34. Which type of assets are generally known as the foundation of the business. a. Intangible assets b. Fixed assets c. None of the options d. Current assets
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- 1. IAS 36 applies to which of the following assets? (a) Inventories. (b) Financial assets. (c) Assets held for sale. (d) Property, plant, and equipment. 2. Value-in-use is (a) The market value. (b) The discounted present value of future cash flows arising from use of the asset and from its disposal. (c) The higher of an asset’s fair value less cost to sell and its market value. (d) The amount at which the asset is recognized in the balance sheet. 3. If the fair value less costs to sell cannot be determined (a) The asset is not impaired. (b) The recoverable amount is the value-in-use. (c) The net realizable value is used. (d) The carrying value of the asset remains the same. 4. If assets are to be disposed of (a) The recoverable amount is the fair value less costs to sell. (b) The recoverable amount is the value-in-use. (c) The asset is not impaired. (d) The recoverable amount is the carrying value. 5. Estimates of future cash flows normally would cover projections over a maximum…30 - Which of the following is the gross amount of the values obtained from the sale of goods and services that are in the main field of activity of the enterprise or the sale of assets other than the main field of activity, interest, rent, participation income and the like ? a) Capital B) debts NS) Snow D) Income TO) Balanceq26 Which of the following methods of fixed assets valuation provides more relevant information to users of the financial statements? Select one: a. Carrying value less accumulated depreciation and impairment losses b. Revaluation Method c. Book value less accumulated depreciation d. Historical Cost Method
- 25 - What is the name given to assets with a physical structure, which are acquired for use in business activities and whose estimated useful life is more than one operating period?A) Assets subject to special consumptionB) Intangible Fixed AssetC) Tangible Fixed AssetD) Fixed AssetE) Financial fixed assets31. Expenditures to acquire long-term assets are most likely classified as Personnel Services (PS) Maintenance and Other Operating Expenses (MOOE) Financial Expenses (FE) Capital Outlay (CO)38-Which of the following statement describes financial assets? a. Intangible assets where typically the future benefits come in the form of a claim to future cash b. Any asset that has a legal claim to some future economic benefits c. None of the option is correct d. Contractual obligation to pay cash Clear my choice
- What is the value of the company's quick current assets?A. $ 164,477B. $ 305,885C. $ 243,146D. $ 486,2665. Which of the following assets do not qualify for capitalization of interest costs incurred during construction of the assets? A) Assets financed through the issuance of long-term debt. B) Assets under construction for an enterprise's own use. C) Assets not currently undergoing the activities necessary to get them ready for use. D) Assets intended for sale or lease that are produced as discrete projects.14 Which statement is incorrect regarding presentation and disclosure of financial assets? Group of answer choices FA@FVTPL are usually presented as current. FA@FVTOCI are either current or noncurrent. FA@AC shall be presented as noncurrent. The carrying amounts each category of financial assets shall be disclosed either in the statement of financial position or in the notes.
- 15 - Which of the following statements about depreciation is false? a) Depreciation is a type of expense that does not require a cash outflow. B) As a result of use, wear, tear, depreciation or obsolescence must be experienced in the tangible asset. NS) The asset to be depreciated should be among the assets of the enterprise. D) Proportional depreciation method can be applied for all tangible fixed assets. TO) For a property, plant and equipment to be depreciated, its economic life must be more than one year.29. A public utility reports noncurrent assets as the first item on its balance sheet. This is an example of a. Conservatism b. Improper statement presentation c. Substance over form d. Industry practiceQ1 Which of the following statement (s) is (are) true? (i) When no future economic benefits are no longer expected to flow from an intangible asset, such asset should be derecognized the financial statements of an organization. (ii) When an intangible asset is derecognized, the carrying amount should be written off as a loss in the profit or loss statement at the date of retirement of the asset. (iii) When an intangible asset is sold, the difference between the carrying amount and consideration received is recognized in the profit or loss statement at the date of the sale. (iv) Consideration to be received in the event of sale of an intangible asset should only be cash Select one: a. (ii) and (iv) only b. (i) and (ii) only c. (i) and (iv) only d. (i), (ii) and (iii) only