In adjusted P & L account, depreciation on fixed assets will be [A] debited [B] credited [C] ignored [D] deducted
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In adjusted P & L account,
- [A] debited
- [B] credited
- [C] ignored
- [D] deducted
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- When using the revaluation model of accounting for PP&E assets (asset-adjustment or elimination method), a new depreciation rate must be calculated. depreciation continues to be charged in the original pattern. the related Accumulated Depreciation account is closed to OCI. the difference between fair value and book value is always debited to Revaluation Surplus (OCI).If an adjustment includes an entry to Accumulated Depreciation, which type of adjustment is it? A. accrual B. deferral C. estimate D. cullWhat is the term for allocation of fixed assets to expense? bad debts expense O depreciation expense O accrued expense O deferred expense
- The accounting treatment for depreciation expense in the balance sheet will be: a. Added to the corresponding long term liability b. Added to the corresponding non-current asset c. Deducted from the corresponding long term liability d. Deducted from the corresponding non-current assetFixed assets are ordinarily presented on the balance sheet OO at their current market value under "Intangible assets" at their cost less accumulated depreciation at their replacement costAccording to PFRS 9, impairment gain A. Should result to carrying amount of financial asset in excess of its carrying amount assuming no impairment loss had been recognized previously B. Should result to carrying amount of financial asset in excess of its new recoverable amount C.Is amortized over the remaining term of the receivable D. Is recognized in profit or loss
- Under PFRS 9, a financial asset shall be measured subsequently at amortized cost when: I. The business model of the entity is to hold the financial asset in order to collect contractual cash flows on specifies dates. II. The contractual cash flows are solely payment of principal and interest on the principal amount outstanding. O Il only Both I anf II O Either I orll O lonly NextAccumulated depreciation is record on the balance sheet as ___? A. A reduction in corresponding liability B. A reduction to the corresponding asset C. An increase in the corresponding liability D. An increase in the corresponding asset1. Compare and contrast how book (GAAP) depreciation expense vs. MACRS depreciation deductions are computed.
- When investments measured at amortized cost are reclassified to FVOCI, the gain or loss recognized in profit or loss is equal to * a. zero b. the amount realized to date c. the amount from beginning of period to reclassification date d.the amount from acquisition date to reclassification date e.none of the aboveWhy is depreciation added to Net CAPEX? A To adjust CAPEX for taxable income B To isolate changes due to buying or selling of CAPEX с To reflect the economic value of the fixed assetsWhich of the following should be reported as a prior period adjustment? Change in Estimated Lives of Depreciable Assets Change from Unaccepted Principle to Accepted Principle