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MSB AC 330 XM22

MSB GOVNFP Unit 7

QuestionAnswer
Infrstructure Assets are Stationary in nature and mornally can be preserved for a longer lift than most other capital assets
Force account construction The determination of the cost of building and improvements obtained through constructon
Intrangible Assets Capital assets that lack physical substance, have a sueful life of more than one reporting period and are nonfinancial in nature
Asset impairment A signaificated, unexpected decline in the service utility of a capital asset
Impairment should be measured using one of three approches what are they? 1-Retoration cost approach2- Service unit approach3- Deflated depreciated replacement cost approach
What are the two conditions for a bond anticipation note to be treated as a long term note 1- All legal steps have veen taken to refinance the bond antifipation notes2- The intent is supported by an ability to consunmate refinancing the short term notes on a long term basis
Special assessment Conpulsory lavy made against certain property to defray part or all the cost of a apecific improvement or service that is presumed to be of general benefit to the public and of particular benefit to the property
A particular lease must meet one of what classifications to become a capital lease 1- The lease transfers ownership at the end of the lease 2- The lease contains an option to purchase at a bargin price. 3- The lease term is equal to 75% of its economic life of the property 4- The present value of rental or equal 90% of fair value minus
If no lease criterion is meet what is the lease classification Operating lease
Created by: thomas.casey
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