Question : 101. Which of the following is/are true? A. Under U.S. GAAP, firms must : 1230452

 

 

101. Which of the following is/are true? A. Under U.S. GAAP, firms  must test property, plant, and equipment for possible asset impairment when conditions indicate that a significant decrease in fair value has occurred. B. Under U.S. GAAP, firms initially compare the undiscounted cash flows expected from the asset to the asset’s carrying value. C. Under U.S. GAAP, a fixed asset impairment occurs when the asset’s carrying value exceeds the undiscounted cash flows. D. Under U.S. GAAP, the amount of the recognized impairment loss is the excess of the carrying value over the fair value of the asset. E. all of the above

 

102. Which of the following is not true? A. Under U.S. GAAP, firms  must test property, plant, and equipment for possible asset impairment when conditions indicate that a significant decrease in fair value has occurred. B. Under U.S. GAAP, firms initially compare the undiscounted cash flows expected from the asset to the asset’s carrying value. C. Under U.S. GAAP, a fixed asset impairment occurs when the asset’s carrying value exceeds the undiscounted cash flows. D. Under U.S. GAAP, the amount of the recognized impairment loss is the excess of the carrying value over the fair value of the asset. E. Under U.S. GAAP,  firms recognize an impairment loss when the carrying value of a fixed asset exceeds its recoverable amount, the higher of (1) the fair value less cost to sell, and (2) value in use.

 

103. The financial reporting standards for property, plant, and equipment are similar under U.S. GAAP and IFRS except for A. upward remeasurements for fair value increases, only. B. recognition and measurement of asset impairment losses, only. C. upward remeasurements for fair value increases and recognition and measurement of asset impairment losses.D. downward remeasurements for fair value decreases, only.E. downward remeasurements for fair value decreases and recognition and measurement of asset impairment losses.

 

104. U.S. GAAP and IFRS require firms to treat some or all expenditures made to internally develop brand names, customer lists, new technologies, and other intangibles  A. at fair value.B. as expenses in the period of the expenditure. C. as capitalized assets without amortization because of infinite lives.D. as capitalized assets with amortization over the finite lives.E. as capitalized assets tested annually for impairment.

 

105. U.S. GAAP and IFRS require firms to recognize as assets identifiable intangibles acquired in external market transactions.  Which of the following is not true? A. The exchange between an independent buyer and seller provides evidence of the existence of expected future benefits, and the exchange price provides evidence of the fair value of those benefits. B. In external market transactions, identifiable intangibles include patents, trademarks, customer lists, and other economic resources ready for use, as well as in-process technologies with uncertain future benefits. C. In external market transactions, identifiable intangible assets have either finite lives or indefinite lives.D. In external market transactions, firms must amortize intangible assets with finite lives, generally using the straight-line method. E. all of the above

 

106. U.S. GAAP and IFRS require firms to recognize as assets identifiable intangibles acquired in external market transactions.  Which of the following is/are true? A. The exchange between an independent buyer and seller provides evidence of the existence of expected future benefits, and the exchange price provides evidence of the fair value of those benefits. B. In external market transactions, identifiable intangibles include patents, trademarks, customer lists, and other economic resources ready for use, as well as in-process technologies with uncertain future benefits. C. In external market transactions, identifiable intangible assets have either finite lives or indefinite lives.D. In external market transactions, firms must amortize intangible assets with finite lives, generally using the straight-line method. E. all of the above

 

107. Which of the following is not true? A. For accounting purposes, goodwill arises only when a firm acquires another entity in an external market transaction and pays more for that entity than the fair value of the identifiable assets net of identifiable liabilities. B. Goodwill is the excess of the amount paid for the acquired company over the fair value of identifiable net assets. C. Goodwill, because it includes unidentifiable intangible resources, has an indefinite life. D. Indefinite does not mean infinite, only not knowable.E. Firms amortize goodwill.

 

108. Which of the following is not true? A. Firms must test goodwill annually for impairment. B. Goodwill is the excess of the amount paid for the acquired company over the fair value of identifiable net assets. C. Goodwill, because it includes unidentifiable intangible resources, has an indefinite life. D. U.S. GAAP requires tests for impairment of goodwill as part of a reporting unit  because a firm cannot separate goodwill from other assets.E. U.S. GAAP requires firms to amortize goodwill over its expected useful life.

 

109. U.S. GAAP and IFRS account for notes and nonconvertible bonds payable similarly.Which of the following is/are not true? A. Firms initially record long-term notes and bonds at their issue price, the present value of the future contractual cash flows discounted at the market interest rate for the bonds at the time of issue. B. The market interest rate at the time of issue is the rate that discounts the contractual cash flows to the initial issue price.C. If the market interest rate equals the coupon rate for the bonds, the firm will issue the bonds for face value.D. If the market interest rate exceeds the coupon rate, the firm will issue the bonds for less than face value. E. If the coupon rate exceeds the market interest rate, the firm will issue the bonds for less than face value.

 

110. U.S. GAAP and IFRS account for notes and nonconvertible bonds payable similarly.Which of the following is/are not true? A. Firms initially record long-term notes and bonds at their issue price, the present value of the future contractual cash flows discounted at the market interest rate for the bonds at the time of issue. B. The market interest rate at the time of issue is the rate that discounts the contractual cash flows to the initial issue price.C. If the market interest rate equals the coupon rate for the bonds, the firm will issue the bonds for face value.D. If the market interest rate exceeds the coupon rate, the firm will issue the bonds for more than face value. E. If the coupon rate exceeds the market interest rate, the firm will issue the bonds for more than face value.

 

 

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more