TRUE OR FALSE? An item of property plant and equipment can be asset held for sale.
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TRUE OR FALSE?
An item of property plant and equipment can be asset held for sale.
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- Explain the concept of VALUE IN USE.Why can it be a basis for recoverable amount of an item of Property, plant and equipment?What is the basic principle for valuing property, plant, and equipment and intangible assets acquired in exchange for other nonmonetary assets?TRUE OR FALSE? Once decided by management as an asset held for sale, management can never change its decision to revert back an asset as part of property, plant and equipment.
- Which one of the following is an intangible asset? A. Vehicles B. Development costs. C. Hire purchase D. PremisesExplain the process of ‘impairment of an asset’ and its definition? Explain how to account for an impairment of an item of property, plant and equipment beWhat costs are capitalized, or added to the asset account when acquiring property and equipment? A. Only the ticketed list price of the asset purchased. B. Any cost that is considered normal and necessary to get the asset into position and condition to be used. C. The lower of cost or net realizable value. D. Any of the above are allowed by U.S. GAAP as the cost to capitalize when acquiring property and equipment.
- What is the effective life of an asset? a. The total period of ownership of the asset, including when it is not installed and ready for use.. b. The period prior to the asset being abandoned or scrapped. c. The period that the asset can be used for income-producing purposes. d. All of the above.When an item of property, plant, and equipment is disposed of, how is gain or loss on disposal computed?Which statement on property, plant and equipment (PPE) is true? * PPE items may include assets lacking physical substance Assets held for sale shall be classified as PPE while unsold As long as an item of PPE provides benefit, regardless of measurability of its cost, it shall be recognized in the books When the amount is immaterial, an item may be expensed outright rather than capitalized as PPE none of the above
