Which of the following is NOT an intangible asset?
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1 .On 1 January 20X0 Beech purchased an asset for USD500,000, the asset had a useful life of eight years and nil residual value.On 1 July 20X3 the asset was classified as held for sale in accordance with IFRS 5 Noncurrent Assets Held for Sale and Discontinuing Activities. On that date the fair value less cost of disposing of the asset were assessed as USD254,000.What is the total expense should be recognised in respect of this asset in the statement of profit or loss for 20X3?
A USD31,250 B USD56,650 C USD58,500 D USD62,500
2 .In order for an asset to be classified as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinuing Activities the sale of the asset must be highly probable.Which TWO of the following are indicators that the sale of the asset is highly probable?(1) The asset has been advertised for sale in a trade journal.(2) A contract with a buyer has been signed.(3) The market value of similar assets is USD50,000 and management hopes to sell the asset for a profit of USD30,000.(4) Necessary repairs to the asset will be carried out when management has signed a contract for the sale.
A 1 and 2 only B 2 and 3 only C 3 and 4 only D 1 and 4 only
3 .Which one of the following could be classified as deferred development expenditure in M’s statement of financial position as at 31 March 20X1 according to IAS 38 Intangible Assets?
A USD120,000 spent on developing a prototype and testing a new type of propulsion system for trains. The project needs further work on it as the propulsion system is currently not viable B A payment of USD50,000 to a local university’s engineering faculty to research new environmentally friendly b...
4 .Which ONE of the following would most likely result in the recognition of an asset in KJH’s statement of financial position at 31 January 20X2?
A KJH spent USD50,000 on an advertising campaign in January 20X2. KJH expects the advertising to generate additional sales of USD100,000 over the period February to April 20X2 B KJH is taking legal action against a contractor for faulty work. Advice from its legal team is that it is probable that KJ...
5 .IAS 38 Intangible Assets governs the accounting treatment of expenditure on research and development.Which of the following statements are 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 Intangible Assets.(4) Amortisation of capitalised development expenditure will appear as an item in a company’s statement of changes in equity.
A 1 and 3 only B 1 and 4 only C 2 and 3 only D 3 only
7 .Which of the following may be included in a company’s statement of financial position as an intangible asset under IAS 38 Intangible Assets?
A Payment on account of patents B Expenditure on completed research C Start-up costs D Internally-generated goodwill
8 .Henna was incorporated on 1 January 20X6. At 31 December 20X6 the following costs had been incurred:(1) Legal fees incurred in establishing the entity USD80,000(2) Customer lists purchased from a company that has gone out of business USD100,000(3) Goodwill created by the company USD80,000(4) Patents purchased for valuable consideration USD70,000(5) Costs incurred by the company in developing patents USD60,000What is the total cost of intangible assets to be recognised in the statement of financial position of Henna at 31 December 20X6 in accordance with IAS 38 Intangible Assets?
A USD310,000 B USD250,000 C USD230,000 D USD170,000
9 .Which of the following conditions would preclude any part of the development expenditure to which it relates from being capitalised?
A The development is incomplete B The benefits flowing from the completed development are expected to be greater than its cost C Funds are unlikely to be available to complete the development D The development is expected to give rise to more than one product
10 .Which of the following types of expenditure must be recognised as an expense when it is incurred?
A Tangible non-current assets acquired in order to provide facilities for research and development activities B Legal costs in connection with registration of a patent C Costs of searching for possible alternative products D Costs of research work which are to be reimbursed by a customer
