ACC 304 ACC304 Chapter 11 Homework

ACC 304 Chapter 11 Homework

Brief Exercise 11-3

Brief Exercise 11-6

Brief Exercise 11-8

Exercise 11-4

Exercise 11-12

Exercise 11-16

Problem 11-6

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