The Accounting for an Asset Whose Carrying Value Exceeds Its

question 34

True/False

The accounting for an asset whose carrying value exceeds its expected future economic benefits is guided by the concept of verifiability.

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Definitions:

Bar Codes

A machine-readable code in the form of numbers and a pattern of parallel lines used to identify a product.

Wireless Sensor

An autonomous device that monitors its own condition as well as physical and environmental conditions around it, such as temperature, sound, pressure, vibration, and movement.

IoT

Short for Internet of Things, it refers to the network of physical objects—devices, vehicles, buildings and other items embedded with electronics, software, sensors, and network connectivity that enables these objects to collect and exchange data.

Telemetry

The automatic recording and transmitting of data from remote or inaccessible sources to an IT system in a different location.