I nt er medi at eAccount i ng3 Noncur r entAssetHel df orSal eandDi scont i nuedOper at i on MODULE02 AE322:I NTERMEDI ATE ACCOUNTI NG3 NAME: BESI N, ROSALLEN. St udentNumber : 18012593 Cour se:Bachel orofSci encei nAccount i ngI nf or mat i onSy st em Sect i on: BSAI S3201 Teacher ’ sName: MR.JOEMARIGOBANGCO Dat eSubmi t t ed: _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ BESTLI NK COLLEGEOFTHEPHI LI PPI NES I nt er medi at eAccount i ng3 Noncur r entAssetHel df orSal eandDi scont i nuedOper at i on PRELI MI NARYACTI VI TI ES Name: BESI N, ROSALLEN. Year&Sect i on: BSAI S3201 Basedony ourownunder st andi ngwhati sNoncur r entAsseti nAccount i ng? ANSWER:Noncur r entAssetar eacompany ’ sl ongt er mi nv est ment sf orwhi cht hef ul l v al uewi l l notber eal i zedwi t hi nt heaccount i ngy ear . Exampl esofNoncur r entAsset si ncl udei nv est ment si not hercompani es, i nt el l ect ual pr oper t yl i kePat ent s, andPr oper t y , Pl antandEqui pment . ANALYSI S, APPLI CATI ONANDEXPLORATI ON ACTI VI TY1 Di r ect i on: Sol v et hepr obl em. Sol v et hepr obl em bel ow I nt er medi at eAccount i ng3 Noncur r entAssetHel df orSal eandDi scont i nuedOper at i on ACTI VI TY2 Di r ect i on: Sol v et hepr obl em. Sol v et hepr obl em bel ow I nt er medi at eAccount i ng3 Noncur r entAssetHel df orSal eandDi scont i nuedOper at i on GENERALI ZATI ON Name: BESI N, ROSALLEN. Year&Sect i on: BSAI S3201 Di r ect i on: Answeront hespacepr ov i ded. Whatdi dy oul ear nedaboutnoncur r entassethel df orsal eanddi scont i nuedoper at i on? Noncur r entAssetHel df orSal e PFRS5, par agr aph6, pr ov i dest hatanoncur r entassetordi sposal gr oupi scl assi f i ed ashel df orsal ei ft hecar r y i ngamountwi l l be, r ecor dedpr i nci pal i t yt hr oughasal e t r ansact i onr at hert hant hr oughcont i nui nguse. Condi t i onf orcl assi f i cat i onashel df orsal e Anoncur r entassetordi sposal gr oupshal l becl assi f i edashel df orsal ei ft he f ol l owi ngcondi t i onsar epr esent : 1.Theassetordi sposal gr oupi sav ai l abl ef ori mmedi at esal ei npr esentcondi t i on 2.Thesal emustbehi ghl ypr obabl e Di scont i nuedOper at i on UnderAppendi xofPFRS5, adi scont i nuedoper at i oni sdef i nedasacomponentofan ent i t yt hatei t herhasbeendi sposedofori scl assi f i edashel df orsal eand: a.Repr esent sasepar at emaj orl i neofbusi nessorgeogr aphi cal ar eaofoper at i ons. b.I spar tofsi ngl ecoor di nat edpl ant odi sposeofasepar at emaj orl i neofbusi ness orgeogr aphi cal ar eaofoper at i ons c.I sasubsi di ar yacqui r edexcl usi v el ywi t hav i ewt or esal e. Componentcl assi f i edashel df orsal e Thedi scont i nuedoper at i oni saccount edf orasadi sposal gr oupcl assi f i edashel d f orsal e.Thecomponentofanent i t ymustbeav ai l abl ef ori mmedi at esal ei nt he pr esentcondi t i onandt hesal emustbehi ghl ypr obabl e. Ti mi ngofr epor t i ng Acomponentofanent i t yi scl assi f i edasdi scont i nuedoper at i onoft hedat e: a.Whent heent i t yhasact ual l ydi sposedoft heoper at i on. Whent heoper at i onmeet st hecr i t er i at obecl assi f i edashel df orsal e. I nt er medi at eAccount i ng3 Noncur r entAssetHel df orSal eandDi scont i nuedOper at i on ASSI GNMENT Name: BESI N, ROSALLEN. Year&Sect i on: BSAI S3201 Di r ect i on/ I nst r uct i on:Answert hef ol l owi ngquest i on. Obj ect i v e1:Expl ai nt het er m hi ghl ypr obabl e. Def i ni t i onofHi ghl yPr obabl e Fort hesal et obehi ghl ypr obabl e, t hef ol l owi ngcondi t i onsmustbemet : 1.Managementmustbecommi t t edt oapl ant osel l t heassetordi sposal gr oup. 2.Anact i v epr ogr am t ol ocat eabuy erandcompl et et hepl anmusthav ebeen i ni t i at ed. 3.Thesal ei sexpect edt obecompl et edsal ewi t hi noneyearf r om t hedat eof cl assi f i cat i onashel df orsal e. 4.Theassetordi sposal gr oupmustbeact i v el ymar ket edf orsal eatasal epr i ce t hati sr easonabl ei nr el at i ont ot hef ai rv al ue. 5.Act i onr equi r edt ocompl et et hepl ani ndi cat et hati ti sunl i kel yt hatt hepl anwi l l besi gni f i cant l ychangedorwi t hdr awn. Obj ect i v e2:Expl ai nt hepr esent at i onofadi scont i nuedoper at i oni nt hest at ementoff i nanci al posi t i on. Di scont i nuedOper at i on UnderAppendi xofPFRS5, adi scont i nuedoper at i oni sdef i nedasacomponentofanent i t y t hatei t herhasbeendi sposedofori scl assi f i edashel df orsal eand: a.Repr esent sasepar at emaj orl i neofbusi nessorgeogr aphi cal ar eaofoper at i ons. b.I spar tofsi ngl ecoor di nat edpl ant odi sposeofasepar at emaj orl i neofbusi nessor geogr aphi cal ar eaofoper at i ons. c.I sasubsi di ar yacqui r edexcl usi v el ywi t hav i ewt or esal e. Pr esent at i oni nst at ementoff i nanci al posi t i on PFRS5, par agr aph38, pr ov i dest hatanent i t yshal l al sopr esentsepar at el yont hef aceoft he st at ementoff i nanci al posi t i ont hef ol l owi ngi nf or mat i on: a.Asset soft hecomponenthel df orsal esepar at el yf r om al l ot herasset s. b.Asset soft hecomponenthel df orsal ear emeasur edatt hel oweroff ai rv al uel esst ocost ofdi sposal andt hei rcar r y i ngamount . c.Li abi l i t i esoft hecomponentsepar at el yf r om al l ot herl i abi l i t i es. d.Nondepr eci at i on – noncur r entasset soft he componenthel df orsal e shal lnotbe depr eci at ed. I nt er medi at eAccount i ng3 Noncur r entAssetHel df orSal eandDi scont i nuedOper at i on EVALUATI ON Name: BESI N, ROSALLEN. 1.C-Noncur r entAsset 2.B-Di sposalgr oup 3.C-Bot haandb 4.A–Tr ue 5.A–Tr ue 6.A-Di scount edOper at i on 7.A–Tr ue 8.C-Bot haandb 9.A-Tr ue 10. A-Tr ue Year&Sect i on: BSAI S3201 I nt er medi at eAccount i ng3 Noncur r entAssetHel df orSal eandDi scont i nuedOper at i on 1.I ti sanassett hatdoesnotmeett he def i ni t i onofacur r entasset . A. Cur r entAsset B. Cur r entLi abi l i t i es C. Noncur r entAsset D. Noncur r entLi abi l i t i es 2.I ti sagr oupofasset st obedi sposedof , bysal eorot her wi se, t oget herasagr oupi n asi ngl et r ansact i on, andl i abi l i t i esdi r ect l y associ at edwi t ht hoseasset st hatwi l l be t r ansf er r edi nt het r ansact i on. A. Gar bagegr oup B. Di sposalgr oup C. Tr ashgr oup D. Di scar dgr oup 3.Anoncur r entassetshal l becl assi f i edas hel df orsal ei ft hef ol l owi ngcondi t i onsar e pr esent A. Theassetordi sposalgr oupi sav ai l abl e f ori mmedi at esal ei npr esentcondi t i on B. Thesal emustbehi ghl ypr obabl e C. Bot haandb D. Noneoft heabov e 4.Anent i t yshal l measur eanoncur r ent assetordi sposal gr oupcl assi f i edashel d f orsal eatt hel owerofcar r y i ngamountor f ai rv al uel esscostofdi sposal . A. Tr ue B. Fal se C. Ei t heraandb D. Nei t heraandb 5.I ft hef ai rv al uel esscostofdi sposal i s l owert hancar r y i ngamountoft heassetor di sposal gr oup, t hewr i t edownt of ai rv al ue l esscostofdi sposal i st r eat edasan i mpai r mentl oss. A. Tr ue B. Fal se C. Ei t heraandb D. Nei t heraandb 6.I ti sdef i nedasacomponentofanent i t y t hatei t herhasbeendi sposedofori s cl assi f i edashel df orsal e A.Di scount edOper at i on B. Di scont i nuedOper at i on C. Notdi scount edOper at i on D. Notdi scont i nuedOper at i on 7.Thedi scount edoper at i oni s account edf orasadi sposal gr oupcl assi f i edashel df orsal e. A.Tr ue B. Fal se C. Ei t heraandb D. Nei t heraandb 8.Acomponentof anent i t yi s cl assi f i edas di scont i nued oper at i onoft he dat e B. Whent heoper at i onmeet st hecr i t er i at o becl assi f i edashel df orsal e. C. Bot haandb D. Noneoft heabov e 9.PFRS5, par agr aph12, pr ohi bi t st he r et r oact i v ecl assi f i cat i onasadi scont i nued oper at i onwhent hedi scont i nuedcr i t er i a ar emetaf t ert heendofr epor t i ngper i od. A. Tr ue B. Fal se 10.Thecomponentofanent i t ymustbe av ai l abl ef ori mmedi at esal ei nt hepr esent condi t i onandt hesal emustbehi ghl y pr obabl e. A. Tr ue B. Fal se C.Ei t heraandb