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- IAS 16 – Property Plant and Equipment 0%
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Question 1 of 10
1. Question
Which of the following is a correct treatment of accumulated depreciation at the asset revaluation date?
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Question 2 of 10
2. Question
If an item of property, plant and equipment is revalued, the entire class of property, plant and equipment to which that asset belongs shall be revalued.
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Question 3 of 10
3. Question
Which of the following is not a permissible way to recognise the increase in an asset’s carrying amount as a result of revaluation?
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Question 4 of 10
4. Question
The revaluation surplus included in __________ in respect of an item of property, plant and equipment may be transferred directly to __________ when the asset is derecognised.
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Question 5 of 10
5. Question
Depreciation charge of an asset can be included in the carrying amount of another asset.
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Question 6 of 10
6. Question
Which of the following factors shall be considered, when determining the useful life of an asset?
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Question 7 of 10
7. Question
The depreciation method applied to an asset shall be reviewed at least __________ and, if there has been a significant change in the expected pattern of consumption of the future economic benefits embodied in the asset, the method shall be changed to reflect the changed pattern.
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Question 8 of 10
8. Question
An entity can classify as revenue a gain it realises on the disposal of an item of property, plant and equipment.
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Question 9 of 10
9. Question
An aircraft, which costs $30 million with 20-year life, must have a major overhaul every five years. The estimated cost of the overhaul at the five-year point is $5 million. The entity capitalises the cost of the overhaul in accordance with IAS 16 and accrues depreciation for the plane and the overhaul separately. What is the amount of the annual depreciation charge of the aircraft fuselage?
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Question 10 of 10
10. Question
As asset costing $2,000 was estimated to have a useful life of 10 years and residual value of $100. After the two years, useful life was revised to four remaining years. What is the depreciation charge for the third year?
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