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Exam 1 - CMBCTCQT1
Exam 1 - CMBCTCQT1
Select one:
a.
Local currency
b.
Foreign currency
c. Functional currency
d.
Presentation currency
Entity D owns an asset, It has access to three different active markets to sell the asset
Answer: $4,150
Select one:
a. Intangible assets
b. Accruals
c. Work in progress
d. Prepayments
Financial assets
and trade accounts receivable may be aggregated in the statement of
financial
position.
Select one:
True
False
Select one:
a. Local currency
b. Functional
currency
c. Presentation
currency
d. Foreign currency
Select one:
True
False
Câu Hỏi 7 Đúng Đạt điểm 1,00 trên 1,00
Select one:
a. All above
b. Plan assets (IAS 19)
c. Retirement benefit plan investments (IAS 26)
d. Assets for which recoverable amount is fair value less cost of disposal
(IAS 36)
On 18 August 20X5 Europe Co, which has the Euro as functional currency, bought a
property in India as a base from which to expand its Asian operations, The property costs
220 million rupees. Europe Co applies the IAS 16 revaluation model to its property
however a valuation exercise at 31 December 20X5 reveals that the fair value of the
Indian property is not significantly different from carrying amount 200 million rupees of
the purchase consideration was paid by Europe Co immediately on 18 August; the
remaining amount was payable on 31 October 20X5. Exchange rates at relevant dates
were:
18 August 20X5 85 rupee : €1
31 October 20X5 87 rupee : €1
31 December 20X5 88 rupee : €1
Fill in the blank below to answer the questions.
At what amount is the property initially recognized by Europe Co on 18 August 20X5
(Round the number up to get no decimal)?
Answer: €2,588,235
Câu Hỏi 9 Đúng Đạt điểm 1,00 trên 1,00
Select one:
a. Changes in equity
b. Income Streams
c. Cash flows
d. Financial position
Select one:
True
False