USGAAP and IFRS Allows the Use of Present Value to Calculate

question 13

Multiple Choice

U.S.GAAP and IFRS allows the use of present value to calculate the cost of an asset except:

• A) When assets are held for more than one year.
• B) When assets are held for less than one year.
• C) When assets are depreciated using the straight line method
• D) When asset are sold in the middle of the accounting cycle.

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Definitions:

New York Times v. United States

A landmark Supreme Court case in 1971 that made it possible for the New York Times and Washington Post newspapers to publish the then-classified Pentagon Papers without risk of government censorship or punishment.

Free Exercise Clause

A clause within the First Amendment of the U.S. Constitution that ensures people have the freedom to observe their religious beliefs without hindrance from the government.

Establishment Clause

Refers to the part of the First Amendment of the U.S. Constitution that prohibits the government from establishing an official religion or favoring one religion over others.

Equal Protection

The constitutional guarantee that no person or group will be denied the same protection of the laws that is enjoyed by similar persons or groups.