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Which of the following is an example of expenditures that are not part of the cost of an intangible asset?CorrectIncorrect
In accordance with IFRS 3 Business Combinations, if an intangible asset is acquired in a business combination, the cost of that intangible asset is its __________ at the acquisition date.CorrectIncorrect
In which of the following phases does the entity classify the generation of the asset in order to assess whether an internally generated intangible asset meets the criteria for recognition?CorrectIncorrect
Which of the following is an example of research activities?CorrectIncorrect
What shall an entity demonstrate in order to recognise an intangible asset arising from development?CorrectIncorrect
To demonstrate how an intangible asset will generate probable future economic benefits, an entity assesses the future economic benefits to be received from the asset using the principles in IAS 36 Impairment of Assets.CorrectIncorrect
Which of the following will more likely result in development of an intangible asset?CorrectIncorrect
On July 1 20X6 an entity Z established a new research and development unit to automate assembly line for chocolate bars packing. The following expenses were incurred during the year ended 30 June 20X6:
• Purchase of building for $500,000. The building is to be depreciated on a straight-line basis for 25 years
• Wages and salaries of research staff are $350,000
• Assembly line costing $84,000 is to be depreciated using a reducing balance rate of 50% per annum.
What amount of research and development expenditures shall an entity Z recognise as an expense in the year ended 30 June 20X6?CorrectIncorrect
An entity X acquired the exclusive rights on 1 March. The amount payable for the rights was $150,000 immediately and $50,000 in one year’s time. Entity’s X cost of capital is 10%.
What is the cost of the patent rights on initial recognition?CorrectIncorrect