conceptual 2

Question 1

physical capital maintenance concept

Answer 1

Only record hen asset is sold or liability is settled

Question 2

Financial Maintenance concept

Answer 2

Recognize an asset as change in value occurs

Question 3

Asc 820-Fair Value of assets

Answer 3

Trading Securites, AFS,Impairment losses of fixed assets, pension plans, All derivatives are always reported at fair value

Question 4

Items do not quality for fair value

Answer 4

Pension plans, Post retirement and post employment.
Financial instrument that are component of equity
Leases
Share based payments and stock options