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- 5. Borrowing costs that are directly attributable to the acquisition or construction of a qualifying asset are accounted for by an SME as a. Outright expenses b. Capitalizable costs c. a or b d. a component of other comprehensive incomeMultiple choice 1. The transaction costs of acquiring an investment measured at amortized cost are A. Included in the initial measurement of the investment and amortized to profit or loss using the effective interest method. B. Initiallt deferred and recognized in profit or loss only when the aaset is derecognized or becomes impaired. C. Initially deferred and recognized directly in equity when the asset is derecognized or becomes impaired. D. Expensed immediately on acquisition date. 2. An entity acquired 10 year bonds at a premium. The investment is measured at amortized cost . Seven years after the acquisition, the entity sold 90% of the bonds at a discount. Which is the following is true? A. Gain is realized on the sale. B. The remaining 10% should be reclassified out of the amortized cost measument category. C. Loss is realized on the sale. D. B and C 3. There are no payments made during the life of this type of bond; both the principal and interest( computed on a…When accounting for self-constructed PPE and computing the amount of interest cost to be capitalized, the concept of "avoidable interest" refers to а. that portion of average accumulated expenditures on which no interest cost was incurred O b. that portion of total interest cost which would not have been incurred if expenditures for asset construction had not been made O c. the total interest cost actually incurred d. a cost of capital charge for equity
- 8. Normal repair and maintenance of an asset is an example of what? a.Revenue expenditure b.Capital expenditure c.An expenditure that will be depreciated d.An expenditure that should be avoidedWhich of the following statements about capitalizing costs is correct? A. Capitalizing costs refers to the process of converting assets to expenses. B. Only the purchase price of the asset is capitalized. C. Capitalizing a cost means to record it as an asset. D. Capitalizing costs results in an immediate decrease in net income.Ac Amortization Expense of Right of Use Asset Select one or more than one: a. Normal balance is DR b. Normal balance is CR c. It is an asset account d. It is a contra-account of Active and. It is a Debt account (liability) F. It is a contra-account of Debt g. It is a Capital account (equity) h. It is an account of the Statement of Income and Expenses
- Valuing assets at the amount of cash or equivalents paid or the fair value of the consideration given to acquire them at the time of acquisition most closely describes which measurement of fi nancial statement elements? A . Current costWhich of the following is an essential step in the case of cost/income equivalents for comparing machinery investments: O a. Calculating the liquidation value of the assets O b. Calculating the amortization of the equipment O c. Taking into account the warranty offered on the machinery O d. Calculating the NPV of the investment(Multiple Choice Question) Amortizable Cost refers to 1. An asset's Net Book Value minus its Accumulated Amortization 2. The added cost of a capital asset after undergoing a capital improvement 3. The portion of the cost of the asset that will amortize over its useful life 4. The entire cost of a capital asset
- Which of the following is (are) acceptable valuation(s) for reporting of assets on the balance sheet? 1. inventories at lower of cost or net realizable value. 2. accounts receivable at net realizable value. 3. plant and equipment at cost 4. investments at acquisition cost Select one: 1 and 4 1 and 3 1 and 2 2 and 4The allocation of the cost of a tangible asset to expense in the periods in which the asset is used is termed as: Select one: a. Depreciation b. None of the given options c. Appreciation d. FluctuationPLEASE USE ACCOUNTS OUT OF THIS LIST: Accumulated Other Comprehensive IncomeAllowance for Investment ImpairmentBond Investment at Amortized CostCashDividends ReceivableDividend RevenueFV-NI InvestmentsFV-OCI InvestmentsGain on Disposal of Investments in AssociateGain on Disposal of Investments - Cost/Amortized CostGain on Disposal of Investments - FV-NIGain on Disposal of Investments - FV-OCIGain or Loss in Value of Investment PropertyGST ReceivableInterest ExpenseInterest IncomeInterest PayableInterest ReceivableInvestment in AssociateInvestment Income or LossLoss on Discontinued OperationsLoss on Disposal of Investments - Cost/Amortized CostLoss on Disposal of Investments - FV-NILoss on Disposal of Investments - FV-OCILoss on ImpairmentNo EntryNote Investment at Amortized CostOther InvestmentsRecovery of Loss from ImpairmentRetained EarningsUnrealized Gain or LossUnrealized Gain or Loss - OCI