What is the difference between tangible and intangible assets?
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- What is the difference between tangible and intangible assets?
No more than one short paragraph (less than 50 words)
- The tangible assets are those types of assets that are physically present, hence they can be seen or touched.
- The intangible assets represent the assets that are not physically present hence they can neither be seen nor touched, but can only be experienced.
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- What is the loss on realization of noncash assets? a. 632,000 b. 875,000 c. 855,000 d. 612,000The amount to be included as intangible assets is *A. 345,000B. 490,000C. 410,000D. 350,000Hi please help with below questions, thanks much. Respond to the following in a minimum of 175 words: Explain what is meant by the impairment of the value of property, plant, and equipment and intangible assets. How should these impairments be accounted for?
- What amount should be recorded as initial measurement of the right of use asset? **see attached pica. 5,600,000b. 4,088,000c. 3,912,000d. 3,288,000Describe how the recognition and measurement requirements for Intangible Assets under AASB 138 differ from the recognition and measurement principles outlined for assets under the (revised) Conceptual Framework and explain the reasons why these differences may exist. Refer to AASB 138 and Conceptual Framework where appropriate (max. 250 words).What amount of depreciation should be recognized for the current year? **see attached pica. 550,000b. 600,000c. 625,000d. 460,000
- Which of the following statements about MACRS is false?A. Depreciable assets are assumed to have no residual or salvage value.B. Every depreciable asset is assigned to one of ten recovery periods.C. Allowable depreciation methods are based on the assets assigned recovery period.D. None of the above is false. please explain without plagiarismWhich of the following statements about intangible assets are correct? 1 If certain criteria are met, research expenditure must be recognised as an intangible asset. 2 The notes to the financial statements should disclose the gross carrying amount and the accumulated amortisation at the beginning and the end of the period for each class of intangible asset. 3 Intangible assets must be amortised over their useful life. A 2 and 3 only B 1 and 3 only C 1 and 2 only D All three statements are correct.Respond to the following in a minimum of 175 words: What characteristics of a plant asset make it different from other assets? Why does GAAP require depreciation for certain plant assets? The balance in an Accumulated Depreciation - Equipment account does not represent funds to replace the equipment when it wears out; instead, what does it represent?
- 9. Which is not an essential characteristic of property, plant, and equipment?a. These are tangible assets. b. These assets are used in production or supply of goods and services.c. These assets are expected to be used over a period of more than one year.d. These assets are subject to depreciation.Which statement is INCORRECT about subsequent measurement of intangible assets? Q7 Select one: a. When using the cost model an entity should estimate the estimated useful life as well as the estimated residual value if the asset is determined to have an indefinite useful life b. When using the cost model an entity should estimate the estimated useful life as well as the estimated residual value if the asset is determined to have a definite useful life. c. The same model chosen by an entity should be used for all intangible assets in the same class. d. Intangible assets may be measured using either the cost model or the revalued cost model.How much from the list above should be presented as part of noncurrent assets 4,900,000 1,000,000 4,000,000 5,500,000