The concept of recognition requires that an item have a relevant attribute capable of being quantified...
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The concept of recognition requires that an item have a relevant attribute capable of being quantified in monetary units with reasonable reliability. Different measurement attributes of assets and liabilities are used in current practice. Select from the option list provided the attribute that best relates to each recognition concept below. Each choice may be used once, more than once, or not at all. Recognition Concept 1. The relevant attribute for plant assets and most inventories 2. The relevant attribute defined as the cash or equivalent that would be paid for a current acquisition of the same or an equivalent asset 3. The relevant attribute used to measure assets expected to be sold at below their carrying amount 4. The relevant attribute used to measure short-term receivables 5. The relevant attribute that incorporates time value of money concepts Ansv Select an option below O Current market value O Net realizable value O Historical cost O Replacement cost O Present value RESET CANCEL ACCEPT The concept of recognition requires that an item have a relevant attribute capable of being quantified in monetary units with reasonable reliability. Different measurement attributes of assets and liabilities are used in current practice. Select from the option list provided the attribute that best relates to each recognition concept below. Each choice may be used once, more than once, or not at all. Recognition Concept 1. The relevant attribute for plant assets and most inventories 2. The relevant attribute defined as the cash or equivalent that would be paid for a current acquisition of the same or an equivalent asset 3. The relevant attribute used to measure assets expected to be sold at below their carrying amount 4. The relevant attribute used to measure short-term receivables 5. The relevant attribute that incorporates time value of money concepts Ansv Select an option below O Current market value O Net realizable value O Historical cost O Replacement cost O Present value RESET CANCEL ACCEPT
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Answer Here are the relevant measurement attributes for each ... View the full answer
Related Book For
Intermediate Accounting Reporting and Analysis
ISBN: 978-1285453828
2nd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
Posted Date:
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