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limestone blackboard.com Question Completion Status: QUESTION 60 The overriding principle for all depreciation methods is that the method must be: O Conservative and economic. Systematic
limestone blackboard.com Question Completion Status: QUESTION 60 The overriding principle for all depreciation methods is that the method must be: O Conservative and economic. Systematic and rational. Consistent and conservative. Significant and material. QUESTION 61 The transferor is considered to have surrendered control over its receivables if: The transferred assets have been isolated from the transferor. Each transferee has the right to pledge or exchange the assets it received. The transferor does not maintain effective control over the transferred assets through either repurchase or redemption before maturity or the ability to cause the transferee to return the assets. All of these answer choices must occur. QUESTION 62 The use of LIFO in accounting for a firm's inventory. Usually matches the physical flow of goods through the business is usually used for internal management purposes. Usually provides a better match of expenses with revenues. None of these answer choices is correct. QUESTION 63 Under International Financial Reporting Standards (IFRS). inventory is valoed at the lower of costand: Replacement cost. Net realizable value Net realizable value reduced by a normal profit margin. Sand S and Che r oll limestone 9.blackboard.com westion Completion Status: QUESTION 57 The legal life of a patent is: 40 years. 20 years. Life of the inventor plus 50 years. Indefinite. QUESTION 58 The main difference between perpetual and periodic inventory systems is the timing of the allocation of costs between inventory and cost of goods sold. True False QUESTION 59 The normal treatment of litigation costs to successfully defend an intangible right under U.S. GAAP and International Financial Reporting Standards (IFRS), respectively, is: IFRS Expense Capitalize Capitalize Expense U.S. GAAP Capitalize Capitalize Expense Expense b. . option A option B option option D
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