41. This measurement attribute is 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

42. _____ 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

43. U.S. GAAP explicitly defines _____ of an asset as “the price that would be received to sell an asset [or paid to transfer a liability] in an orderly transaction between market participants at the measurement date.” Thus, U.S. GAAP defines it as an exit value, namely, the amount the firm would receive if it sold an asset in an orderly, arm’s-length transaction 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

44. 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

45. The _____  of an asset as defined in U.S. GAAP is an opportunity cost in the sense that it reflects an amount that the firm could receive if it sold the asset today. It is the amount the firm forgoes by not selling the asset. In U.S. GAAP, it reflects a market participant perspective, so that the intentions of managers regarding how they plan to use the asset do not determine the measurement.  
A. Current Replacement Cost
B. Net Realizable Value
C. Fair Value
D. Present Value of Future Net Cash Flows
E. Acquisition cost

46. _____ 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

47. Both U.S. GAAP and IFRS specify the asset measurement basis for financial reporting and _____  is the initial measurement attribute for most assets.  
A. Current Replacement Cost
B. Net Realizable Value
C. Fair Value
D. Present Value of Future Net Cash Flows
E. Acquisition cost

48. The presumption is 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

49. The distinction between recognition and realization is essential to accrual accounting, hence the importance accorded to recognition criteria. Firms recognize items that qualify for inclusion in the financial statements when they enter the financial statements.  In the case of value decreases, the firm  
A. recognizes the decreases as impairment expenses when it realizes the collection of the reduced cash flows
B. recognizes the decreases as cost of goods sold when the decreases occur before it realizes the collection of the reduced cash flows
C. recognizes the decreases as impairment expenses when the decreases occur before it realizes the collection of the reduced cash flows
D. recognizes the decreases as cost of goods sold when it realizes the collection of the reduced cash flows
E. none of the above

50. _____ means that the information is pertinent to the decisions of users of financial reports, in the sense that the information can make a difference in those decisions. 
A. Conservatism
B. Realization
C. Recognition
D. Relevance
E. Reliability

41. This measurement attribute is 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

42. _____ 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

43. U.S. GAAP explicitly defines _____ of an asset as “the price that would be received to sell an asset [or paid to transfer a liability] in an orderly transaction between market participants at the measurement date.” Thus, U.S. GAAP defines it as an exit value, namely, the amount the firm would receive if it sold an asset in an orderly, arm’s-length transaction 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

44. 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

45. The _____  of an asset as defined in U.S. GAAP is an opportunity cost in the sense that it reflects an amount that the firm could receive if it sold the asset today. It is the amount the firm forgoes by not selling the asset. In U.S. GAAP, it reflects a market participant perspective, so that the intentions of managers regarding how they plan to use the asset do not determine the measurement.  
A. Current Replacement Cost
B. Net Realizable Value
C. Fair Value
D. Present Value of Future Net Cash Flows
E. Acquisition cost

46. _____ 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

47. Both U.S. GAAP and IFRS specify the asset measurement basis for financial reporting and _____  is the initial measurement attribute for most assets.  
A. Current Replacement Cost
B. Net Realizable Value
C. Fair Value
D. Present Value of Future Net Cash Flows
E. Acquisition cost

48. The presumption is 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

49. The distinction between recognition and realization is essential to accrual accounting, hence the importance accorded to recognition criteria. Firms recognize items that qualify for inclusion in the financial statements when they enter the financial statements.  In the case of value decreases, the firm  
A. recognizes the decreases as impairment expenses when it realizes the collection of the reduced cash flows
B. recognizes the decreases as cost of goods sold when the decreases occur before it realizes the collection of the reduced cash flows
C. recognizes the decreases as impairment expenses when the decreases occur before it realizes the collection of the reduced cash flows
D. recognizes the decreases as cost of goods sold when it realizes the collection of the reduced cash flows
E. none of the above

50. _____ means that the information is pertinent to the decisions of users of financial reports, in the sense that the information can make a difference in those decisions. 
A. Conservatism
B. Realization
C. Recognition
D. Relevance
E. Reliability

41. This measurement attribute is 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

42. _____ 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

43. U.S. GAAP explicitly defines _____ of an asset as “the price that would be received to sell an asset [or paid to transfer a liability] in an orderly transaction between market participants at the measurement date.” Thus, U.S. GAAP defines it as an exit value, namely, the amount the firm would receive if it sold an asset in an orderly, arm’s-length transaction 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

44. 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

45. The _____  of an asset as defined in U.S. GAAP is an opportunity cost in the sense that it reflects an amount that the firm could receive if it sold the asset today. It is the amount the firm forgoes by not selling the asset. In U.S. GAAP, it reflects a market participant perspective, so that the intentions of managers regarding how they plan to use the asset do not determine the measurement.  
A. Current Replacement Cost
B. Net Realizable Value
C. Fair Value
D. Present Value of Future Net Cash Flows
E. Acquisition cost

46. _____ 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

47. Both U.S. GAAP and IFRS specify the asset measurement basis for financial reporting and _____  is the initial measurement attribute for most assets.  
A. Current Replacement Cost
B. Net Realizable Value
C. Fair Value
D. Present Value of Future Net Cash Flows
E. Acquisition cost

48. The presumption is 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

49. The distinction between recognition and realization is essential to accrual accounting, hence the importance accorded to recognition criteria. Firms recognize items that qualify for inclusion in the financial statements when they enter the financial statements.  In the case of value decreases, the firm  
A. recognizes the decreases as impairment expenses when it realizes the collection of the reduced cash flows
B. recognizes the decreases as cost of goods sold when the decreases occur before it realizes the collection of the reduced cash flows
C. recognizes the decreases as impairment expenses when the decreases occur before it realizes the collection of the reduced cash flows
D. recognizes the decreases as cost of goods sold when it realizes the collection of the reduced cash flows
E. none of the above

50. _____ means that the information is pertinent to the decisions of users of financial reports, in the sense that the information can make a difference in those decisions. 
A. Conservatism
B. Realization
C. Recognition
D. Relevance
E. Reliability

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