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Real Estate, Property, and Asset Concepts 3.1-3.2

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Real Estate, Property, and Asset Concepts 3.1-3.2

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Questions and Answers

What does real estate refer to?

Intangible assets like patents and copyrights

Moveable goods like furniture and electronics

Financial statements of a corporation

Physical land and permanent structures like buildings (correct)

What serves as proof of ownership for real property?

Bank statements

Financial planning documents

Tax returns

Title documents, property records, and surveys (correct)

How is personal property different from real estate?

Real estate cannot be purchased or sold

Personal property is only intangible assets

Personal property includes both tangible and intangible assets (correct)

Real estate does not require financial planning

What are assets in the context of a corporation?

Resourcing from past events or transactions like buildings and patents (B) Signup and view all the answers

Why is understanding the distinction between real property and personal property critical?

For property transfers, financial considerations, and protection against disputes (A) Signup and view all the answers

What do local laws establish regarding property ownership?

Shared knowledge of ownership and duties (B) Signup and view all the answers

What is the main difference between current assets and non-current assets according to IFRS?

Current assets are short-term investments and non-current assets are long-term investments. (B) Signup and view all the answers

What does the International Valuation Standard 2 focus on?

Assessing assets based on real market value (C) Signup and view all the answers

How is price defined in financial terms?

The actual amount exchanged between a buyer and a seller (A) Signup and view all the answers

What does cost represent in accounting?

The actual figure paid for a product or service (A) Signup and view all the answers

What influences price in transactions like real estate sales and art auctions?

Elements like financial resources, motives, and interests (D) Signup and view all the answers

What is the main focus of valuation in financial reporting?

To evaluate asset conditions like physical condition and obsolescence (A) Signup and view all the answers