Under IFRS, the recoverable amount of an asset is

Q: What entry is made when selling a fixed asset?

A: Following entry is passed when selling the fixed assets:

Q: WHAT IS LEGAL LIFE OF THE ASSET?

A: SOLUTION- LEGAL LIFE OR USEFUL LIFE OF ASSET- AN ASSET LEGAL LIFE IS THE PERIOD OF TIME (OR TOTAL…

Q: What is the salvage value of the asset?

A: Depreciable cost: It refers to the cost of an asset that is subject to depreciation. Depreciable…

Q: The fair value of net assets is:

A: Given information is: Fair values: Cash = OMR 80,000 Receivables (Net) = OMR 90,000 Liabilities =…

Q: If the residual value of a leased asset is guaranteed by a third party:

A: A lease is an arrangement under which a lessor agrees to allow a lessee to control the use of…

Q: In accounting for the acquisition of assets, the assets acquired are to be recorded at the ‘cost of…

A:

Q: at cost of unsucc angible asset be

A: Since you have asked multiple question, we will solve the first two for you. If youwant any specific…

Q: "Depreciation is a valuation process that results in the reporting of the fair value of the asset.”…

A: Fixed assets: These are the assets which were used in the business for more than one year. These…

Q: Assets That Are Intangible definition

A: Asset: Assets refer to the resources owned by the business, which are utilized in the course of the…

Q: Identify the items included in the cost of a self-constructed asset and determine the amount of…

A: The self-constructed asset costs included in the asset cost are as follows direct materials direct…

Q: The book value of an asset is computed as the asset's _____.

A: The assets can be defined as fixed assets and current assets.

Q: please make some interpretation based on Net asset value

A: Net Asset Value: It is the difference between the value of the assets and the value of the…

Q: what is the definition of Intangible Assets and Goodwill and what are some of the types of…

A: The assets can be classified as fixed assets, current assets and intangible assets.

Q: What are the two types of claims against assets?

A: Asset is a resource from which the company expected to generate future economic cash flows which can…

Q: Which of the following terms describes expenditures made to repurpose an asset?

A: The asset is the future benefit of the company that would have to be sacrificed to pay off the…

Q: Explain the difference between tangible and intangible long-lived, revenue-producing assets.

A: Tangible assets are those assets which appear in the physical form and it is measurable. Assets like…

Q: Depreciation is a valuation process that results in the report-ing of the fair value of the asset.”…

A: Depreciation is a form of non-cash expenditure which represents the normal wear & tear and…

Q: Explain the accounting issues related to asset impairment.

A: Asset impairment: Asset impairment emerges when there is a sudden drop in the fair value of an asset…

Q: ntangible assets can only be measured using the revaluation model if the acquiring entity:

A: The Answer:

Q: What is the difference between a current asset and a fixed asset?

A: Financial Accounting:   It refers to the process of recording the financial transactions of the…

Q: Explain the difference between Tangible and Intangible Assets

A: Introduction: Assets: Any resource which is having monetary value called as Assets. Assets are to be…

Q: Identify the amounts included in the measurement of the right-of-use asset.

A: Following are the amounts included in the right-of-use asset: 1) Lease liability at its initial…

Q: Sale of an capital assets is subject to

A: Option a is wrong because regular income tax is applied in case of income from salary, business or…

Q: When using IFRS, an asset's recoverable value is

A: International financial reporting standards (IFRS) are a set of accounting rules and guidelines that…

Q: Discuss the characteristics, valuation, and amortization of intangible assets.

A: Intangible assets have two main characteristics: (1) Lack physical existence, and (2) Non-…

Q: In what ways might a depreciable asset's estimated service life be influenced?

A: The Answer

Q: What is the difference between tangible and intangible assets?

A: Fixed Assets: Fixed assets are those assets which gives profit over a year of time. Whether it is…

Q: When an intangible asset is acquired by an exchange of assets, which of the following measures will…

A: Intangible assets are those assets which we can not see or touch. These assets can only be felt.

Q: under what conditions a short-term obligation should be excluded from current assets

A: Please find the answer to the above question below:

Q: Describe the Amortization of Intangible Assets.

A:

Q: How do we decide whether to capitalize (record as an asset) or expense a particular cost?

A: Expensing a cost implies that it is included on the income statement and is subtracted from revenue…

Q: The cost of an asset that is subject to depreciation is called?

A: The cost of an assets that is subject to depreciation is called depreciable cost and not the actual…

Q: What should be the pattern of amortization for a limited-life intangible?

A:

Q: What is Indefinite life intangible assets?

A: Definition:   Intangible assets: These are the long-term assets that are not physical in nature, but…

Q: Assets that are ready for their specific/intended use when purchased are classified as qualifying…

A: Assets are the resources and rights of the business, on which it has full right to own or sell the…

Q: how would make the non-performing assets into a performing one.

A: The concept of non-performing assets (NPA) is widely used in the management of financial assets in…

Q: What is the cost of right of use of asset?

A: Given in the question: Sales Price 20,000,000 Fair Value 18,000,000 Carrying Amount…

Q: Property plant and equipment are considered what type of asset?

A: basically classification of asset is done based on the nature of the asset .there are two types of…

Q: How can we determine the unit profit of operating an asset?

A: Operating income: Operating income measures the organization’s profitability (includes all incomes…

Q: What do you mean when you say the depreciable life of an asset is defined?

A: The question explains about the depreciable life of an asset is defined