74) Which organization is responsible for promulgating U.S. GAAP? A) Financial A

Question

74) Which organization is responsible for promulgating U.S. GAAP? A) Financial Accounting Standards Board B) Public Company Accounting Oversight Board C) International Accounting Standards Board D) Securities Exchange Commission 75) In 2009, Cila Company acquired production machinery at a cost of $410,000, which now has a accumulated depreciation of $240,000. The undiscounted cash flows from use of the machinery is $190,000 and its fair value is $145,000. What amount should Cilla recognize as a loss on impairment? A) $20,000 B) $35,000 C) $70,000 D)-0-

Explanation / Answer

74) option a Financial Accounting Standards Board 75) impairment loss = carrying value - discount cash flow 190,000 -170,000 20,000 option a is the correct answer

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