State whether if the statement is TRUE or FALSE 1.Lower of cost and net realizable value gives the lowest valuation if applied to individual item of inventory. 2.Professional fee arising directly from the acquisition of property and equipment are recognized as expense immediately. 3.The asset is cash or cash equivalent to settle a liability for more than twelve months after the reporting period is classify as current assets. 4.An excess of equity over current assets is equal to liabilities. 5.An asset is not depreciated if the fair value exceed the carrying amount. 6.Exchange has a commercial substance when the exchange result in the difference in future cash flows. 7.LCNRV should always be equal to net realizable value. 8.The amount of writedown of inventory to net realizable value and all losses of inventory should be recognized ad operating expense in the period the writedown or loss occurs. 9.The cost of abnormal anounts of wated materials is not included in the cost of self constructed assets. 10.Assets are classified as noncurrent if the assets are reasonably expected to be realize in cash or consume beyond the normal operating cycle.
State whether if the statement is TRUE or FALSE
1.Lower of cost and net realizable value gives the lowest valuation if applied to individual item of inventory.
2.Professional fee arising directly from the acquisition of property and equipment are recognized as expense immediately.
3.The asset is cash or cash equivalent to settle a liability for more than twelve months after the reporting period is classify as current assets.
4.An excess of equity over current assets is equal to liabilities.
5.An asset is not
6.Exchange has a commercial substance when the exchange result in the difference in future cash flows.
7.LCNRV should always be equal to net realizable value.
8.The amount of writedown of inventory to net realizable value and all losses of inventory should be recognized ad operating expense in the period the writedown or loss occurs.
9.The cost of abnormal anounts of wated materials is not included in the cost of self constructed assets.
10.Assets are classified as noncurrent if the assets are reasonably expected to be realize in cash or consume beyond the normal operating cycle.
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