1 Which of the Following Best Describes an Asset

Which one of the following terms best describes assets recorded at the amount that represents the immediate purchase cost of an equivalent asset. A sound accounting framework allows for all of the following benefits except.

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According to this quiz you must be aware of where bills payable is shown what is considered an asset what is a liability what is the meaning of purchases what is capital expenditure what is depreciation what is gross profit and what is the owner of consignment stock.

. 6 0 0 0 0 0 Current assets and current liabilities of the firm respectively will be _____. Chapter 23 Impairment of Assets. Rest purchased a new station wagon for personal use and a dump truck.

Match the description to each of the. Advertisement Advertisement New questions in Business. Something that has been purchased and paid for by an entity.

The theory of accounting which best describes the accounting equation expressed assets liabilities equity is the a. Which of the following best describes the capital asset pricing model. A financial statement showing a firms yearly cash receipts and cash payments.

Which of the following criteria is not required for the recognition of a liability for compensated absences under FASB Statement. An economic resource that provides future benefit. Is used to determine the volatility of a stock index.

1 See answer Advertisement Advertisement. A Anything of value owned by the businessB Always equal to a liabilityC Listed on the right-hand side of a balance sheetD Something that a business owes. Resources with probable future economic benefits owned by an entity as a result of past transactions.

Describes the topography of the hardware. The present value of estimated future cash flows expected to arise from the continuing use of. Under PAS 36 Impairment of Assets which of the following statements best describes value in usea.

Procure your certificate when you are. This quiz is all about accounts. Which of the following accounting principles best describes the rationale for reporting a liability for earned but unused compensated absences.

01 Historical cost Current cost Present value Realizable value Correct answer Current cost. A financial statement detailing a firms assets liabilities and owners equity B. Listed on the left-hand side of a balance sheet.

Deducting any accumulated depreciation and accumulated impairment losses. Which of the following best describes assets. Up to 20 cash back A.

B One side has the obligation to buy an asset for a certain price in one years time. 1 Which of the following best describes accounting principles in general. One side has the right to buy an asset for a certain price in one years time.

Something that a business owes. The amount at which the asset is recognized after. Question 1 Which of the following best describes an asset.

Always equal to an asset. A detailed statement of estimated receipts and expenditures for a period of time in the future C. The estimated net amount currently obtainable if the asset is at the end of the useful life.

The present value of estimated future cash flows expected to arise from the continuing use of. D One side has the obligation to buy an asset for the market price in one years time. A sound accounting framework allows for all of the following benefits except.

Up to 20 cash back Which of the following best describes an asset. A particular firm provided the following data for an accounting year. C One side has the obligation to buy an asset for a certain price at some time during the next year.

O An investment that owners have made in the business. Which one of the following is the BEST description of a relationship in service asset and configuration management. The primary goal of a strategic asset allocation is to create an asset mix that seeks to provide the optimal balance between expected risk and return for a long-term.

1 Point The fair value of the asset less any subsequent accumulated impairment losses. The cost or an amount substituted for cost of the asset less its residual value. Residual equity theory 2.

Describes how the configuration items CIs work together to deliver the services. An asset and from its ultimate disposal. Which of the following best describes the principle of asset allocation.

Rest is the owner and manager of Rest Landscaping Services. The assumption that a business can continue to remain in operation into the future is the A. Determines the amount of capital that is needed in particular situations B.

Which of the following best describes liabilities and stockholders equity. Match the description to each of the accounting principles. An economic sacrifice made to earn revenue.

Is used to determine the price of futures contracts C. 1 Liquid ratio 1. 1 Net working capital R s.

Which ONE of the following statements best describes the carrying amount of an asset. The amount at which the asset is recognized in the statement of financial position after. Sources of financing an entitys assets.

Notes to financial statements. Which of the following best describes the income statement. Which of the following statements best describes the carrying amount of an asset.

Unit of measure assumption C. They are considered to be the economic resources of the business. Which of the following statements best describes residual value.

Relates the return on an asset to the return on a stock index D. Defines which software should be installed on a particular piece of hardware D. Anything of value owned by the business.

Current ratio 2. A Anything of value owned. The higher of net selling price and value in use.

The cost or an amount substituted for cost of the asset less residual value.

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