Which of the Following Is/are True Regarding the Fair Value

question 3

Multiple Choice

Which of the following is/are true regarding the fair value of long-lived assets?

• A)U.S.GAAP does not permit firms to increase the balance sheet carrying values of tangible and intangible long-lived assets when the fair values of their assets increase.
• B)IFRS permits upward asset revaluations, the recognition of unrealized increases in the fair value of tangible and intangible long-lived assets under certain conditions.
• C)IFRS requires that firms credit the increase in the tangible and intangible revalued asset's balance sheet carrying value to other comprehensive income.
• D)U.S.GAAP firms recognize the increase in the fair value of the tangible and intangible asset only as the firm realizes the value increase through either sale or continuing use.
• E)all of the above

Learn the correct order of the flow of accounting data.

Understand how to prepare and correct a trial balance.

Recognize the importance of accuracy in financial statements and identify the consequences of errors.

Understand the stages and theorists of child development.

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Definitions:

Parent

A caretaker of offspring in their own species; also involves the guidance, care, and emotional support of a child.

Worker

An individual engaged in a specific activity or employment, especially for wage or salary.

Benefits

Advantages or positive outcomes that can result from certain actions, policies, or circumstances.

Equality

The state of being equal, especially in status, rights, or opportunities.