?    a) Depreciation is a type of…

A: Depreciation is an important part of accounting.The depreciation is calculated on assets which…

Q: Which of the following statements regarding intangible assets is incorrect? A. Intangible assets…

A: Balance sheet shows the position of a firm. It is prepared at the year end and depicts the true and…

Q: Please explain Tangible and Intangible Assets. What are types of both? Also Intangible Assets are…

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Q: Accounting is not as precise and objective as it is sometimes portrayed as being. There are areas…

A: Depreciation Expense is nothing but an apportionment of cost of fixed assets that are appropriate to…

Q: hich of the following does describe intangible assets? They are not lack physical existence. They…

A: There are of of two types of asset 1) Tangible asset  2) Intangible asset It can be both short term…

Q: When the auditor wants to test the asset for impairment, the auditor would most likely be concerned…

A: Impairment of assets means reducing the book value  of assets when carrying amount is more than…

Q: Which is not an expense? A. costs of goods sold or services rendered B. loss on disposal of a…

A: Expense means the amount which is spent to for business purpose or for running the business. Expense…

Q: Which of the following statements is correct? O Intangible assets used in the operation of a…

A: An intangible asset is an asset that is not physical in nature. Goodwill , brand recognition and…