问答题

问答题

问答题

问答题Forthepurposeofthisquestionyoushouldassumethattoday’sdateis31July2010:

单选题Faithful representation is a fundamental characteristic of useful information within the IASB’s Conceptual framework for financial reporting. Which of the following accounting treatments correctly applies the principle of faithful representation?

单选题Parket Co acquired 60% of Suket Co on 1 January 20X7

单选题The following scenario relates to questions 1620. Aphrodite Co has a year end of 31 December and operates a factory which makes computer chips for mobile phones. It purchased a machine on 1 July 20X3 for $80,000 which had a useful life of ten years and is depreciated on the straight-line basis, time apportioned in the years of acquisition and disposal. The machine was revalued to $81,000 on 1 July 20X4. There was no change to its useful life at that date. A fire at the factory on 1 October 20X6 damaged the machine leaving it with a lower operating capacity. The accountant considers that Aphrodite Co will need to recognise an impairment loss in relation to this damage. The accountant has ascertained the following information at 1 October 20X6: (1) The carrying amount of the machine is $60,750. (2) An equivalent new machine would cost $90,000. (3) The machine could be sold in its current condition for a gross amount of $45,000. Dismantling costs would amount to $2,000. (4) In its current condition, the machine could operate for three more years which gives it a value in use figure of $38,685.