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INTACC Finals
25問 • 1年前
  • aen silang
    • 通報

    問題一覧

  • 1

    Which of the following is not a major characteristic of a plant asset?

    acquired for resale

  • 2

    The cost of land does not include

    costs of improvements with limited lives

  • 3

    The cost of a non-monetary asset acquired in exchange for another non-monetary assets and the exchange has commercial substance is usually recorded at

    the fair value of the asset given up, and a gain or loss is recognized

  • 4

    When a closely held corporation issues preference shares for land, the land should be recorded at the

    fair value of the land

  • 5

    Which is not an essential characteristic of property, plant and equipment?

    The property, plant and equipment are subjected to depreciation.

  • 6

    An item of property, plant and equipment shall be recognized as an asset when I. It is probable that future economic benefits associated with the asset will flow to the enterprise. II. The cost of the asset to the enterprise can be measured reliably.

    Both I and II

  • 7

    Government grants should not be recognized until there is a reasonable assurance that:

    an entity will comply with the conditions attaching to them and the grants will be received

  • 8

    In 2021, Entity X received a P2,000,000 grant from the government with the condition that the money shall be used to construct a building. Construction was started in 2021 and was completed on December 31, 2022 for a total construction cost of P6,000,000. The building is estimated to have a useful life of 10 years. Which of the following statements is correct?

    The income from the government grant in 2024 is P200,000.

  • 9

    Construction of a qualifying asset is started on April 1 and finished on December 1. The fraction used to multiply an expenditure made on April 1 to find weighted-average accumulated expenditures is

    8/12

  • 10

    If the qualifying assets is financed by the general borrowing, the capitalizable borrowing cost is equal to

    average expenditures on the asset multiplied by a capitalization rate or actual borrowing cost incurred, whichever is lower

  • 11

    Which of the following may not be considered a “qualifying asset”?

    an expensive private jet that can be purchased from a local vendor

  • 12

    Which of the following statements is true?

    borrowing costs are generally expensed except when they are avoidable and relate to acquisition or construction of a qualifying asset.

  • 13

    If the qualifying asset is financed by specific borrowing, the capitalizable borrowing cost is equal to

    actual borrowing cost incurred up to completion of assets minus any investment income from the temporary investment of the borrowing.

  • 14

    Where there is a long aging or maturation process after harvest, the accounting for such products should be dealt with by

    PAS 2, Inventories

  • 15

    Generally speaking, biological assets relating to agricultural activity should be measured using

    a fair value approach

  • 16

    Which of the following costs are not included in costs to sell?

    transport and other costs necessary to get the assets to a market

  • 17

    When intangible assets are self-generated, costs incurred in the research phase are

    expensed immediately

  • 18

    When intangible assets are self-generated, costs incurred in the development phase are

    expensed immediately, unless they meet all of the conditions for capitalization under PAS 38

  • 19

    Changes in amortization method, useful life, and residual value are changes in accounting estimates and are accounted for

    prospectively

  • 20

    According to PAS 38, intangible assets are initially recognized at

    cost

  • 21

    The following properties fall under the definition of investment property, except

    property occupied by an employee paying market rent

  • 22

    Subsequent to initial recognition, investment property shall be measured at

    either fair value or cost less accumulated depreciation and any accumulated impairment losses

  • 23

    Under PAS 36 Impairment of Assets, which of the following terms best describes the higher of an asset’s fair value less costs of disposal and its value in use?

    recoverable amount

  • 24

    Under PAS 36 Impairment of Assets, which of the following statements best describes ‘value in use’?

    the present value of estimated future cash flows expected to arise from the continuing use of an asset and from its ultimate disposal

  • 25

    Under PAS 36 Impairment of Assets, which of the following statements best describes the term ‘impairment loss’?

    the amount by which the carrying amount of an asset exceeds its recoverable amount

    • Strategic cost

    Strategic cost

    aen silang · 71問 · 1年前

    Strategic cost

    Strategic cost

    71問 • 1年前
    aen silang

    Purposive Quiz

    Purposive Quiz

    aen silang · 56問 · 1年前

    Purposive Quiz

    Purposive Quiz

    56問 • 1年前
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    Purposive

    Purposive

    aen silang · 89問 · 1年前

    Purposive

    Purposive

    89問 • 1年前
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    AIS

    AIS

    aen silang · 88問 · 1年前

    AIS

    AIS

    88問 • 1年前
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    INTAC

    INTAC

    aen silang · 12問 · 1年前

    INTAC

    INTAC

    12問 • 1年前
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    STS

    STS

    aen silang · 73問 · 1年前

    STS

    STS

    73問 • 1年前
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    Rizal

    Rizal

    aen silang · 84問 · 1年前

    Rizal

    Rizal

    84問 • 1年前
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    Rizal Finals

    Rizal Finals

    aen silang · 43問 · 1年前

    Rizal Finals

    Rizal Finals

    43問 • 1年前
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    Purposive Chap 6

    Purposive Chap 6

    aen silang · 26問 · 1年前

    Purposive Chap 6

    Purposive Chap 6

    26問 • 1年前
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    STS Finals

    STS Finals

    aen silang · 94問 · 1年前

    STS Finals

    STS Finals

    94問 • 1年前
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    AIS Finals

    AIS Finals

    aen silang · 28問 · 1年前

    AIS Finals

    AIS Finals

    28問 • 1年前
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    Statistical Analysis with Software Application

    Statistical Analysis with Software Application

    aen silang · 90問 · 1年前

    Statistical Analysis with Software Application

    Statistical Analysis with Software Application

    90問 • 1年前
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    INTACC 2

    INTACC 2

    aen silang · 54問 · 1年前

    INTACC 2

    INTACC 2

    54問 • 1年前
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    ASEAN LIT

    ASEAN LIT

    aen silang · 95問 · 1年前

    ASEAN LIT

    ASEAN LIT

    95問 • 1年前
    aen silang

    ASEAN Literature (All about the works)

    ASEAN Literature (All about the works)

    aen silang · 100問 · 1年前

    ASEAN Literature (All about the works)

    ASEAN Literature (All about the works)

    100問 • 1年前
    aen silang

    ASEAN Literature (All about works pt.2)

    ASEAN Literature (All about works pt.2)

    aen silang · 63問 · 1年前

    ASEAN Literature (All about works pt.2)

    ASEAN Literature (All about works pt.2)

    63問 • 1年前
    aen silang

    HRM (Chap 2)

    HRM (Chap 2)

    aen silang · 47問 · 1年前

    HRM (Chap 2)

    HRM (Chap 2)

    47問 • 1年前
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    HRM (Chap 1)

    HRM (Chap 1)

    aen silang · 28問 · 1年前

    HRM (Chap 1)

    HRM (Chap 1)

    28問 • 1年前
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    HRM (Chap 4)

    HRM (Chap 4)

    aen silang · 33問 · 1年前

    HRM (Chap 4)

    HRM (Chap 4)

    33問 • 1年前
    aen silang

    問題一覧

  • 1

    Which of the following is not a major characteristic of a plant asset?

    acquired for resale

  • 2

    The cost of land does not include

    costs of improvements with limited lives

  • 3

    The cost of a non-monetary asset acquired in exchange for another non-monetary assets and the exchange has commercial substance is usually recorded at

    the fair value of the asset given up, and a gain or loss is recognized

  • 4

    When a closely held corporation issues preference shares for land, the land should be recorded at the

    fair value of the land

  • 5

    Which is not an essential characteristic of property, plant and equipment?

    The property, plant and equipment are subjected to depreciation.

  • 6

    An item of property, plant and equipment shall be recognized as an asset when I. It is probable that future economic benefits associated with the asset will flow to the enterprise. II. The cost of the asset to the enterprise can be measured reliably.

    Both I and II

  • 7

    Government grants should not be recognized until there is a reasonable assurance that:

    an entity will comply with the conditions attaching to them and the grants will be received

  • 8

    In 2021, Entity X received a P2,000,000 grant from the government with the condition that the money shall be used to construct a building. Construction was started in 2021 and was completed on December 31, 2022 for a total construction cost of P6,000,000. The building is estimated to have a useful life of 10 years. Which of the following statements is correct?

    The income from the government grant in 2024 is P200,000.

  • 9

    Construction of a qualifying asset is started on April 1 and finished on December 1. The fraction used to multiply an expenditure made on April 1 to find weighted-average accumulated expenditures is

    8/12

  • 10

    If the qualifying assets is financed by the general borrowing, the capitalizable borrowing cost is equal to

    average expenditures on the asset multiplied by a capitalization rate or actual borrowing cost incurred, whichever is lower

  • 11

    Which of the following may not be considered a “qualifying asset”?

    an expensive private jet that can be purchased from a local vendor

  • 12

    Which of the following statements is true?

    borrowing costs are generally expensed except when they are avoidable and relate to acquisition or construction of a qualifying asset.

  • 13

    If the qualifying asset is financed by specific borrowing, the capitalizable borrowing cost is equal to

    actual borrowing cost incurred up to completion of assets minus any investment income from the temporary investment of the borrowing.

  • 14

    Where there is a long aging or maturation process after harvest, the accounting for such products should be dealt with by

    PAS 2, Inventories

  • 15

    Generally speaking, biological assets relating to agricultural activity should be measured using

    a fair value approach

  • 16

    Which of the following costs are not included in costs to sell?

    transport and other costs necessary to get the assets to a market

  • 17

    When intangible assets are self-generated, costs incurred in the research phase are

    expensed immediately

  • 18

    When intangible assets are self-generated, costs incurred in the development phase are

    expensed immediately, unless they meet all of the conditions for capitalization under PAS 38

  • 19

    Changes in amortization method, useful life, and residual value are changes in accounting estimates and are accounted for

    prospectively

  • 20

    According to PAS 38, intangible assets are initially recognized at

    cost

  • 21

    The following properties fall under the definition of investment property, except

    property occupied by an employee paying market rent

  • 22

    Subsequent to initial recognition, investment property shall be measured at

    either fair value or cost less accumulated depreciation and any accumulated impairment losses

  • 23

    Under PAS 36 Impairment of Assets, which of the following terms best describes the higher of an asset’s fair value less costs of disposal and its value in use?

    recoverable amount

  • 24

    Under PAS 36 Impairment of Assets, which of the following statements best describes ‘value in use’?

    the present value of estimated future cash flows expected to arise from the continuing use of an asset and from its ultimate disposal

  • 25

    Under PAS 36 Impairment of Assets, which of the following statements best describes the term ‘impairment loss’?

    the amount by which the carrying amount of an asset exceeds its recoverable amount