In Accordance with AASB 136 "Impairment of Assets" What Should

question 13

Multiple Choice

In accordance with AASB 136 "Impairment of Assets" what should be the carrying amount of equipment as at 30 June 2012?

• A) $0
• B) $100,000
• C) $150,000
• D) $190,000
• E) None of the given answers.

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Definitions:

Unlimited Personal Liability

A legal condition where individuals are fully responsible for all of a business's debts or liabilities without any limit, risking personal assets beyond the investment in the business.

Limited Partnership

A business partnership where at least one partner has unlimited liability and one or more partners have limited liability, not involved in daily management.

Dissolving

The process of formally ending the existence of a corporation or partnership, involving liquidation of assets and distribution of the proceeds to claimants.

Partnership

A partnership refers to a business structure where two or more individuals manage and operate a business in accordance with the terms and objectives set out in a Partnership Agreement.