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ACC 557: Accounting Principles - Week 7 Quiz on IFRS and Financial Accounting

Quiz on IFRS and financial accounting principles from Week 7.

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ACC 557: Accounting Principles-Week 7 Quiz on IFRS and FinancialAccountingACC 557 QUIZ WEEK 7 ANSWERIFRS Multiple Choice Question 327IFRS allows companies to revalue plant assets to fair value. Which of the following statementsis true regarding revaluation?At the time a company purchases an asset it must decide whether to follow revaluationprocedures for the asset; once the election is made, it must be followed for the remainder of theasset's useful life.Assets that are experiencing rapid price changes must be revalued quarterly, other assets can berevalued on an annual basis.The journal entry to record a revaluation when the asset's price has increased includes a credit tothe account revaluation surplus.All of the choices are correct regarding revaluation of plant assets.Multiple Choice Question 170An asset which costs $29,800 and has accumulated depreciation of $8,000 is sold for $21,600.What amount of gain of loss will be recognized when the asset is sold?A loss of $200.A loss of $8,200.A gain of $200.A gain of $8,200.Multiple Choice Question 86 The book value of an asset is equal to theasset's fair value less its historical cost.asset's cost less accumulated depreciation.blue book value relied on by secondary markets.replacement cost of the asset.Multiple Choice Question 186 Intangible assets are the rights and privileges that result fromownership of long-lived assets that

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University
Strayer University
Subject
Accounting

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