Once the depreciation expense for a long-lived asset is calculated:
A. it may be revised based on new information.
B. any changes are not recognized until the date the asset is sold.
C. it cannot be changed because of the cost principle.
D. it cannot be changed due to the consistency principle.
Answer: A
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The _____ of a long-lived asset is the cost of a series of future services
a. present value of future cash flows b. acquisition cost c. current fair market value d. liquidation value e. current cost
Corporations and businesses can seek protection under privilege against self-incrimination
Indicate whether the statement is true or false
Barcode Corporation acquired 70% of the common stock of a Russian company on January 1, 20X6. The goodwill associated with this acquisition was $12,520. Exchange rates at various dates during 20X6 follow: January 1, 20X61 ruble=$0.0313 December 31, 20X61 ruble=$0.0308 Average for 20X61 ruble=$0.031 Goodwill suffered an impairment of 25 percent during the year. If the functional currency is the Russian ruble, how much goodwill impairment loss should be reported on Barcode's consolidated statement of income for 20X6?
A. $3,130 B. $3,100 C. $3,080 D. $3,090
If a business is geographically dispersed, you might have to use a distributed database architecture
Indicate whether the statement is true or false