What is the definition of an investment property according to IAS 40 Investment Property?
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1 .Under IAS 20 Accounting for Government Grants and Disclosure of Government Assistance, what is the correct term for a loan which the lender undertakes to waive repayment of under certain conditions?
A A forgivable loan B A non-payable loan C A non-recourse loan D A recourse loan
2 .Under IAS 20 Accounting for Government Grants and Disclosure of Government Assistance, how are government grants related to depreciable assets treated in the profit or loss?
A The government grant is recognised over the period and in the proportions in which depreciation expense on those assets is recognised B The government grant must be recognised in the year in which the depreciable asset is received and the following year only C The government grant must be recognis...
3 .IAS 20 Accounting for Government Grants and Disclosure of Government Assistance defines government assistance as an action by government designed to provide an economic benefit specific to an entity qualifying under certain criteria.Which of the following is an example of government assistance?
A Free technical or marketing advice B Provision of infrastructure by improvement to the general transportation network C Supply of improved facilities such as irrigation D A cash grant to buy a new item of plant
4 .Which of the following disclosures for government grants is required under IAS 20 Accounting for Government Grants and Disclosure of Government Assistance?(1) The accounting policy adopted for government grants.(2) The nature and extent of government grants recognised in the financial statements.(3) Unfulfilled conditions and other contingencies attached to government assistance that have been recognised.
A 1 only B 1 and 2 only C 1 and 3 only D 1, 2, and 3
5 .On 1 January 20X1 Emex received a government grant of USD100,000 to assist in the purchase of new machinery costing USD1,000,000 with a useful life of five years. The grant is repayable on a sliding scale if the machine is sold within five year; that is the full amount if sold in the first year, 80% if sold in the second year and so on. The management of Emex intends to use the machine for five years.The accounting policy is to offset the grant against the cost of the asset.What will be the depreciation expense for the year ended 31 December 20X2 and what provision will be required for the repayment of the grant as at 31 December 20X2?
A Depreciation charge USD000：180；Provision USD000： 60 B Depreciation charge USD000：180 ；Provision USD000：Nil C Depreciation charge USD000：200 ；Provision USD000：60 D Depreciation charge USD000：200；Provision USD000： Nil
7 .IAS 40 Investment Property gives examples of investment properties, which include some of the following:(1) Property held for long-term capital appreciation(2) Property leased to another entity on a finance lease(3) Property leased out under one or more operating leases(4) Owner-occupied property(5) Land held for an undetermined future use(6) Property occupied by employeesWhich of the above are listed by IAS 40 as examples of an investment property?
A 1, 5 and 6 only B 1, 3 and 5 only C 2, 3 and 4 only D 2, 4 and 6 only
8 .Which of the following qualifies as investment property under IAS 40 Investment Property?
A A building that is vacant but is held to be leased out under an operating lease B Property being constructed on behalf of third parties C Property that is leased to another entity under a finance lease D Owner-occupied property
9 .Under IAS 40 Investment Property, which of the following transfers would result in a change from the cost measurement basis before transfer to the fair value measurement basis after transfer?
A A transfer from investment property to owner-occupied property B A transfer from inventories to investment property at the commencement of an operating lease to another party C A transfer from investment property to inventories, when the property is intended for sale D None of the above
10 .Under IAS 40 Investment Property, which of the following is correct?
A Investment property is property held for administrative purposes B Investment property is property held for use in the supply of services C Investment property is property held for use in the production of goods D Investment property is property held by owner to earn rental income or for capital a...
