Reference no: EM131775814
Accounting for a change in depreciation methods will include:
Select one:
a. An adjustment to Retained Earnings, but not restating prior-year presented financial statements.b. Restating prior-year presented financial statements, but not an adjustment to Retained Earnings.c. Both an adjustment to Retained Earnings and restating prior-year presented financial statements.d. Neither an adjustment to Retained Earnings nor restating prior-year presented financial statements.
Using IFRS, the term "value in use" is defined as:
Select one: a. The summation of undiscounted cash flows. b. Fair value. c. Fair value less selling costs. d. The present value of expected future cash flows of asset in use. e. Market value as determined by an IASB-certified appraiser, less selling costs.
A company acquires a bulldozer and its only two components for $500,000 on 1/1/19. The useful life of the bulldozer is 10 years with no salvage value. The treads with a value of $50,000 will need to be replaced every five years with no salvage value. The blade has a value of $20,000 and needs to be replaced every four years with no salvage value. The company uses the straight-line method to compute depreciation. Under IFRS, what is depreciation expense for 2019?
Select one: a. $50,000 b. $57,000 c. $90,000 d. $58,000 e. $65,000
Inventory Information:
Historical Cost $10,000
Replacement Cost $6,000
Net Realizable Value $10,500
Net Realizable Value less normal profit $9,500
According to IFRS, the inventory is presented as what amount?
Select one:
a. $10,500b. $10,000c. $9,500d. $6,000e. $6,500
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