Regarding the impairment under IFRS and US GAAP, which of the following statements is accurate？
A long-lived asset reclassified as held for sale from held for use need not do the impairment test when reclassified.
B. Under US GAAP, assessing recoverability of a long-lived asset is separate from calculating the impairment loss.
C. Under US IFRS, the loss can be reversed if the value of the impaired asset recovers in the future with no limitation.
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Which of the following statement is most likely incorrect？
A. Under the LIFO inventory valuation method, COGS reflects the costs of the most recent purchases.
B. In a decreasing price environment, the FIFO inventory cost method results in lower gross profit compared to LIFO.
C. Both LIFO and FIFO inventory method are allowed under both IFRS and U.S. GAAP.
ABC company leased an asset from DEF, and classified the lease as finance lease. The amount that ABC initially recognized as lease payable is least likely
A. Higher than the asset’s fair value
B. Lower than the asset’s fair value
C. Equivalent to the asset’s fair value
Which of the following is the most accurate statement about stakeholder theory？
A. The stakeholder theory holds that purpose of existence of company is to maximize the interests of the shareholders.
B. Compared to shareholder theory, stakeholder theory broadens interests of only shareholders to various groups who have interests in the company.
C. The stakeholder group include shareholders, board of directors, and creditors in total.
Use of fixed costs is referred to as leverage because fixed costs:
A. create unnecessary financial costs.
B. enlarge the magnitude of both earnings and losses.
C. benefit creditors at the expense of owners.
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