Question : 41. Tangible long-lived assets include A. land.B. buildings.C. equipment.D. factories.E. all of the above 42. Tangible : 1245667

 

 

41. Tangible long-lived assets include 
A. land.
B. buildings.
C. equipment.
D. factories.
E. all of the above

 

42. Tangible long-lived assets include all of the following except 
A. land.
B. buildings.
C. equipment.
D. factories.
E. franchise rights.

 

43. Intangible long-lived assets include: 
A. patents.
B. brand names.
C. trademarks.
D. customer lists.
E. all of the above

 

44. Firms treat expenditures as assets when they: 
A. have acquired rights to the future use of a resource as a result of a past transaction or event.
B. can reliably measure the cost of the expected benefits at the time of initial recognition.
C. can exercise the entity’s right to, or control of, the benefit.
D. can obtain the future service potential and control others’ access to it.
E. all of the above

 

45. An expenditure qualifies as a(n) _____  if it has the following characteristics:
     1. It embodies a probable future benefit.
     2. A particular entity can obtain the benefit and control others’ access to it.
     3. The transaction or other event giving rise to the entity’s right to, or control of, the benefit has already occurred.
     4. The fair value of the item at the time of initial recognition can be measured with sufficient reliability.  
A. asset
B. liability
C. shareholders’ equity
D. revenue
E. expense

 

46. An expenditure qualifies as an asset if it has which of the following characteristics?   
A. It embodies a probable future benefit.
B. A particular entity can obtain the benefit and control others’ access to it.
C.  The transaction or other event giving rise to the entity’s right to, or control of, the benefit has already occurred.
D. The fair value of the item at the time of initial recognition can be measured with sufficient reliability.
E. all of the above

 

47. For many technology and pharmaceutical firms:  
A. a large portion of their value to an acquirer might relate to in-process research and development (IPR&D).
B. in-process research and development (IPR&D) acquired in a business combination that meets the separability criterion as an asset is recognized and measured initially at fair value.
C. The firm that developed the in-process research and development (IPR&D) expensed the costs as they were incurred.
D. all of the above
E. none of the above

 

48. How are tangible long-lived assets’ acquisition cost and accumulated depreciation disclosed? 
A. Tangible long-lived assets typically appear under the title Property, Plant, and Equipment.
B. Information is displayed on the balance sheet.
C. Tangible long-lived assets typically appear under noncurrent assets.
D. Acquisition cost and accumulated depreciation are omitted from the balance sheet but are detailed in the notes.
E. all of the above

 

49. Why is analysis of intangible assets more challenging than the analysis of tangible long-lived assets? 
A. Except for software development costs under U.S. GAAP and development costs under IFRS, firms generally do not recognize internally developed intangibles as assets on the balance sheet.
B. U.S. GAAP and IFRS require firms to measure the fair values of identifiable intangibles acquired in a business combination and assess whether they have finite lives or indefinite lives.
C. Differences between U.S. GAAP and IFRS in the treatment of development costs mean that comparisons of firms that apply U.S. GAAP with firms that apply IFRS require consideration of and adjustment for those differences.
D. all of the above
E. none of the above

 

50. Clarion Realty

Clarion Realty has decided to construct its own office building. The construction will be partially financed through a construction loan and any remainder will be financed from internally generated funds. The internal accountants have collected the following information concerning the construction.
 

 

Average Balance

Construction

Other

Year

Construction Account

Debt @ 6%

Debt @ 10%

1

$2,000,000

$1,000,000

$500,000

2

$4,000,000

$1,000,000

$250,000

3

$3,000,000

$800,000

$200,000

 

 

 

 

The amount, if any, of capitalized interest cost for Year 1 is 
A. $0
B. $50,000
C. $60,000
D. $110,000
E. $170,000

 

 

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