This assignment solution addresses four key accounting questions related to ACC210. Question 1 defines fair value, its key elements, and valuation techniques for non-financial assets, referencing relevant accounting standards like AASB 13. Question 2 discusses depreciation, aligning with AASB 116, and determines whether depreciation should be charged even if the machinery wasn't used. Question 3 explores the identification and recognition of research and development expenses, including patents, in accordance with accounting standards. Question 4 classifies expenses as liabilities or provisions, using AASB 137 to differentiate between long service leave and machinery overhaul. The assignment provides detailed analysis and interpretations of accounting standards, including in-text citations from various sources.