St: A property acquired by issuing equity shares should be recorded at fair value of the asset received. S2: A property acquired by issuing bonds payable should be recorded at fair value of the asset received. O Only S1 is TRUE O Only S2 is TRUE Both statements are TRUE
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- 6. What is the proper treatment for noncash asset received from a non-stockholder? Group of answer choices a. The share premium shall be credited for the fair value of the noncash asset. b. The share premium shall be credited for the book value of the noncash asset. c. The income account shall be credited for the fair value of the noncash asset. d. The income account shall be credited for the book value of the noncash asset.18. What is the proper treatment for noncash asset received from a stockholder? Group of answer choices a. The share premium shall be credited for the fair value of the noncash asset. b. The share premium shall be credited for the book value of the noncash asset. c. The income account shall be credited for the fair value of the noncash asset. d. The income account shall be credited for the book value of the noncash asset.Which of the following is measured at fair value with fair value changes recognized in profit or loss? a. held to maturity investments b. financial assets designated at FVPL c. FVOCI d. all of these
- Statement I: The equity securities issued as part of the consideration transferred shall be measured at the fair value of the shares at the date of acquisition.Statement II: The goodwill in the books of the acquiree shall be measured at its fair value at the date of acquisition. a. True, False b. False, True c. True, True d. False, FalseIFRS requires companies to measure their financial assets at fair value except when based on:(a) whether the equity method of accounting is used.(b) whether the fi nancial asset is a debt investment.(c) whether the fi nancial asset is an equity investment.(d) whether an investment is classifi ed as trading.1 Unrealized holding gain/loss which are taken to profit or loss are from securities that are classified as a. held to maturity b. investment in associate c. equity investment at fair value through profit or loss d. equity investment at fair value through other comprehensive income
- S1 – All dispositions of real properties classified as capital assets are subject to capital gains tax. S2 – All dispositions of shares of stocks are subject to capital gains tax. Group of answer choices a. Only S1 is true b. Only S2 is true c. Both are true d. Both are falseAll of the following statements are true, except: * a. When property is acquired in exchange for another, its cost is usually determined by reference to the fair value of the asset surrendered b. Property acquired in exchange for shares or other securities of the enterprise should be recorded at its fair value or the fair value of the securities, whichever is more clearly evident c. Donation of PPE should be recorded at the fair value of the donated asset d. When a group of assets is acquired for a lump sum price, the lump sum price should be allocated to the individual assets based on their carrying values.Which of the following statements is TRUE? a. The acquirer shall measure the identifiable assets acquired and the liabilities assumed at their acquisition-date fair value. b. Transaction costs directly related to the issue of debt instruments are deducted from the fair value of the debt on initial recognition and are amortized over the life of the debt as part of the effective interest rate. Directly attributable transaction costs incurred issuing equity instruments are deducted from revenue. c. In net asset acquisition, gain on bargain purchase is recognized in the Profit or Loss of the acquirer (after reassessment) if the consideration transferred is more than the fair value of net assets acquired. d. According to IFRS #3: Revised, cost directly attributable in effecting the business combination (e.g., finders’ fee and other direct cost) must be charged to share premium.
- 37. When an entity reduces its interest in an investment in equity securities accounted for by the equity method and changes in to the fair value method. What is the initial measurement of the investment for purposes of subsequent changes in market value? a. Carrying amount at the date of changea. Original costb. Market value at the date of changec. Market value at the date of acquisition1. Which of the following are recognized as a liability?I. Cash dividends payableII. Scrip dividends payableIII. Property dividends payableIV. Share dividends payable All are recognized as a liability I and II only. I and III only I, II, and III only 2. Which of the following situations will result in a future deductible amount? Carrying amount of the asset > tax base of the asset Tax base of the asset > carrying amount of the asset Carrying amount of the liability < tax base of the liability Financial income > Taxable income 3. Under IAS 19 Employee Benefits, how is actuarial gain or loss handled? recognized in full in profit or loss. recognized in full in other comprehensive income. amount falling outside the corridor is amortized over the remaining service life of employees and is taken to the profit or loss. amount falling outside the corridor is amortized over the remaining service life of employees and is taken to the other comprehensive income.I-Equity investments held for trading fall under FVPL II-Equity Investments at FVPL are presented as current assets in a properly classified statement of financial position a. Both statements are true b. Only statement II is true c. Both statements are false d. Only statement I is true
