Using the Traditional Sales Comparison Approach, an appraiser would not adjust the sales price of each comparable property to reflect differences between it and the subject property O True False
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- What are the differences between the cost and sales comparison approaches to appraising property?What is the economic rationale for the sales comparison approach? What information is necessary to use this approach? What does it mean for a property to be comparable?If a newly acquired asset is ‘held for sale’, the asset or disposal group will be measured at: A. Cost B. The lower of “Cost” and “Fair value, less costs to sell’ C. The higher of “Cost” and “Fair value, less costs to sell’ D. Fair value, less costs to sell
- In a sale and leaseback transaction, which of the following statements is most incorrect? A. The seller-lessee records a rent expense. B. The buyer-lessor recognizes an gain. C. The seller-lessee derecognizes an asset. D. The buyer lessor recognizes an income.Choose the correct.For which of the following does IFRS for SMEs not provide a simplification of full IFRS?a. Goodwill.b. Borrowing costs. c. Development costs.d. Inventory.If the asset or disposal group is acquired as part of a business combination, it shall be measured at: A. The lower of “Cost” and “Fair value, less costs to sell’ B. Fair value, less costs to sell C. Cost D. The higher of “Cost” and “Fair value, less costs to sell’
- For which of the following does IFRS for SMEs not provide a simplification of full IFRS?a. Goodwill.b. Borrowing costs.c. Development costs.d. Inventory.The cost basis of a given property does not include liabilities payable to the seller by the buyer because no cash changes hands. Group of answer choices True False“Some asset valuations using historical costs are highly relevant and very representationally faithful, whereas others may be representationally faithful but lack relevance. Some asset valuations based on fair values are highly relevant and very representationally faithful, whereas others may be relevant but lack representational faithfulness.” Explain and provide examples of each.
- Which among the sentences below is incorrect?A. An entity shall measure a current asset or disposal group classified as held for sale at the lower of carrying amount or fair value less cost of disposal.B. One of the conditions that exists if the sale is highly probable is that there is an active program to locate a buyer and complete the plan must have been initiated.C. Impairment loss is the writedown to fair value less cost of disposal.D. An entity can recognize a gain if there is a subsequent increase in fair value less cost of disposal but only up to the impairment loss previously recognized.The generally accepted accounting principle that supports recording the value of a property at the purchase price when the market value is higher is the: A. conservatism principle B. going concern principle C. monetary principle D. cost principleWhen a group of assets is acquired for a lump sum price, the total cost should be allocated to the individual assets based on their relative fair value, appraised value or assessed value. True False
