GoConqr has a new look! Let us know what you think.

Sign up free

Quiz

ACC210 Financial Accounting: Week 4, Intangibles, Quiz 1.2

Deleted user 11 questions Updated 2 Sep 2017

Take the quiz

Questions in this quiz (11)

  1. 1Once an intangible asset has been acquired and made ready for use, any subsequent expenditure will be expensed unless:
    1. AThe expenditure is of an external nature
    2. BIt is virtually certain that the expenditure will increase the future economic benefits embodied in the asset
    3. CThe expenditure can be measured reliably and directly attributed to the asset
    4. DNone of the above
  2. 2
    For which intangible can costs written off in one period be reinstated in a subsequent period, if recognition and measurement factors change?
    1. AGoodwill
    2. BUnidentifiable intangibles
    3. CDevelopment costs
    4. DNo intangibles
  3. 3Expenditure on certain internally generated identifiable intangibles is specifically excluded from being recognised as intangible assets. Which of the following are not specifically identified?
    1. ABrand names
    2. BMastheads
    3. CCopyright
    4. DCustomer lists
  4. 4The life of an intangible asset is expressed in terms of which of the following?
    1. AEntity life
    2. BEconomic life
    3. CUseful life
    4. DLegal life
  5. 5In amortising identifiable intangibles, what factor(s) should be reviewed on an annual basis?
    1. ACommercial life
    2. BAmortisable (depreciable) amount
    3. CCost consumption pattern (amortisation method)
    4. DAll of the above
  6. 6Where an intangible asset is considered to have an __________________ life, there is no requirement to amortise the asset. What is the missing term based on AASB 138?
    1. AInfinite
    2. BIndefinite
    3. CMaterial
    4. DUnlimited
  7. 7Under AASB 138, the residual value of an identifiable intangible is assumed to be zero unless certain conditions are met. Which of the following represents one of those conditions?
    1. AThere is a commitment by a third party to purchase the asset at the end of its useful life.
    2. BThe residual amount can be determined by reference to an active market that probably will still be in existence at the end of the asset's useful life.
    3. CBoth 1 and 2.
    4. DEither 1 or 2.
  8. 8Which of the following statements is correct in relation to the impairment test for identifiable intangibles?
    1. AIt relates to identifiable intangible assets deemed to have an infinite life.
    2. BIt relates to all identifiable intangible assets.
    3. CIt applies where an asset's carrying amount exceeds its fair value.
    4. DIt applies where an asset's recoverable amount exceeds its carrying amount.
  9. 9In relation to the amortisation of deferred development expenditure, which of the following applies under AASB 138?
    1. AThe amortisation period is a maximum of 20 years.
    2. BThe straight-line method of amortisation must be used.
    3. CThe amortisation shall reflect the pattern of economic benefits consumed.
    4. DIt commences with commercial production of the product resulting from research and development.
  10. 10Complete the following definition of an 'active market' from AASB 138: 'A market exhibiting all of the following: the items traded are ____________; ___________ buyers and sellers can normally be found; and prices are _________ available.'
    1. Ahomogeneous; willing; publicly
    2. Bmaterial; knowledgeable; readily
    3. Cheterogeneous; numerous; always
    4. Dequivalent; sufficient; privately

Information

Description
http://highered.mheducation.com/sites/0070277745/student_view0/chapter8/student_revision_quiz_8_2.html
Author
Deleted user
Language
English
Views
20
History
Created on 2 Sep 2017 · updated on 2 Sep 2017
Rating
No ratings yet
Rate this quiz
Rate this quiz

Feedback

What is it about?

What do you think of the new look?

How do you like it?