1. Directly attributable expenditures Professional fees for legal services,
related to investment property property transfer taxes and other include transaction cost. 2. The period of time during which the asset is substantially complete and interest must be capitalized ends ready for its intended use when 3. Which accurately describes the Full cost method GAAP regarding the accounting for the costs of drilling dry holes in the oil and gas industry? 4. Cash surrender value is classified as Intangible asset 5. It is any contract that evidences Equity instrument residual interest in the assets of an entity after deducting all of the liabilities 6. In the case of grant related income, Present the grant in the income which of the following accounting statement as other income or as a treatment is prescribed? separate line item or deduct it from the related expense. 7. Upon death of an officer an entity Proceeds received less cash surrender received the proceeds of a life value insurance policy held by the entity on the officer. The policy's cash surrender value had been recorded by the entity at the time of payment. What amount of revenue should the entity report in its income statement? 8. The interest income for the year A premium would be lower if a bond is purchased at 9. A building suffered uninsured fire Capitalize the cost of refurbishing and damage. The damaged portion of the record a loss in the current period building was refurbished with higher equal to the carrying amount of the quality materials. The cost and damaged portion of the building. related accumulated depreciation of the damaged portion are identifiable. To account for these events, the entity shall 10. A debt investment shall be measured When the business model is to collect subsequently at amortized cost contractual cash flows that are solely payments of principal and interest. 11. An entity using composite Cash proceeds received depreciation method for a fleet of trucks, cars and campers retired one of the trucks and received cash from a salvage entity. The net carrying amount of these composite asset accounts would be decreased by the 12. When assets such as land and the purchase cost should be allocated buildings are acquired for a lump between land and buildings on the sum basis of their respective fair values. 13. How should preference shares that Either current or noncurrent are redeemable mandatorily be financial liability depending on presented in the statement of redemption date financial position? 14. Capitalization of borrowing costs Extended periods in which active shall be suspended during development is interrupted 15. The revaluation surplus that is Retained earnings realized because of the use of the asset or disposal of the asset may be transferred directly to 16. When an entity chooses the When an asset is revalued, the entire revaluation model for property, class of property, plant and plant and equipment, which equipment to which that asset belongs statement is true? must be revalued. 17. Additions to plant assets are capital expenditures 18. A discount for prompt payment for as a credit to the asset account property or plant acquired should be recognized 19. The interest method of amortizing Increasing amortization and premium provides for increasing interest income 20. What is the method of amortizing The straight line method, unless the intangible asset? pattern of the economic benefits can be determined reliably 21. Which condition must be met for an The item is nonmonetary, identifiable item to be recognized as an and lacks physical substance. intangible asset other than goodwill? 22. Which is not a category of financial Financial assets held for sale assets? 23. Government grant related to Over the useful life of the asset and in depreciable asset is usually proportion to the depreciation of the recognized as income asset. 24. An impairment loss is the excess of Present value of the expected cash the carrying amount of the debt flows investment over 25. When there is a change in estimated current and future years' depreciation depreciation should be revised 26. Which of the following is not a Information about commercial disclosure required in relation to reserve quantity exploration and evaluation expenditures? 27. Indicate which of the following Totals of major classes of assets can statements is true. be shown in the statement of financial position, with asset details disclosed in the notes to the financial statements. 28. All of the following are examples of Inventories that are routinely qualifying assets except manufactured or otherwise produced in large quantities on a repetitive basis over a short period of time. 29. A machine with a four-year Original cost x 50% estimated useful life and an estimated 15% residual was acquired at the beginning of the current year. The increase in accumulated depreciation for the second year using the double declining balance method would be