Question : 141. An impairment loss all assets except intangibles that do notrequire : 1230676

 

 

141. An impairment loss on all assets except intangibles that do notrequire amortization arises when A. the book value of the assets exceed the undiscounted cash flowsB. the book value of the assets exceed the market valueC. the market value of the assets exceed the undiscounted cash flowsD. the book value of the assets exceed the discounted cash flowsE. the book value of the assets exceed the liquidation value

 

142. An impairment loss on all intangibles that do not require amortization, except goodwill, arises when A. the book value of the assets exceed the undiscounted cash flowsB. the book value of the assets exceed the market valueC. the market value of the assets exceed the undiscounted cash flowsD. the book value of the assets exceed the discounted cash flowsE. the book value of the assets exceed the liquidation value

 

143. An impairment loss on a trademark arises when A. the book value of the trademark exceeds the undiscounted cash flowsB. the book value of the trademark exceeds the market valueC. the market value of the trademark exceeds the undiscounted cash flowsD. the book value of the trademark exceeds the discounted cash flowsE. the book value of the trademark exceeds the net realizable value

 

144. An impairment loss on a brand name arises when A. the book value of the brand name exceeds the undiscounted cash flowsB. the book value of the brand name exceeds the market value C. the market value of the brand name exceeds the undiscounted cash flows      D. the book value of the brand name exceeds the discounted cash flowsE. the book value of the brand name exceeds the liquidation value

 

145. The economic value of a tangible asset may decline below its book value but an impairment loss would not be recognized when the A. undiscounted future cash flows exceed its book valueB. undiscounted future cash flows exceed its market valueC. discounted future cash flows exceed its book valueD. discounted future cash flows exceed its market valueE. discounted future cash flows exceed its liquidation value

 

146. The economic value of a building may decline below its book value but an impairment loss would not be recognized when the A. undiscounted future cash flows exceed its book valueB. undiscounted future cash flows exceed its market valueC. discounted future cash flows exceed its book valueD. discounted future cash flows exceed its market valueE. discounted future cash flows exceed its liquidation value

 

147. U.S. GAAP A. does not require firms to amortize goodwill in measuring net income each periodB. requires that an annual test for impairment in the value of goodwill be performed each periodC. requires the write-down of goodwill and recognition of an impairment loss if an impairment in the value of goodwill existsD. all of the above E. none of the above

 

148. Regarding a firm that abandons an asset, A. there is usually no market for the asset.B. the book value of an abandoned asset is eliminated from the balance sheet.C. the firm recognizes a loss in an amount equal to the book value of the abandoned asset in the period that the asset is abandoned.D. all of the aboveE. none of the above

 

149. Z-Best 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. $0B. $50,000C. $60,000D. $110,000E. $170,000

 

150. Z-Best 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 2 is A. $0B. $50,000C. $60,000D. $180,000E. $230,000

 

151. Assume a firm has acquired an asset for $100,000 on January 1, Year 1. The asset has a 6-year life and a salvage value of $10,000. The firm calculates the depreciation expense using the straight-line depreciation.  What was the depreciation for Year 4? A.  $10,000B.  $15,000C.  $20,000D.  $25,000E.  $30,000

 

 

 

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