Which of the following statements about intangible assets in company financialstatements is true according to International Financial Reporting Standards?
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1 .
A $48,000 B $48,400 C $50,600 D $51,400
2 .At 31 December 2012 Cutie owned a building that had cost $800,000 on 1 January 2003. Itwas being depreciated at 2% per year.On 31 December 2012 a revaluation to $1,000,000 was recognised. At this date the buildinghad a remaining useful life of 40 years.Which of the following pairs of figures correctly reflects the effects of the revaluation?
A B Depreciation charge for year ending 31 December 2013 $25,000Revaluation surplus as at 31 December 2012 $360,000 C Depreciation charge for year ending 31 December 2013 $20,000Revaluation surplus as at 31 December 2012 $20,000 D Depreciation charge for year ending 31 December 2013 $20,000Revaluat...
3 .Which of the following statements are correct?(1) All non-current assets must be depreciated.(2) If goodwill is revalued, the revaluation surplus appears in the statement of changesin equity.(3) If a tangible non-current asset is revalued, all tangible assets of the same classshould be revalued.(4) In a company’s published statement of financial position, tangible assets andintangible assets must be shown separately.
A 1 and 2 B 1 and 4 C 2 and 3 D 3 and 4
4 .IAS 38 Intangible Assets governs the accounting treatment of expenditure on research anddevelopment. The following statements about the provisions of IAS 38 may or may not becorrect:(1) Capitalised development expenditure must be amortised over a period not exceedingfive years.(2) If all the conditions specified in IAS 38 are met, development expenditure may becapitalised if the directors decide to do so.(3) Capitalised development costs are shown in the statement of financial positionunder the heading of Non-current Assets.(4) Amortisation of capitalised development expenditure will appear as an item in acompany’s statement of changes in equity.Which of these four statements are in fact correct?
A (1) and (3) B (1) and (4) C (2) and (3) D (3) only
5 .Which of the following statements about goodwill is correct?
A Goodwill may only be revalued to a figure in excess of cost if there is relevant andreliable evidence to support the revaluation. B Internally-generated goodwill may be capitalised if certain criteria are met. C Purchased goodwill is the difference between the cost of acquiring an entity and thefa...
7 .Which of the following statements about intangible assets are correct?(1) If certain criteria are met, research expenditure must be recognised as an intangibleasset.(2) Goodwill may not be revalued upwards.(3) Internally generated goodwill should not be capitalised.
A (1) and (2) only B (1) and (3) only C (2) and (3) only
8 .Which of the following statements about provisions, contingencies and events after thereporting period is correct?
A A company expecting future operating losses should make provision for thoselosses as soon as it becomes probable that they will be incurred. B Details of all adjusting events after the reporting period must be disclosed by note ina company’s financial statements. C A contingent asset must be rec...
9 .Which of the following statements about contingent assets and contingent liabilities istrue?(1) A contingent asset should be disclosed by note if an inflow of economic benefits isprobable.(2) A contingent liability should be disclosed by note if it is probable that a transfer ofeconomic benefits to settle it will be required, with no provision being made.(3) No disclosure is required for a contingent liability if it is less than probable that atransfer of economic benefits to settle it will be required.
A 1 only B 2 only C 3 only D None of these statements
10 .Which of the following statements are correct?(1) Contingent assets are included as assets in financial statements if it is probable thatthey will arise.(2) Contingent liabilities must be provided for in financial statements if it is probablethat they will arise.(3) Details of all adjusting events after the reporting period must be given in notes tothe financial statements.(4) Material non-adjusting events are disclosed by note in the financial statements.
A (1) and (2) B (1) and (3) C (2) and (4) D (3) and (4)
