Asset disposal Study guides, Study notes & Summaries

Land held for future expansion is classified as a long-term investment. It is not a property, plant and equipment asset because it is not being used in the production or sale of other assets or services. 3. The cost of a property, plant and equipment asset includes all normal, reasonable, and necessary costs of getting the asset in place and ready to use. For example, cost includes such items as the invoice price paid, freight costs, non refundable sales taxes (PST, HST) and all costs incu...

Accounting Test Bank Questions Test 2 Questions and Answers 2023 CHAPTER STUDY OBJECTIVES 1. Identify the steps in management's decision-making process. Management's decision-making process consists of (a) identifying the problem or opportunity, (b) assigning responsibility for the decision, (c) determining possible courses of action, (d) developing data relevant to each course of action, (e) making the decision, and (f) reviewing the results of the decision. 2. Describe the concept of in...

CIPS L4M8 Exam Questions And Answers Stage 13: Assest management/end of life The procurement professional should evaluate whether the need is still current. If it is and unchanged, the procurement cycle commences again but from a different stage as the need is already known and understood. If the need is not required the buyer should manage the end of life by reducing stock levels and informing the supplier Anti-bribery procedures -Proportionate procedures: should be in line with the yp...

FAC3702 EXAM PACK 2023 LATEST QUESTIONS WITH ANSWERS. SOLUTION 1: NON – CURRENT ASSETS HELD FOR SALE & DISCONTINUED OPERATIONS; PROPERTY, PLANT & EQUIPMENT & IMPAIRMENT OF ASSETS (a) According to IFRS 5.18 the carrying amount of a non-current asset (or all the assets and liabilities in a disposal group) shall, immediately before the initial classification as held for sale, be measured in accordance with the applicable IFRSs. An entity shall measure a non-current asset (or disposal grou...

Principles of Accounting Exam Questions With Answers The Accounting Equation - ANSWER- Net assets = proprietor's funds Assets - Liabilities = Capital + Profit [or - Losses] - Drawings Debits and Credits - ANSWER- In a double-entry: Debits represent assets, expenses, or drawings; Credits represent liabilities, income, or capital. Accounting for Closing Stock - ANSWER- The required double-entry is Dr Stock (Balance Sheet); Cr P&L. It now reflects an asset and profits are increas...

CIPS L4M8 LO3 Exam Questions and Answers 100% Pass what is a fixed asset? - Correct Answer ️️ -assets that are purchased for long-term use and not intended to be converted directly into cash what is included in whole life asset management? - Correct Answer ️️ -- lessons learned feeds into identification of needs/specification - pre-acquisition costs - acquisition costs - installation and commissioning costs - operating costs - maintenance costs - performance/downtime monitorin...

ACCO 310 - financial reporting i final examination actual questions and correct answers 2024 exam prep concordia university 1) Peter exchanged similar assets with Sunshine Company in a transaction without commercial substance. Peter gave up equipment that had a net book value of $49,000 (fair value $51,000) and Sunshine exchanged equipment with a net book value of $38,000 (fair value $37,000). What is the correct value at which Sunshine should record the new equipment? A) $37,000 B) $38,000 ...

CHAPTER 9 LONG-LIVED ASSETS CHAPTER STUDY OBJECTIVES 1. Calculate the cost of property, plant, and equipment. The cost of property, plant, and equipment includes all costs that are necessary to acquire the asset and make it ready for its intended use. All costs that benefit future periods (that is, capital expenditures) are included in the cost of the asset. When applicable, cost also includes asset retirement costs. When multiple assets are purchased in one transaction, or when an asset ...

Queensland Bar Exam – Procedure Questions and Answers Already Passed What is the jurisdiction of the District Court of Qld? All civil personal actions up to 750k (68) Grant relief with all power of supreme court (69) What is the jurisdiction of the Magistrates Court of Qld? All civil personal actions up to 150k (4) What are the facts of Spencer v Cth? Fed Summary dismissal at trial and on appeal overturned by the High Court Spencer claimed that commonwealth legislation and i...

CIPS L4M8 Exam Verified 100% Correct!! Stage 13: Assest management/end of life The procurement professional should evaluate whether the need is still current. If it is and unchanged, the procurement cycle process commences again but from a different stage as the need is already known and understood. If the need is not required the buyer should manage the end of life by reducing stock levels and informing the supplier Anti-bribery procedures -Proportionate procedures: should be in line with...