Unformatted text preview: Discounted Future cash flows future cash flows 1. 12 8 2. 18 12 3. 9 4 4. All have the same results. 4. Which of the following statements is not true for IAS practice? 1. Impairment loss is reversed when the asset is no longer impaired. 2. Impairment loss is the book value over the recoverable value. 3. Revaluation is allowed. 4. Revaluation reserve account is an income statement account. 5. When assets are exchanged at a loss in an exchange lacking commercial substance, the basis of recording the new asset is usually 1. the undiscounted future cash flows from using the old asset. 2. the book value of the old asset plus any cash paid on the trade-in . 3. the fair market value of the new asset. 4. Either b or c....
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- Fall '09
- Depreciation, Generally Accepted Accounting Principles, $10, future cash flows, U.S GAAP