Advanced Accounting
12th Edition
ISBN: 9781305084858
Author: Paul M. Fischer, William J. Tayler, Rita H. Cheng
Publisher: Cengage Learning
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Question
Chapter 17, Problem 4.6E
To determine
Introduction: The GASB is the board that provides the guideline to the governmental units about proper accounting of transactions. As per GASB, the accounting for funds of a governmental unit is different from that of private units.
To select: The correct option.
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Students have asked these similar questions
Under GASB Statement No. 34, which of the following is true of infrastructure?a. Infrastructure must be recorded and depreciated unless a modified approach is used, in which case, depreciation is not required.b. Infrastructure must be recorded and depreciated in all cases.c. Infrastructure is not to be recorded and depreciated.d. The state and local governments have the option, but are not required, to record and depreciate infrastructure.
All of the following are true about the modified approach to infrastructure depreciation except:
O If specific guidelines are met, a government can choose to expense all maintenance costs each year in lieu
depreciation.
The modified approach specifically excludes infrastructure assets within a network or subsystem of a netw
O If specific guidelines are met, additions and improvements must be capitalized.
For eligible assets, the government must establish a minimum acceptable condition level.
O The government must have an asset management system in place to monitor the eligible assets.
Question 18
The city operates a public swimming pool where each person is assessed a $2 entrance fee. Which
statement is most appropriate to report these revenues?
Which of the following statements relating to the accounting for research and development expenditure under IAS 38 is CORRECT? (i) All expenditure on research should be written off in the year incurred.(ii) All expenditure on development should be written off in the year incurred.(iii) Expenditure on research which satisfies all stipulated conditions can be capitalised.(iv) Expenditure on development which satisfies all stipulated conditions can be capitalised.
Question 8 options:
1)
Statements (i) & (ii) only.
2)
Statements (iii) & (iv) only.
3)
Statements (i) & (iv) only.
4)
Statements (ii) & (iii) only.
Chapter 17 Solutions
Advanced Accounting
Ch. 17 - Prob. 1UTICh. 17 - Prob. 2UTICh. 17 - Prob. 3UTICh. 17 - Prob. 4UTICh. 17 - Prob. 5UTICh. 17 - Prob. 6UTICh. 17 - Prob. 4.1ECh. 17 - Prob. 4.2ECh. 17 - Prob. 4.3ECh. 17 - Prob. 4.4E
Ch. 17 - Prob. 4.5ECh. 17 - Prob. 4.6ECh. 17 - Prob. 4.7ECh. 17 - Prob. 4.8ECh. 17 - Prob. 4.9ECh. 17 - Prob. 4.10ECh. 17 - Prob. 5ECh. 17 - Prob. 6.1ECh. 17 - Prob. 6.2ECh. 17 - Prob. 6.3ECh. 17 - Prob. 6.4ECh. 17 - Prob. 6.5ECh. 17 - Prob. 6.6ECh. 17 - Prob. 7ECh. 17 - Prob. 17.1.1PCh. 17 - Prob. 17.1.2PCh. 17 - Prob. 17.1.3PCh. 17 - Prob. 17.1.4PCh. 17 - Prob. 17.1.5PCh. 17 - Prob. 17.1.6PCh. 17 - Prob. 17.1.7PCh. 17 - Prob. 17.1.8PCh. 17 - Prob. 17.1.9PCh. 17 - Prob. 17.1.10PCh. 17 - Prob. 17.1.11PCh. 17 - Prob. 17.1.12PCh. 17 - Prob. 17.3PCh. 17 - Prob. 17.4PCh. 17 - Prob. 17.5PCh. 17 - Prob. 17.7PCh. 17 - Prob. 17.8PCh. 17 - Prob. 17.9PCh. 17 - Prob. 17.11.1PCh. 17 - Prob. 17.11.2PCh. 17 - Prob. 17.11.3PCh. 17 - Prob. 17.12.1PCh. 17 - Prob. 17.12.2P
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- Included in the requirements for an intangible asset arising from development (or from the development phase of an internal project) to be recognized, are the following except: multiple choice the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset the technical feasibility of completing the intangible asset so that it will be available for use or sale the legal right to deter others from using the intangible asset its ability to use or sell the intangible assetarrow_forwardWhich of the following is true about use of the modified approach? It can be applied to all capital assets of a state or local government. It is used to adjust depreciation expense either up or down based on conditions for the period. It is required for infrastructure assets. For qualified assets, it eliminates the recording of depreciation.arrow_forwardUsing the updates of accounting standard, AASB 13 Fair Value Measurement. A senior partner at your firm has advised a key client, ABC Industry that for the characteristic of relevance to be met, their specific water and waste-water infrastructure non-current assets should be valued using the revaluation model, at their fair value, rather than historic cost. This means these major classes of assets need to be revalued under AASB116. However, the client would like more information as they believe there is no market for the assets, nor can a market price be inferred. The partner has asked you to brief the client and the partnership team in on the fair value hierarchy and what implications each of these techniques have for the reliability of the council’s fair value disclosures. 1) What information should be incorporated when determining the fair value and disclosed? 2) How this disclosure requirement will be useful to maintain or enhance the faithful representation of the accounting…arrow_forward
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