The treatment of repairs and additions to property, plant and equipment can be best described as: written off as incurred. capitalised when it maintains a certain level of service. capitalised when the asset's estimated useful life is extended. none of the given answers.
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written off as incurred.
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capitalised when it maintains a certain level of service.
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capitalised when the asset's estimated useful life is extended.
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none of the given answers.
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- Which of the following is not a factor that limits the service life of an asset? a. Operational use b. Adequacy c. Deterioration as a function of time d. ObsolescenceThe book value of a depreciable asset is A. The original cost of the asset. B. The original cost of the asset less its accumulated depreciation. C. The original cost of the asset less its salvage value. D. The accumulated depreciation on the asset. E. None of these.Which of the following statements is true regarding the amortization of intangible assets? a. Intangible assets with a limited useful life are not amortized.b. The service life of an intangible asset is always equal to its legal life.c. The expected residual value of most intangible assets is zero.d. In recording amortization, Accumulated Amortization is always credited.
- Which of the following costs is not typically capitalized as part of an asset’s cost? A) initial testing costs B) Purchase price of a service contract for routine maintenance costs C) Costs of insurance during the construction period D) Transportation costs while the asset was in transit E) Installation costs1. For each of the following scenarios, indicate whether a long-term asset has been impaired (Y for yes and N for no) and, if so, the amount of the loss that should be recorded. Prepare any necessary journal entry. Do you have to subtract the carrying amount and value in use amounts for each? For the journal entries, I don't understand which journal entries you have to do, can you please explain, thank you.Statement 1: If there is an indication of impairment, it means that the remaining useful life, the depreciation/amortization method or the residual value for the asset needs to be reviewed and adjusted, even if no impairment loss is recognized for the asset. Statement 2: Replacement costs are generally appropriate in measuring the recoverable amount of the asset because replacement cost not only measures the cost of an asset but also measure the future economic benefits recoverable from its use and/or disposal. O Only Statement 1 is correct. O Only Statement 2 is correct. Both statements are correct. Both statements are incorrect.
- Under IFRS, the costs of relocating property, plant, and equipment can be capitalized as assets and depreciated over the period of expected benefit. True FalseWhat element must be present when determining if an asset is a depreciating asset? a. An asset that holds its value for a period of time or increases in value for a period. b. An asset that has a limited effective life. c. A fixture that completely loses its value. d. An asset that cannot reasonably be expected to decline in value over time.Extraordinary repairs: Multiple Choice Are revenue expenditures. Are expenditures that extend an asset's useful life beyond its original estimate. Are credited to accumulated depreciation. Are additional costs of plants assets that do not materially increase the asset's life. Are expensed when incurred.
- 1)If an asset value recovers after an impairment loss has been recognized for the asset, what amount of restoration of that loss is recognized?a.The difference between the original cost and the new recoverable amount.b.The difference between the original loss and the new recoverable amount.c.The difference between the carrying amount and the new recoverable amount.d.None of the recovered value is recognized.2) Occasionally, events occur that change an asset's value after purchase. Which of the following is true regarding these changes in value?a.Increases in asset value are recognized.b.Reductions in asset value are recognized.c.Both decreases and increases are recognized.d.Neither decreases nor increases are recognized.The following are the causes of functional depreciation except:a. obsolescence of the machineb. none of the abovec. transfer of populationd. adequacy of the equipmentWhat is the effective life of an asset? a. The total period of ownership of the asset, including when it is not installed and ready for use.. b. The period prior to the asset being abandoned or scrapped. c. The period that the asset can be used for income-producing purposes. d. All of the above.