Intangible Assets IAS38 [PDF]

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Câu Hỏi 1

Thứ tư, 10 Tháng mười một 2021, 3:59 PM Finished Thứ tư, 10 Tháng mười một 2021, 4:07 PM 8 phút 13 giây 9,00 out of 10,00 (90%)

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According to IAS 38 Intangible assets, which of the following statements about research and development expenditure are correct? 1.Research expenditure, other than capital expenditure on research facilties, should be recognised as an expense as incurred; 2.In deciding whether development expenditure qualifies to be regconised as an asset, it is necessary to consider whether there will be adequate finance available to complete the project; 3.Development expenditure regconised as an asset must be amortised over a period not exceeding five years. Select one:

a. 1, 2 b. 1, 2, 3 c. 1,3 d. 2, 3

Câu Hỏi 2

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Impairment testing is conducted annually for both limited–life and indefinite-life intangible assets. a. True b. False

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Câu Hỏi 3

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Which of the following intangible assets should be shown as a separate item on the statement of financial position? a. Goodwill b. Trademark c. Franchise d. Patent

Câu Hỏi 4

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Which of the following does not describe intangible assets? a. They are monetary assets. b. They are classified as long-term assets. c. They lack physical existence. d. They provide long-term benefits.

Câu Hỏi 5

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The intangible asset goodwill may be a. capitalized only when created internally. b. capitalized only when purchased. c. capitalized either when purchased or created internally. d. written off directly to retained earnings.

Câu Hỏi 6

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Depreciation, depletion, and amortization: Select one:

a. All refer to the process of allocating the cost of long-term assets used in the business over future periods. b. All of the above are correct. c. Are all handled the same in arriving at taxable income. d. All generally utilize the same methods of cost allocation.

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Câu Hỏi 7

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IFRS requires that start-up costs and initial operating losses during the early years be capitalized. a. True b. False

Câu Hỏi 8

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Which of the following methods of amortization is normally used for intangible assets? a. Units of production b. Straight-line c. Double-declining-balance d. Sum-of-the-years'-digits

Câu Hỏi 9

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The legal life of a patent is generally:  Select one:

a. Forty years. b. Twenty years. c. Indefinite. d. Life of the inventor plus fifty years.

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Câu Hỏi 10

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Cromartie LTD. prepares its financial statements according to International Financial Reporting Standards. During 2013 the company incurred $1,245,000 in research expenditures to develop a new product. An additional $756,000 in development expenditures were incurred after technological and commercial feasibility was established and after the future economic benefits were deemed probable. The project was successfully completed and the new product was patented before the end of the 2013 fiscal year. Sale of the product began in 2014. What amount of the above expenditures would Cromartie expense in its 2013 income statement? Select one:

a. $0. b. $2,001,000. c. $756,000. d. $1,245,000.

◄ PPE-IAS 16

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