rder for an asset to be recognized in the financial statements, which of the following definition is consistent with the IASB framework? Select one: a. Asset is a resource controlled by the entity from which future economic benefits are expected to flow to the entity. b. Asset is a resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity. c. Asset is a resource controlled by th

rder for an asset to be recognized in the financial statements, which of the following definition is consistent with the IASB framework? Select one: a. Asset is a resource controlled by the entity from which future economic benefits are expected to flow to the entity. b. Asset is a resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity. c. Asset is a resource controlled by th

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter9: Acquisitions Of Property

Section: Chapter Questions

Problem 5DQ

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Which of the following statement best defines an asset? a. An asset is a resource owned by the entity with a financial value b. An asset is resource controlled by the entity from which future economic benefits are expected to be generated c. An asset is a resource controlled by an entity because of past events d. An asset is a resource controlled by an entity as a result of past events from future economic benefits are expected to be generated
What is the principle for recognition of a financial asset in PFRS 9? Group of answer choices: A financial asset is recognized when, and only when, the entity obtains the risks and rewards of ownership of the financial asset and has the ability to dispose of the financial asset. A financial asset is recognized when, and only when, the entity obtains control of the instrument and has the ability to dispose of the financial asset independent of the actions of others. A financial asset is recognized when, and only when, it is probable that future economic benefits will flow to the entity and the cost or value of the instrument can be measured reliably. A financial asset is recognized when, and only when, the entity becomes a party to the contractual provisions of the instrument.
Question 2: one of the following is a definition of asset: a- a present economic resource controlled by the entity as a result of a future event b- a present economic resource owned by the entity as a result of a future event C- a present economic resource owned by the entity as a result of a past event d- a present economic resource controlled by the entity as a result of a past event
Question 1. Which of the following represents the fundamental accounting oquation used in a business" Balance Sheel? (A) Assets + Liabilitles = Equity (B) Assets = Equity - Liabilities (C) Assets- Liabilities = (D) Assets + Liabilities = Equity (E) None of the above (F) Choices (B) and (C) are correct
How does the Conceptual Framework define an asset? Select one alternative A resource to which an entity has a future commitment as a result of past events and from which future economic benefits are expected to flow from the entity A resource controlled by an entity as a result of past events and from which future economic benefits are expected to flow to the entity A resource owned by an entity as a result of past events and from which future economic benefits are expected to flow to the entity A resource over which an entity has legal rights as a result of past events and from which economic benefits are expected to flow to the entity
one or more of the following statements are characteristics of assets:a. a probable future benefitb. a particular entity obtains the benefit and control others’ access to itc. does not give the rise to the entity to control the benefitd. a +b
How should research and development expenditure be dealt with in an entity's financial statements? a- Research expenditure should always be written off as an expense but development expenditure should always be capitalised as an intangible asset b- Research and development expenditure should always be written off as an expense c- Research expenditure should always be written off as an expense but development expenditure should be capitalized as an intangible asset if it satisfies certain conditions d- Research and development expenditure should always be capitalised as an intangible asset
In accordance with AASB 9, the recognition of a financial asset or financial liability will be influenced by considerations as to whether there is a contractual right to exchange financial assets or financial liabilities with another entity under conditions that are potentially favourable, or potentially unfavourable, to the entity. Explain what this requirement means.
What is the principle for recognition of a financial asset in PFRS 9? A. A financial asset is recognized when, and only when, the entity obtains control of the instrument and has the ability to dispose of the financial asset independent of the actions of others. B.A financial asset is recognized when, and only when, the entity becomes a party to the contractual provisions of the instrument. C. A financial asset is recognized when, and only when, the entity obtains the risks and rewards of ownership of the financial asset and has the ability to dispose of the financial asset. D. A financial asset is recognized when, and only when, it is probable that future economic benefits will flow to the entity and the cost or value of the instrument can be measured reliably.
An entity starts the capitalization of borrowing costs to the cost of a qualifying asset when * A. Expenditures for the asset are being incurred. B. Borrowing costs are being incurred. C. Activities necessary to prepare that asset for its intended use or sale are being undertaken. D. All of the above conditions are met.
Which of the following would not explain the difference between current and non-current assets? A.The future benefit of current assets will generally be used up within the entity's operating cycle B.An expenditure is classified as a non-current asset if it is considered to be material C.The nature and intention of the business can help determine whether an expenditure should be classified as a non-current asset D.An asset is classified as non-current if it is intended to be used within the business for a considerable period of time
__________ is defined in the Conceptual Framework as ‘a present obligation of the entity to transfer an economic resource as a result of past events’. Select one alternative: Expense Income Asset Liability