Which of the following statements about intangible assets in company financial statements is true according to International Financial Reporting Standards?

1 .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 and reliable 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 the fa...

题型: 单选题 提问时间: 2021-08-24

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2 .IAS 38 Intangible Assets governs the accounting treatment of expenditure on research and development. The following statements about the provisions of IAS 38 may or may not be correct:(1) Capitalised development expenditure must be amortised over a period not exceeding five years.(2) If all the conditions specified in IAS 38 are met, development expenditure may be capitalised if the directors decide to do so.(3) Capitalised development costs are shown in the statement of financial position under the heading of Non-current Assets.(4) Amortisation of capitalised development expenditure will appear as an item in a company’s statement of changes in equity.Which of these statements is/are true?

A 1 and 3 B 1 and 4 C 2 and 3 D 3 only

题型: 单选题 提问时间: 2021-08-24

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3 .Resdev incurred the following expenditure on research and development in the year to 30 November 2015:Project 175 USD2.5 millionProject 254 USD1.6 millionProject 393 USD4.8 millionProject 175 is investigating the link between vitamin deficiency and emotional well-being. If a link is proven the company may produce a food additive to improve well-being. Project 254 was completed during the year after a period of 15 months. It has achieved its aim of reducing the material cost of a new product. Production of the product commenced on 1 September 2015. The first sales are expected in February 2016 and the expected life of the product is four years. The project meets the capitalisation criteria of IAS 38 Intangible Assets.Project 393 is a joint research project with a leading University.What amount of research and development expenditure should appear in Resdev’s statement of profit or loss for the year to 30 November 2015?

A USD2.5 million B USD7.3 million C USD7.4 million D USD8.9 million

题型: 单选题 提问时间: 2021-08-24

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4 .Which of the following correctly state the accounting treatment for research costs and development expenditure, assuming that any relevant criteria are met?

A Research May be capitalised; Development May be capitalised B Research Must be written off; Development May be capitalised C Research May be capitalised; Development Must be capitalised D Research Must be written off; Development Must be capitalised

题型: 单选题 提问时间: 2021-08-24

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5 .Which of the following statements about intangible assets are correct?(1) If certain criteria are met, research expenditure must be recognised as an intangible asset.(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 D All three statements

题型: 单选题 提问时间: 2021-08-24

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7 .Prior to 30 April 2015 Marley had paid USD300,000 to fund a research project. Following positive results, it was decided in May 2015 to spend a further USD600,000 to develop the new product, and production also commenced in May 2015. The product is expected to have a commercial life of eight years. The development expenditure meets the criteria for capitalisation in accordance with IAS 38 Intangible Assets.What amount should be expensed to profit or loss for the year to 30 April 2016?

A USDnil B USD37,500 C USD75,000 D USD112,500

题型: 单选题 提问时间: 2021-08-24

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8 .Which of the following statements are correct?(1) Contingent assets are included as assets in financial statements if it is probable that they will arise.(2) Contingent liabilities must be provided for in financial statements if it is probable that they will arise.(3) Details of all adjusting events after the reporting period must be given in notes to the 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

题型: 单选题 提问时间: 2021-08-24

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9 .On 20 November 2015, Clifdan received a letter from a customer claiming USD250,000 in compensation for damage caused by one of Clifdan’s products. Clifdan replied to the customer accepting liability and offering USD100,000 in compensation. The customer refused the offer and is now taking legal action against Clifdan.Clifdan’s legal advisors have indicated that the case is unlikely to be heard in court for at least nine months and that the court is likely to award USD150,000 in compensation.What amount should be provided for the claim in the financial statements of Clifdan for the year to 31 December 2015?

A USDnil B USD100,000 C USD150,000 D USD250,000

题型: 单选题 提问时间: 2021-08-24

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10 .Brouha manufactures animal feed. The company accountant is preparing the 2015 financial statements and considering the effect of a claim for damages of USD50,000 received during the year. The company has offered the claimant USD5,000 to settle the claim. The customer has declined the offer and made a claim to the court. The company’s legal advisors have noted that a similar claim was recently rejected in court.How should the claim be reported in the 2015 financial statements?

A No disclosure B Disclosure as a contingent liability C As a provision of USD5,000 D As a provision of USD50,000

题型: 单选题 提问时间: 2021-08-24

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