Reference no: EM132774722

Problem 1: In accounting in Australia the most common measurement basis used is:

Select one:

a. present value.
b. historical cost.
c. current value.
d. realisable value.

Problem 2: A partner contributes plant and equipment when a partnership is established. The amount recognised by the partnership for this contributed asset is equal to:

Select one:

a. the same proportion of contributions by other partners.
b. the carrying amount of the asset at the date of contribution.
c. the amount paid by the contributing partner when originally acquiring the asset.
d. the fair value of the asset at the date of contribution.