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Finance and Accounting

Category: Accounting

https://www.sendspace.com/file/74uqc0

Question 2 Inventories
A physical inventory of Office Products Company reveals the following
Item Units
(number) Cost per unit
$ Market value per unit
$
Office Furniture
Desks 376 $231 $239
Credenzas 280 198 207
Chairs 725 36 33
Bookshelves 218 103 99
Filing Cabinets
Two-drawer 136 85 82
Four-drawer 317 129 126
Six-drawer 92 114 118
Office Equipment
Fax machines 352 55 65
Copiers 430 405 396
Telephones 515 63 61

Required
Compute the lower of cost or market for the inventory applied separately to each item.

Question 4 Property/Plant and Equipment
Explain in your own words the following terms as they relate the accounting for property plant and equipment. You must give at least one example in your explanation of each term.
1. Depreciation
2. The following options for measuring assets after recognition
• The cost model
• The revaluation model

Question 5 Intangible Assets
Explain in your own words the following terms as they relate the accounting for Intangible assets. You must use at least one example in your explanation of each term.
1. The identifiabilty of intangible assets.
2. The control of intangible assets.
3. Future economic benefits from intangible assets