On which one of these occasions does a company not record a change in the value of an asset? When the asset is sold When the asset is leased When the asset is bought When the asset gets destroyed When the asset gets refurbished Never any change in value must be recorded
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- If a company reports a gain/(loss) from the sale of assets, as part of the net income on the income statement, and the net book value of those assets on the date of the sale is known, can the amount of the cash proceeds from the sale be determined? If so, how?Which of the following is not true in regard to selling fixed assets? a.If the selling price is more than the book value, a gain is recorded. b.The cash receipt is recorded. c.The journal entry is similar to discarding fixed assets. d.Accumulated Depreciation will be credited.Choose the correct. How are assets to be reported when the liquidation basis of accounting is being applied?a. At cost less accumulated depreciation.b. At the estimated amount of cash to be received.c. At fair value.d. At the lower of cost or market value.
- Which of the following statements related to long-lived assets is true? Depreciation is calculated the same for financial reporting purposes and income tax purposes. If a company changes a depreciation estimate, it does not require a prior period adjustment. Depreciation is the process to value an asset at its fair market value. There is only one test to record an asset's impairment.1. If depreciable equipment is sold at a gain, this transaction will appear the investing activities section only. the financing activities section only. both the operating activities and the investing activities sections. both the operating activities and financing activities sections. 2. Which of the following is true if a company reports an unrealized increase in fair value of available-for-sale securities using an allowance account? The spreadsheet and statement of cash flows do not reflect this transaction. The spreadsheet accounts for this transaction, but it is not reflected in the statement of cash flows. The spreadsheet does not account for this transaction, but it is reflected in the statement of cash flows. Both the spreadsheet and the statement of cash flows reflect this transaction.How are assets to be reported when the liquidation basis of accounting is being applied?a. At cost less accumulated depreciation.b. At the estimated amount of cash to be received.c. At fair value.d. At the lower of cost or market value.
- Which of the following statements is false? A For tax purposes, companies can use the MACRS depreciation method. B When you change a depreciation estimate, such as salvage value, you need to make an adjustment to retained earnings. C If the expected future cash flow is less than the carrying amount, the asset is considered impaired. D If an impairment loss is recorded, depreciation must be recalculated since the book value changed.In reference to the downstream or upstream sale of depreciable assets, which of the following statements is correct? A. Gains and losses appear in the parent-company accounts in the year of sale and must be eliminated by the parent company determining its investment income under equity method of accounting. B. The initial effect of unrealized gains and losses from downstream sales of depreciable asset is different from the sale of non-depreciable assets. C. Gains, but not losses, appear in the parent-company accounts in the year of sale and must be eliminated by the parent company in determining its investment income under the equity method of accounting. D. Upstream sales from the subsidiary to the parent company always result in unrealized gains or losses.Ringler Corporation exchanges one plant asset for a similar plant asset and gives cash in the exchange. The exchange is not expected to cause a material change in the future cash flows for either entity. If a gain on the disposal of the old asset is indicated, the gain will Group of answer choices A) be reported in the Other Revenues and Gains section of the income statement. B) effectively reduce the amount to be recorded as the cost of the new asset. C) effectively increase the amount to be recorded as the cost of the new asset. D) be credited directly to the owner's capital account.
- Which of the following statements is false? A For tax purposes, companies can use the MACRS depreciation method. B When you change a depreciation estimate, such as salvage value, you need to make an adjustment to retained earnings. C If the expected future cash flow is less than the carrying amount, the asset is considered impaired. D If an impairment loss is recorded, depreciation must be recalculated since the book value changed. The answer A is wrongWhich of the following requires an adjustment to the opening balance of retained earnings in the earliest period of the comparative financial statements presented? A change in the estimated useful life of machinery. A change in the expected residual value of a property. A change from straight line to declining balance depreciation. A change from first-in, first out (FIFO) to weighted average inventory cost flow assumptionWhere non-current assets are held for sale, they are required to be measured using: the equity method; the lower of carrying amounts and fair values less costs to sell; the lower of cost or market value; fair value.