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- Investment property includes all of the following, EXCEPT:A. For sale in the ordinary course of businessB. Land held for capital appreciationC. For use in production of goods and services and for amdinistrative purposesD. Land held for currently undetermined useSales and exchanges of personal use and investment use property are generally reported first on form 8949 sales and other dispositions capital assets the total reported on form 8949 are they carry to which form or schedule?Which of the following statements is/are true concerning property, plant and equipment (PPE)?I. PPE acquired by donation should be recorded at the fair value of the donated asset at the time of donation. II. When a group of assets is acquired for a lump-sum price, the total cost should be allocated to the individual assets based on their carrying amounts.III. Property acquired in exchange for shares or other securities in the enterprise should always be recorded the fair value of the securities issued.IV. When a property is acquired in exchange for another asset and both the fair value of the asset given up and the asset received are clearly determinable, its cost is usually determined by reference to the fair value of the asset given up. V. When an asset is acquired under a deferred payment plan, the asset is recorded at its cash equivalent price. If the cash equivalent price is not reliably determinable, the asset cost if the total of the undiscounted future cash payments required by…
- Which of the following assets held by an enterprise would not qualify as investment in property as defined by PAS 40, Investment property? Land for sale in the ordinary course of business Land held for capital appreciation Land held for undetermined future use Building held to earn rentals Which of the following is included in the definition by PAS 20 of government grants?I. Transfer of resources to an entity in return for past or future compliance with certain conditions.II. Transactions with the government that cannot be distinguished from the normal trading transactions of the entity. II only I only Both I and II Neither I and II Which of the following would result in a Dr to AR? Sale of goods under " special order" "Special order is yet to be completed" Sale of goods classified as Trade Sale of goods under "Consignment" Sale with a right of repurchaseRegarding the enclosed image, 1. What is the correct balance in the capital account of Johannes after the valuation of assets and prior to the admission of Mqithwa? 2. What is the correct amount of goodwill in the accounting records of KwaQongo Farmers after the admission of Mqithwa?Land held for currently undecided future use or for speculation should be reported as property, plant and equipment. According to PAS 16 an item in PPE acquired through purchase is initially recognized at fair value. A PPE acquired from donation is initially recognized at the fair value of the asset given up. Which of the above statements are false? I and II only II and III only I and III only All are false
- The cost of land usually includes all of the following excepta. commission related to acquisitionb. cost of surveyc. property tax after the date of acquisition assumed by the purchaserd. property tax up to the date of acquisition assumed by the purchaser1. When an item of asset is transferred to and from the classification investment property, carried using the cost model, the measurement basis at the date of transfer is the a. original cost. b. fair value. c. carrying amount. d. recoverable amount.2. What could be a valid reason for transfers from investment property to property, plant and equipment? a. When there is a change in use b. based on the accountant's discretion c. When the entity adopts the fair value model d. when there is change in asset's life3. An entity has an investment property that is held for rental income. The entity uses the fair value model for reporting the investment property. Which of the following statement is true? a. changes in fair value are reported in profit or loss in the current period b. changes in fair value are reported as an extraordinary gain c. changes in fair value are reported in other comprehensive income for the period d. changes in fair value are…S1: Special Assessments shall form part of the cost of land. S2: Cost of option to buy a property acquired shall form part of the cost of the property acquired. * a. both are true b. both are false c. S1 is true d. S2 is true
- a. Required: In accordance with IAS 40: Investment property, account for the treatment of this property in 2009 financial statements of ABC ltd.Penzema Corporation acquired a property, plant, and equipment through governmental grant. Explain the different ways which Penzema Corporation can apply in valuing such assetsWhich statement on property, plant and equipment (PPE) is true? * a. PPE items may include assets lacking physical substance b. Assets held for sale shall be classified as PPE while unsold c. As long as an item of PPE provides benefit, regardless of measurability of its cost, it shall be recognized in the books d. When the amount is immaterial, an item may be expensed outright rather than capitalized as PPE e. none of the above