reponed equity in the first year of the asset wefful life. B) Wben an asset is exchanged with dissimilar asset gain & loss dhould be always eectgnized. C) Donated aiset should be reported at fair value with equal amoknt reporiod in the equity section in the balance shect. D) A&B. E.) B&C F) None of the ahove is true. 17) Under FASB reporting Livestock \& agricultumal peoduct at NRV ruther than LCM by agricultural companies: A) This practice is in violation of HC principle but justifiod on the basis of conservatism Ceecopt. B) This practice is in violation of HC principle but justifiod by Industry practice constrain. 3 C) This practice, in gencral IS consisteat with the HC principile. D) Noee of the alowe is true. 18) Failuse to adjust aco- irading necuritics (available for sale) to fair value, down: A) This practice violate the HC principle. B) Underitates ewners' equity. C) Overstates reporied NI A Compechensive income for the period D) A \& B E ) A, B \& C ane correct. F) Nowe of the abnove. curmilewe. deciacd D) A \& 11. Fi. Nene of the ahove. 20) Which of the follewing stafeache is NOT tree A) The SLM based on assumption that the services privided by the asset arc equal and umiform over the asse useful life , B) When assets acejuired by deferred contract; zere interest -hong serm Noee payable, PPE recoyntied of recorded at cevi which is simply the Eace value of the note and ne interest cuperses recognired during the Note period. C) Interes chagges incurrod during constrection period resulted from financing of self constructed long term assets aee included in assets cost. D) All of the above statements are true 21) Debt securities that are boeght and hrld primarily for sale in the near term are claskified as A. Available-for-salciece-trading). B. Held-to-ntaturity. C. Long-term securities. D. Trading: I. None of the abeve. 22) Which of the following dividends do nef redece total steckholders' equity? A. Liquidating dividends 13. Canh dividcrels C. Share tividends. D. All of the options retuce fotal stockfaslders' equity. 23 Which of the follow ine statemest is the mast true. - A) Impairment loss on PPE lapgen when there is evidence oo permument decline in the related Asset valae. B) Impaimment less on PPE is measured by the excess of camying value aver the coverable value of the related asset. C) Impairment loss should be rocognired and reportcd in the income statement if the recoverable amount is less than the earrying value. D) A&B E) A,B/C are true