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Topic01 Questions - AF3110 Intermediate Accounting 1...

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1 AF3110 Intermediate Accounting 1 2009/10 Semester 2 Topic 1 Question 1 ( Chapter 1 Q10) Experienced and loyal employees have been called the most valuable asset of a business. Yet accountants leave them off the assets in the Balance Sheet. Discuss. Question 2 ( Chapter 1 Q13 ) Distinguish between revenue and a gain, and between expense and a loss. Question 3 ( Chapter 1 Q14 ) A condition for recognising an asset in financial statements is that it has probable future economic benefits . How would you interpret probable in this context? Question 4 Using the definition of an asset and recognition criteria from HKICPA s Framework , indicate whether each of the following should be listed as an asset by DeBroglie Company. (a) DeBroglie has legal title to a silver mine in a remote location. Historically, the mine has yielded more than $ 100 million in silver. Engineering estimates suggest that no additional minerals are economically extractable from the mine.
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