INT. ACCOUNTING<CUSTOM>W/CONNECT 2-YEA
8th Edition
ISBN: 9781259767074
Author: SPICELAND
Publisher: MCG CUSTOM
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Textbook Question
Chapter 11, Problem 11.30E
FASB codification research
• LO11–8
The FASB Accounting Standards Codification represents the single source of authoritative U.S. generally accepted accounting principles.
Required:
- 1. Obtain the relevant authoritative literature on the impairment or disposal of long-lived assets using the FASB Accounting Standards Codification at the FASB website (www.fasb.org). Indicate the Codification topic number that provides guidance on accounting for the impairment of long-lived assets.
- 2. What is the specific citation that discusses the disclosures required in the notes to the financial statements for the impairment of long-lived assets classified as held and used?
- 3. Describe the disclosure requirements.
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Q23
Which of the following statement(s) is (are) true?
(i) An intangible asset is impaired if the carrying amount is higher than its recoverable amount
(ii) Recoverable amount is the asset’s fair value or its value-in-use at the reporting date.
(iii) For an intangible asset with infinite useful life, impairment test should be performed only if there is evidence to indicate that an intangible asset has been impaired.
(iv) For an intangible asset with finite useful life, impairment test should be performed annually even if there is no evidence that the asset has been impaired.
Select one:
a. (i), (ii), (iii) and (iv)
b. (i) and (ii) only
c. (i) and (iv) only
d. (i) only
q19
Which statement is INCORRECT regarding recognition of intangible assets?
Select one:
a. An intangible asset should be initially recorded at cost.
b. An intangible asset acquired in exchange of another asset can be recognized at the fair value of the asset given up in exchange.
c. An intangible asset can only be recognized if its cost can be measured reliably.
d. An intangible asset can be recorded at its fair value if its cost cannot be ascertained.
q23
Which of the following is not a requirement for the recognition of an intangible asset?
Select one:
a. It should ONLY be used by the entity in its productive and administrative processes
b. It can be sold separately from the entire business
c. It should be identifiable and separable.
d. It should be non-monetary and should not have physical substance
Chapter 11 Solutions
INT. ACCOUNTING<CUSTOM>W/CONNECT 2-YEA
Ch. 11 - Prob. 11.1QCh. 11 - Depreciation is a process of cost allocation, not...Ch. 11 - Identify and define the three characteristics of...Ch. 11 - Discuss the factors that influence the estimation...Ch. 11 - What is meant by depreciable base? How is it...Ch. 11 - Prob. 11.6QCh. 11 - Prob. 11.7QCh. 11 - Why are time-based depreciation methods used more...Ch. 11 - Prob. 11.9QCh. 11 - Briefly explain the differences and similarities...
Ch. 11 - Prob. 11.11QCh. 11 - Prob. 11.12QCh. 11 - What are some of the simplifying conventions a...Ch. 11 - Explain the accounting treatment required when a...Ch. 11 - Explain the accounting treatment and disclosures...Ch. 11 - Explain the steps required to correct an error in...Ch. 11 - Prob. 11.17QCh. 11 - Prob. 11.18QCh. 11 - Prob. 11.19QCh. 11 - Prob. 11.20QCh. 11 - Briefly explain the differences between U.S. GAAP...Ch. 11 - Under U.S. GAAP, litigation costs to successfully...Ch. 11 - Cost allocation At the beginning of its fiscal...Ch. 11 - Prob. 11.2BECh. 11 - Prob. 11.3BECh. 11 - Prob. 11.4BECh. 11 - Prob. 11.5BECh. 11 - Prob. 11.6BECh. 11 - Prob. 11.7BECh. 11 - Prob. 11.8BECh. 11 - Prob. 11.9BECh. 11 - Impairment; property, plant, and equipment LO118...Ch. 11 - Prob. 11.11BECh. 11 - IFRS; impairment; property, plant, and equipment ...Ch. 11 - Prob. 11.13BECh. 11 - Prob. 11.14BECh. 11 - IFRS; impairment; goodwill LO1110 IFRS Refer to...Ch. 11 - Subsequent expenditures LO119 Demmert...Ch. 11 - Prob. 11.1ECh. 11 - Prob. 11.2ECh. 11 - Prob. 11.3ECh. 11 - Prob. 11.4ECh. 11 - Depreciation methods; solving for unknowns LO112...Ch. 11 - Prob. 11.6ECh. 11 - Prob. 11.7ECh. 11 - Prob. 11.8ECh. 11 - Prob. 11.9ECh. 11 - Prob. 11.10ECh. 11 - Prob. 11.11ECh. 11 - Prob. 11.12ECh. 11 - Prob. 11.13ECh. 11 - E 11–14
Cost of a natural resource; depletion and...Ch. 11 - Prob. 11.15ECh. 11 - Prob. 11.16ECh. 11 - Prob. 11.17ECh. 11 - Prob. 11.18ECh. 11 - Prob. 11.19ECh. 11 - Prob. 11.20ECh. 11 - Prob. 11.21ECh. 11 - Prob. 11.22ECh. 11 - Impairment; property, plant, and equipment LO118...Ch. 11 - IFRS; impairment; property, plant, and equipment ...Ch. 11 - E 11–25
IFRS; Impairment; property, plant, and...Ch. 11 - Impairment; property, plant, and equipment LO118...Ch. 11 - Prob. 11.27ECh. 11 - Prob. 11.28ECh. 11 - Prob. 11.29ECh. 11 - FASB codification research LO118 The FASB...Ch. 11 - Prob. 11.31ECh. 11 - Subsequent expenditures LO119 Belltone Company...Ch. 11 - E11–33
IFRS; amortization; cost to defend a patent...Ch. 11 - Prob. 11.34ECh. 11 - Concept s; terminology LO111 through LO116, LO118...Ch. 11 - E11–36
Retirement and replacement...Ch. 11 - Prob. 1CPACh. 11 - LO11–2
2. Calculate depreciation for year 2 based...Ch. 11 - Prob. 3CPACh. 11 - Prob. 4CPACh. 11 - Prob. 5CPACh. 11 - Prob. 6CPACh. 11 - Prob. 7CPACh. 11 - Prob. 8CPACh. 11 - Prob. 9CPACh. 11 - Prob. 10CPACh. 11 - Prob. 11CPACh. 11 - Prob. 12CPACh. 11 - Prob. 13CPACh. 11 - Prob. 14CPACh. 11 - Prob. 1CMACh. 11 - Prob. 2CMACh. 11 - Prob. 3CMACh. 11 - P 11–1
Depreciation methods; change in...Ch. 11 - Prob. 11.2PCh. 11 - Prob. 11.3PCh. 11 - Prob. 11.4PCh. 11 - Prob. 11.5PCh. 11 - Prob. 11.6PCh. 11 - Prob. 11.7PCh. 11 - Prob. 11.8PCh. 11 - Prob. 11.9PCh. 11 - Prob. 11.10PCh. 11 - Prob. 11.11PCh. 11 - Prob. 11.12PCh. 11 - Prob. 11.13PCh. 11 - Analysis Case 111 Depreciation, depletion, and...Ch. 11 - Communication Case 112 Depreciation LO111 At a...Ch. 11 - Judgment Case 113 Straight-line method; composite...Ch. 11 - Prob. 11.4BYPCh. 11 - Prob. 11.5BYPCh. 11 - Prob. 11.7BYPCh. 11 - Prob. 11.8BYPCh. 11 - Research Case 119 FASB codification; locate and...Ch. 11 - Prob. 11.10BYPCh. 11 - Prob. 11.11BYPCh. 11 - Prob. 11.13BYPCh. 11 - Prob. 11.14BYPCh. 11 - Real World Case 1115 Depreciation and depletion...Ch. 11 - Prob. 11.16BYPCh. 11 - Prob. 11.17BYP
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