Quiz
ACC210 Financial Reporting: Week 4, Intangibles Quiz 1.4
Perguntas do quiz (20)
1The two key characteristics of intangible assets are that they are identifiable and that they:
- Ahave physical substance;
- Black physical substance;
- Care monetary assets;
- Drepresent current obligations of the entity.
2The concept that distinguishes other intangible assets from goodwill is:
- Alength of useful life;
- Black of physical substance;
- Cidentifiability;
- Dmateriality.
3Items such as market knowledge, effective advertising programs, fundraising capabilities and trained staff are not regarded as assets because they:
- Aare not controlled by the entity;
- Bare monetary items;
- Ccannot be measured;
- Dare too difficult to manage.
4Under AASB 138 all expenditure on research activities must be:
- Acapitalised as a current asset;
- Bcapitalised as an intangible asset;
- Crecognised directly in retained earnings;
- Dexpensed.
5The recognition criteria that an asset must meet before it may be recognised and presented in the financial statements include:
- Athat the recognition of the asset is relevant to user decision making;
- Bthat the information about the asset is neutral;
- Ca probability that future economic benefits will flow to the entity;
- Da likelihood that the cost of the asset is verifiable.
6When measuring an intangible asset initially, which of the following valuation methods must be used?
- Aacquisition price;
- Bcost;
- Cfair value;
- Dmarket value.
7The cost of an intangible asset is comprised of the fair value of the consideration:
- Aless legal costs incurred in the purchase;
- Bplus indirect costs;
- Cless directly attributable costs;
- Dplus directly attributable costs.
8An intangible asset acquired through a business combination is initially measured at:
- Afair value;
- Bcost;
- Cnet present value;
- Drealisable value.
9Internally generated goodwill:
- Acan be recognised when it is acquired as part of a business combination;
- Bcannot be measured;
- Ccannot be recognised;
- Dis not identifiable.
10The original and planned investigation undertaken with the prospect of gaining new knowledge is described as:
- Aexploration;
- Bresearch;
- Cdevelopment;
- Dinvestigation.
11When a continuing project moves beyond the research stage it moves into a stage known as:
- Aacquisition;
- Bexploration;
- Cdevelopment;
- Dcombination.
12From an accounting perspective, expenditure on development is:
- Aexpensed as incurred;
- Bcapitalised as an intangible asset;
- Cregarded as a contingent asset and not capitalised;
- Drecognised directly as a part of equity.
13When deciding whether to capitalise development expenditure as an intangible asset which of the following points must be satisfied? An entity must be able to demonstrate:
I. Its ability to sell the intangible asset.
II. Its intention to complete the intangible asset.
III. The technical feasibility of completing the intangible asset.
IV. Its ability to reliably measure the expenditure attributable to the intangible.- AI, II and IV only;
- BI, III and IV only;
- CII, II and IV only;
- DI, II, III and IV.
14When capitalising development costs an entity:
- Amay include all previous costs whether written off or current period costs;
- Bmay include all indirect and directly attributable costs;
- Cmay not reinstate any previously expensed costs;
- Dmay capitalise the sum of all related research and development costs.
15Which of the following intangibles may be capitalised by an entity?
- AGoodwill acquired in a business combination;
- BInternally generated mastheads;
- CPublishing titles developed within the entity;
- DCustomer lists produced by the entity's marketing division.
16Johnson Limited spent the following amounts on an engineering project: $10 000 on research salaries; $15 000 on equipment for a research laboratory; $30 000 on project development costs; and $6 000 on marketing costs. The amount that may capitalised is:
- A$61 000;
- B$51 000;
- C$36 000;
- D$30 000.
17Subsequent to initial recognition of an intangible asset, an entity may choose to measure the item using the:
- Agross method;
- Bcash flow method;
- Crevaluation method;
- Dnet method.
18Under the revaluation method of measuring an intangible, the asset is carried at fair value and subject to charges for:
- Ainflation in value;
- Bamortisation and impairment;
- Cinterest expense;
- Dincrement in value.
19In circumstances where there is a revaluation decrement on revaluation of an intangible asset, any accumulated amortisation will be:
- Aeliminated at the time of revaluation;
- Btransferred immediately to a revaluation reserve account;
- Ccredited to profit or loss;
- Drecognised as a gain on revaluation.
20When subsequent expenditure on intangible assets occurs the costs are:
- Arecognised directly in retained earnings account.
- Btransferred to a revaluation reserve account;
- Ccapitalised;
- Dimmediately expensed.
Informações
- Descrição
- http://www.johnwiley.com.au/highered/leo8e/content019/multiple_choice/mc_ch07_leo09.html?Hd1=
- Autor
- Luke Hodges
- Idioma
- English
- Visualizações
- 54
- Etiquetas
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