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California State University, Sacramento ACCY 190 CHAPTER 4 1)Agro-World Technologies Inc

Accounting

California State University, Sacramento

ACCY 190

CHAPTER 4

1)Agro-World Technologies Inc. incurred $1,000,000 to construct a pilot plant to study the feasibility of building agricultural machinery more inexpensively for emerging economics. How would this cost be classified under IAS 38 (Intangible Assets)?

  1. Under IAS 16 (Property, Plant, and Equipment), subsequent revaluation decreases are:

 

  1. Under U.S. GAAP, interest on loans secured to acquire fixed assets must be:

 

  1. Camerata Construction borrowed $19,000,000 for 10 years at 6% specifically to modernize its operations with new equipment. The average rate of interest on Camerata’s debt after considering the most recent loan was 5.5%. What rate of interest should be used for capitalizing the borrowing costs on the new equipment under IAS 23?

 

  1. As defined by IAS 38, how are intangible assets unlike other assets?

 

  1. Blanco Chemical Company spent $15,000,000 in development efforts to create a fertilizer for which it was able to obtain a paten, however, the expected distribution costs make it infeasible to market the chemical in the foreseeable future. According to IAS 38 (Intangible Assets), how should Blanco Chemical Company record the $15,000,000?

 

  1. The following inventory information was taken from the records of a foreign corporation whose stock is listed on an exchange in the U.S.

 

  1. How will income under the U.S. GAAP compare to income the company reported under IFRS after reconciliation?

 

  1. According to IAS 16, a decrease in the carrying amount of a fixed asset that is identified on an asset’s first revaluation should be recorded as:

 

  1. What is one major difference IFRS and U.S. GAAP relative to correction of errors?

 

  1. According to IFRS 8 (Segment Reporting), which is not one of the three criteria for defining an operating segment?

 

 

 

 

 

 

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