Questions from Intermediate Accounting

Q: When can a firm recognize a gain on a nonmonetary exchange?

When can a firm recognize a gain on a nonmonetary exchange?

Q: When can an IFRS-reporting firm recognize a gain on a

When can an IFRS-reporting firm recognize a gain on a nonmonetary exchange?

Q: How does a company record natural resources?

How does a company record natural resources?

Q: Explain the accounting for exploration costs associated with natural resources

Explain the accounting for exploration costs associated with natural resources

Q: Will the expense/capitalization choice impact asset valuation, income measurement

Will the expense/capitalization choice impact asset valuation, income measurement, and total cash flows?

Q: Can firms combine the cost of acquiring land and land improvements in

Can firms combine the cost of acquiring land and land improvements in a single “land” account on the balance sheet? Explain.

Q: Should firms value multiple assets acquired in a lump-sum purchase

Should firms value multiple assets acquired in a lump-sum purchase separately? Explain

Q: For a long-lived operating asset acquired by issuing a note

For a long-lived operating asset acquired by issuing a note payable, do firms measure the initial carrying value of the asset by the face value of the note? Explain.

Q: Does a firm acquiring a long-lived operating asset by issuing

Does a firm acquiring a long-lived operating asset by issuing a note payable record the finance charges and asset value separately? Explain.

Q: What are the primary issues involved in revenue recognition?

What are the primary issues involved in revenue recognition?