For a Company That Uses ASPE, the Required Year-End Journal

question 41

Multiple Choice

For a company that uses ASPE, the required year-end journal entry to record an impairment loss includes

• A) a debit to Loss on Impairment and a credit to Accumulated Impairment Losses.
• B) a debit to Other Comprehensive Income and a credit to Accumulated Impairment Losses.
• C) a debit to Loss on Impairment and a credit to the related asset.
• D) a debit to Other Comprehensive Income and a credit to the related asset.

---

Definitions:

Long-Term Goals

Objectives or plans that an individual aims to achieve over an extended period, which require time, planning, and effort to accomplish.

Societal Contributions

The various ways individuals or groups can positively impact society through actions, innovations, or philanthropy.

Postformal Thought

A stage of cognitive development proposed to follow Piaget's formal operational stage, characterized by the understanding that knowledge is relative and the ability to synthesize contradictions.

Cognitive Development

The process of growth and change in intellectual abilities, including problem-solving, memory, and understanding the world around us.