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Problem 1: Under AASB 116, the net method of treating accumulated depreciation when assets are re-valued requires:
Select one:
a. accumulated depreciation to be closed to the asset account before re-valuation
b. accumulated depreciation to be ignored at re-valuation
c. accumulated depreciation to be increased by the same proportion as the gross carrying amount of the asset, so the carrying amount of the asset represents its re-valued amount
Problem 2: In the Framework, 'the present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits' is the definition of:
a. revenues
b. liabilities
c. expenses
The firm has a 75% chance if it invests -$1,500 a return of $500 for 7-years, and a 25% chance of returning $25 for 7-years. Based on the above data, what is the project's net present value?
A company has a debt to assets ratio of 0.45. If the company then borrows cash from the bank to finance a building acquisition
Objective Questions relating to basic accounting equation and Concepts and also find return on investment measure of performance
Pick one of the following terms for your research: code of ethics, conscious capitalism, corporate social responsibility (CSR), culture.
Journalize the adjusting entry needed at March 31, the fiscal year-end, for the independent situations. No other adjusting entries have been made for the year. Equipment was purchased two years ago at a cost of $10,500. The equipment's useful life is..
How much is in the Prepaid Expenses and Other Current Assets account at the end of the most recent year (for the year ended January 31, 2012)?
determine how much output the profit maximizing monopolist will sell to group i, i=1,2. What prices will the monopolist charge the groups? what will monopolist profit be?
Please give us an example of a transaction where there are two increases. Note that you will still need to have at least one debit and one credit. Indicate which account will be debited and which will be credited.
Develop a comprehensive analysis using NPV, Payback Method, and IRR to develop a recommendation on replacing the existing equipment with a new computerized version.
Ian's Place (The REA Model and E-R Diagrams) Ian's place sells pet supplies to dog and cat owners. To sell its products, the marketing department requires sales personnel to call on the pet store retailers within their assigned geographic territories..
1. specific identification method. boston galleries uses the specific identification method for inventory valuation.
Advise Apra Limited on what cost should be included in the "cost of the item" to be used as for the valuation of the stock held as on the balance sheet date.
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