When the recoverable amount of an asset is less than its carrying value in the statement of financial position, the asset is said to be

Related MCQs

• Carrying amount of an asset as on 1st April 2015 is Rs. 1500000 and depreciation for the year 2015 – 2016 is 15000. Fair value of the asset less cost of disposal as on 31 March 2016 is Rs. 120000. Which of the following is the carrying amount at 1st April 2106?
• Adjustment of the carrying amount of an asset or liability or the consumption of an asset is defined as,
• ” Deferred tax asset is not a component of statement of financial position”
• Present value of expected future cash flows generated by an asset, plus its expected disposal value is called.
• Under Ind AS 1, which of the following must be disclosed on the statement of financial position?
• ….. is a financial reporting period shorter than a full financial year
• Total borrowings used for construction of an office building are Rs.30, 00000. Entity issued 8% debentures worth 10,00000 for this purpose and balance amount was utilized from its common pool including 10% bank loan of Rs.1000000 and 9.5% bank loan of Rs.1000000. What is the amount of borrowing cost to be capitalized?
• The cost of intangible asset at initial recognition is measured at its fair value when,
• Amount attributed to the asset or liability for tax purpose is called
• ………………..is the process of determining the monetary amounts at which the elements of financial statements are recognized and carried in the financial statements.