ACC 304 Chapter 11 Homework
Brief Exercise 11-3
Brief Exercise 11-6
Brief Exercise 11-8
IFRS Multiple Choice Question 17
Simpson Company applies revaluation accounting to plant assets with a carrying value of $1,600,000, a useful life of 4 years, and no salvage value. Depreciation is calculated on the straight-line basis. At the end of year 1, independent appraisers determine that the asset has a fair value of $1,500,000.
The journal entry to record depreciation for year one will include a
IFRS Multiple Choice Question 16
IFRS permits companies to carry assets at historical cost or use a revaluation model for fixed assets. According to IAS 16, if revaluation is used:
1. it must be applied to all assets in a class of assets.
2. assets must be revalued on an annual basis.
3. assets must be depreciated on the straight-line basis.
4. salvage values must be zero.
IFRS Multiple Choice Question 12
Acceptable depreciation methods under IFRS include
IFRS Multiple Choice Question 15
In measuring an impairment loss, IFRS uses
IFRS Multiple Choice Question 14
The accounting exchanges of nonmonetary assets has recently converged between IFRS and U.S. GAAP, per SFAS No. 153, now requires