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Manama Co. and Muharraq Co. have an exchange with no commercial substance. The asset given up by Manama has a book value of $120,000 and a fair value of $135,000. The asset given up by Muharraq has a book value of $220,000 and a fair value of $200,000. Cash of $75,000 is received by Muharraq. What amount should Manama record for the asset received? O A $195,000 O B. $185,000 C. $200,000 ho OD. $135,000 When preparing financial reports, the main aim for companies is to enhance information............ O A. Understandability O B. Comparability O C. Usefulness O D. Faithful representation Which of the following items belongs to equity? O A. Gain on sale of investments OB. Impairment of goodwill O C. Depreciation D. Retained earnings Non-financial measurements include all of the following except: O A. All of the choices are non-financial measurements O B. Intangible assets such as patent and copyright O C. Customer satisfaction indexes O D. Reject rates on goods purchased Which of the following statements is correct about materiality? O A. An item must make a difference or a company need not disclose it B. All of the choices are correct O C. An item is material if omitting it or misstating it could influence the judgment of an informed use O D. Materiality is a matter of relative size and importance use: The main purpose of financial accounting is to provide information for O A. Only governmental O B. External O c. All of the choices are correct O D.Only internal Save Answer Question 1 1 points The difference between financial statements and financial reporting: O A. Financial reporting is an area of accounting that comes under the umbrella of financial statements OB. None of the choices is correct OC. Financial statements may include special reports such as environments reports. Whereas financial reporting provides only financial Information O D. Financial statements include income statement, etc. Whereas financial reporting involves other means of communication, such as prospectuses