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1、Chapter10--Property,Plant,andEquipment:AcquisitionandSubsequentInvestments3copyStudent:___________________________________________________________________________1.Recordingproperty,plant,andequipmentathistoricalcostshassomeadvantagesincludingthehistorical
2、costisequaltothefairvalueonthepurchasedate. True False 2.GAAPrequiresacompanytoreportitsproperty,plant,andequipmentatfairvaluelessaccumulateddepreciation. True False 3.Improvementsmadetoaleasedproperty,unlessspecificallyexempt,reverttothelessoratth
3、eendofthelease.Theseimprovementscanbecapitalizedforthelifeoftheleaseorthelifeoftheassetswhicheverisshorter. True False 4.UnderIFRSacompanyisallowedtorevalueitsproperty,plant,andequipmentuptofairvalueifthevaluecanbereliablymeasured. True False 5.The
4、costofanonmonetaryassetacquiredinexchangeforanothernonmonetaryassetisthefairvalueofthenewassetacquired. True False 6.Ifanexchangelackscommercialsubstanceandagainresults,underGAAPthegainmustbedeferredbyreducingthecostoftheasset. True False 7.Compani
5、esborrowlargeamountsforuseinconstructionprojects,anyidlefundsareusuallyinvested,GAAPallowstheinterestrevenueearnedfromtheexcesstooffsetagainsttheinterestcostwhendeterminingthecapitalizationofinterest. True False 8.Theamountofinterestthatcanbecapitalize
6、dforaqualifyingassetisthelesseroftheamountconsideredasavoidableinterestcostsoractualinterestcost. True False 9.Costscanbeaddedtoanexistingassetiffutureeconomicbenefitextendsthelifeoftheassetimprovesproductivityorincreasesthequalityoftheproduct. True
7、 False 10.UnderIFRS,thecostsofrelocatingorreorganizingproperty,plant,andequipmentcanbecapitalizedasassetsanddepreciatedovertheperiodofexpectedbenefit. True False 11.UndertheFull-costmethodonlythecostsassociatedwiththeexplorationthatresultedinthediscov
8、eryofoilandgascanbecapitalized. True False 12.UndertheFull-costmethod,thecostsassociatewithdrywellscanbecapitalizedaspartoftheoilandgasreserves. True False 13.Alternativetermsforproperty,plant,andequi
