ABC Company recorded in its Asset Section of the Balance Sheet a machine at OMR 5,000...
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ABC Company recorded in its Asset Section of the Balance Sheet a machine at OMR 5,000 purchased in 2015. The machine is fully depreciated and obsolete. Which of the following statements is true with regards to this given situation? O a. ABC should derecognize the machine because it is not a present economic resource controlled by the entity as a result of a past event b. ABC should recognize the machine because it is a present economic resource controlled by the entity as a result of a past event O c. None of these statements is true o d. ABC should recognize the machine because there is a present obligation to transfer an economic resource ABC Company recorded in its Asset Section of the Balance Sheet a machine at OMR 5,000 purchased in 2015. The machine is fully depreciated and obsolete. Which of the following statements is true with regards to this given situation? O a. ABC should derecognize the machine because it is not a present economic resource controlled by the entity as a result of a past event b. ABC should recognize the machine because it is a present economic resource controlled by the entity as a result of a past event O c. None of these statements is true o d. ABC should recognize the machine because there is a present obligation to transfer an economic resource
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Related Book For
Intermediate Accounting
ISBN: 978-1118147290
15th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield
Posted Date:
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