Which of the following statements are true about the revaluation model per IAS 16 Property, Plant and Equipment? 1) Excess depreciation as a result of a revaluation exercise can be transferred between reserves 2) Depreciation must be charged based on the historical cost of the asset 3) All assets of the same class must be revalued 4) Valuations must be independent and carried out regularly Which is correct ? a) 1, 3 and 4 b) All of the above c) 1 and 3 d) 2, 3 and 4

Q: An intangible asset may be recorded:  Select one: a. . at the cost of the asset, which must exclude…

A: Solution: An intangible asset may be recorded, "if acquired from an external party at a cost."

Q: Which of the following is considered when depreciating an asset under the cost model? The cost of…

A: Depreciation of Assets The purpose of calculating the depreciation of assets to determine the actual…

Q: assets are amortized a. using straight-line method applied to the shorter of an intangible asset's…

A: Intangible Assets - It is an assets which are not in physical in nature. for example patent,…

Q: Assets classified as property, plant, and equipment are reported at a. each asset’s estimated…

A: Property, plant, and equipment are Fixed Assets of the Company which are used to Provide the Sale of…

Q: Which statement is INCORRECT about subsequent measurement of intangible assets? Q7 Select…

A: Intangible assets are identifiable non-monetary asset without any physical substance. An asset…

Q: Which of the following statements is false? (a) Financial Instruments are intangible assets (b)…

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

Q: Which of the following amortization methods is most likely to evenly distribute the cost ofan…

A: Depreciation by straight line method = (cost of the assets -salvage value) / useful life of the…

Q: hich of the following is least likely capitalized as cost of land? Grading, filling,…

A: Capitalized cost  =All the expenses which are added to the assets first use are known as capitalized…

Q: All of the following are true regarding recovery of impairments for intangible assets except а.…

A: Intangible assets are those assets which lacks physical existence and provide long term benefits to…

Q: Under IAS 36 Impairment of Assets, impairment test for an individual asset requires that the…

A: IAS 36 provide for the impairment of assets and states that assets must not be carried in balance…

Q: Describe the diff erent depreciation methods for property, plant, and equipment and theeff ects of…

A: Depreciation: It is a concept that is used to measure the reduction in the usefulness of fixed…

Q: Which of the following statements is false regarding intangible assets? O a. Intangibles with an…

A: Intangible Assets is a non monitory asset with our physical substance, such assets are identifiable…

Q: Which one of the following internally-generated items may be eligible for capitalization as…

A: Intangible assets are those which does not have physical substance. It includes copyright, goodwill,…

Q: All of the following are true regarding the revaluation model allowed under GAAP except;

A: The revaluation model gives a business the option of carrying a fixed asset at its revalued amount.…

Q: Which of the following statements about intangible assets are correct? 1 If certain criteria are…

A: Following is true regarding intangible assets

Q: According to IAS 16 Property, Plant and Equipment, which, if any, of the following statements about…

A: - A change in depreciation method is the change in accounting estimate but not a change in…

Q: The certified public accountant is frequently called upon by management for advice regarding methods…

A: Depreciation:   Depreciation refers to the reduction in the monetary value of a fixed asset due to…

Q: AF calculates depreciation of plant and equipment on a straight-line basis, over theuseful life of…

A: Depreciation:   It is the reduction in the value of asset due to factors like normal usage and…

Q: Objectives of the fixed asset system do NOT includea. authorizing the acquisition of fixed assets.b.…

A: Answer:   Option d.

Q: Which one of the following items is not a consideration when recording periodic depreciation expense…

A: Depreciation is the reduction in value of asset over the period of time. It is due to the normal…

Q: Under current standards, a subsequent expenditure on an item of property, plant and equipment is…

A: Subsequent expenditure on an item of property, plant, and equipment that provides future economic…

Q: Which of the following items is not a consideration when recording periodic depreciation on plant…

A: In order to record the periodic depreciation on Plant Assets Cost, Salvage value and Estimated…

Q: PAS 16 requires that revaluation surplus resulting from initial revaluation property, plant and…

A: Solution: As per requirement of PAS 16, Increase in value of PPE, will be recognized in books by…

Q: The terms depreciation, depletion, and amortization all refer to the process of allocating the cost…

A: Depreciation: It refers to the reduction in the monetary value of fixed tangible assets over its…

Q: Which of the following statements about MACRS is false? A. Depreciable assets are assumed to have no…

A: MACRS stands for "Modified Accelerated Cost Recovery System"  MACRS is the depreciation method…

Q: Which of the following statements is correct?   Question 1 options: a Some intangible assets have…

A: Intangible Assets: These are the assets that do not have any physical presence in real but have…

Q: I. IAS 16 Property, plant and equipment requires entities to disclose the purchase date of each…

A: IAS 16 Property, plant, and equipment details the accounting treatment of most types of property,…

Q: . A change in the amortization rate for an intangible asset should be accounted for a. by…

A: Amortization refers to the accounting technique which is used to systematically reduced the book…

Q: 15 - Which of the following statements about depreciation is false?    a) Depreciation is a type of…

A: Depreciation is an important part of accounting.The depreciation is calculated on assets which…

Q: One of the main differences between U.S. GAAP and IAS/IFRS is the measurement of property, plant &…

A: IAS 16 or Indian Accounting Standard 16 is an International financial reporting standard adopted by…

Q: When an item of property, plant and equipment is derecognised, the treatment of any revaluation…

A: When a asset is revalued and if there is any revaluation gain then such revaluation gain should be…

Q: One of the main differences between U.S. GAAP and IAS/IFRS is the measurement of property, plant &…

A: IAS 16 deals provides a framework for accounting treatment of property plant and equipment. The…

Q: According to IAS 16 Property, Plant and Equipment, which, if any, of the following statements about…

A: International Accounting standard (IAS) represents the Property, Plant, and Equipment (PPE). The…

Q: Which one of the following items is not a consideration when recording periodic depreciation expense…

A: Depreciation is a method of reducing the value of an asset arising from use, efflux of time or…

Q: Which of the following disclosures must be included in the notes to the financial statements?

A: In the notes to financial statement, methods used in computing depreciation for all each major class…

Q: Which statement below regarding the accounting for intangible assets is correct O Patents are…

A: Analysis of opinions    1. Patents are amortized over the shorter of useful life or legal life…

Q: Which of the following methods is used to amortize intangible assets over their useful lives? a. a…

A: Intangible assets have no physical substance but have a useful life and value.  so intangible assets…

Q: With regard to IAS 16 Property, Plant and Equipment, which of the following statements is true?   A…

A:

Q: statement regarding depreciation

A: All the statements given regarding depreciation is correct.

Q: (a)  Provide a definition of the deprival value of an asset.                                     (b)…

A: Note: Since you have posted multiple questions, we will solve the first question. Please submit a…

Q: Which depreciation method ignores residual value when computing the depreciable base of an asset?…

A: Option B is correct. Double declining balance method Double declining method ignores residual value…

Q: 1. It is a depreciation method based on the assumption that the value of a property is directl…

A: Note: “Since you have asked multiple question, we will solve the first question for you. If you want…

Q: Which of the following statements is correct? O Intangible assets used in the operation of a…

A: An intangible asset is an asset that is not physical in nature. Goodwill , brand recognition and…