Question : 31. A balance sheet prepared according to U.S. GAAP lists assets : 1245910

 

 

31. A balance sheet prepared according to U.S. GAAP lists assets from most liquid to least liquid, where liquid refers to the ease of converting the asset into cash. 
 

32. What is a probable future economic benefit that a firm controls because of a past event or transaction? 
A. asset
B. liability
C. shareholders’ equity
D. revenue
E. expense

 

33. The criteria for asset recognition include(s): 
A. the firm owns or controls the right to use the item.
B. the right to use the item arises as a result of a past transaction or exchange.
C. the future benefit has a relevant measurement attribute that can be quantified with sufficient reliability.
D. Answers a, b and c are correct.
E. None of these answer choices is correct.

 

34. Which of the following is/are true? 
A. Not all future benefits qualify as assets.
B. All assets provide future benefits.
C. Not all future benefits are assets.
D. Answers a, b, and c are correct.
E. None of these answer choices is correct.

 

35. The _____ of an asset is the amount a firm would have to pay to obtain another asset with identical service potential; it is an entry value that reflects economic conditions at the measurement date. 
A. Current Replacement Cost
B. Net Realizable Value
C. Fair Value
D. Present Value of Future Net Cash Flows.
E. Acquisition cost

 

36. Which of the following is a measurement attribute used in U.S. GAAP to measure inventories whose usefulness (typically, in terms of salability) to the firm has declined below the cost of the inventories?  
A. Current Replacement Cost
B. Net Realizable Value
C. Fair Value
D. Present Value of Future Net Cash Flows
E. Acquisition cost

 

37. _____ is the net cash (selling price less selling costs) that the firm would receive if it sold the asset today, in orderly fashion in an arm’s-length transaction.  It is an example of an exit value, because it reflects a price that the firm would receive in a transaction in which an asset leaves the firm.  
A. Current Replacement Cost
B. Net Realizable Value
C. Fair Value
D. Present Value of Future Net Cash Flows
E. Acquisition cost

 

38. IFRS defines _____ as a current exchange value, which can mean either a current entry price or a current exit price.  
A. Current Replacement Cost
B. Net Realizable Value
C. Fair Value
D. Present Value of Future Net Cash Flows
E. Acquisition cost

 

39. _____ is the amount that results from using an appropriate interest rate to discount one or more future cash flows to the present. It is the sum of the present values of the individual future cash inflows and outflows associated with an asset. It is not, in and of itself, a measurement attribute. Rather, it is a means of arriving at a measurement attribute.  
A. Current Replacement Cost
B. Net Realizable Value
C. Fair Value
D. Present Value of Future Net Cash Flows
E. Acquisition cost

 

40. Which of the following terms describes the presumption that a firm will remain in operation long enough to carry out its current plans, and will, in the normal course of its operations, realize changes in the fair values of its assets either by using those assets or selling them?  
A. going concern
B. relevance
C. reliability
D. recognition
E. realization

 

 

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