Profit on sale of fixed assets is [A] non trading income [B] operating income [C] non trading gains [D] long term gain
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Profit on sale of fixed assets is
- [A] non trading income
- [B] operating income
- [C] non trading gains
- [D] long term gain
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- Where 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.WHat is the Fixed Assets Turnover Ratio ? given Noncurrent Assets Equity securities - at fair value through other comprehensive income 8, 21 16,267,140 Due to related parties - noncurrent portion 8, 21 347,927,681 Property and equipment - net 9 6,390,497,964 Deferred tax assets 19 64,994,497 Retirement benefits asset 18 16,267,140 Other non-current assets 10, 21 30,221,963 Available for sale investment 10 - Total Noncurrent Assets 6,849,909,245 Revenue 2,104,932,423Under PAS 1, which of the followingitem is not included in the computation of profit? Finance cost. Post-tax gain or loss on discounted operations. Unrealized gain in change in value of biological assets. Unrealized gain in change in value of available-for-sale securities.
- Profit on sale of fixed assets arises when: Sale price is more than the original purchase value of the asset Sale price is more than the depreciated value of the asset Sale price is more than the cumulative depreciation value of the asset Cumulative depreciation value is more than the current depreciated value of the assetWhich items comprise operating current assets? Why is itreasonable to assume that they grow proportionally to sales?Net capital gain means the excess of the gains from sales of exchanges ofordinary assets over losses from such sales or exchanges. TRUE OR FALSE?
- The book value of an asset is equal to the: a. asset's market value less its historical cost b. book value relied on by secondary markets c. replacement cost of the asset d. asset's cost less accumulated depreciationIf 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 incomeWhich of the following is not one of the components of other comprehensive income? a. changes in revaluation surplus b. remeasurements of the net defined benefit liability (asset) unrealized gains and losses on FVPL c. translation gains and losses on foreign operation d. effective portion of gains and losses on hedging instruments on a cash flow hedge
- When applying the equity method, how is the excess of cost over book value accounted for? A) The excess is allocated to the difference between fair value and book value multiplied by the percent of ownership of current assets.B) The excess is allocated to the difference between fair value and book value multiplied by the percent ownership of total assets.C) The excess is allocated to the difference between fair value and book value multiplied by the percent ownership of net assets.D) The excess is allocated to goodwill.E) The excess is ignored.While calculating operating profit which will be added to net profit a. Profit on Sale of Asset b. Increase in General Reserves c. Interest received d. Refund of TaxNet capital gain means the excess of the gains from sales of exchanges ofordinary assets over losses from such sales or exchanges. a.true b.false