Solution-Which should not be considered a financial asset

Which should not be considered a financial asset

Reference no: EM132765887

Problem 1: Recognition of periodic depreciation expense on company-owned automobiles requires estimating both salvage or residual value, and the useful life of the vehicles. The use of estimates in this case is an example of

a) Conservatism
b) Maintaining consistency
c) Invoking the materiality constraint rather than the cost-benefit constraint
d) Providing relevant data at the expense of reliability

Problem 2: Which of the following should not be considered a financial asset?

a) Cash
b) An equity instrument of another entity
c) A contract that may or will be settled in the entity's own instrument and is not classified as an equity instrument of the entity.
d) Prepaid expenses

Reference no: EM132765887

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Which should not be considered a financial asset

Reference no: EM132765887

Reference no: EM132765887

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