1.)For an asset to be held for sale,: 1. It must be available for immediate sale in its present condition 2. Its sale must be highly probable 3. The management must be committed to a plan to sell the asset 4. The management must have an active program to locate a buyer 5. The asset must be actively marketed for sale 6. The sale should be expected to be completed within one year from the date of classification 7. The asset should be fully depreciated a. 1 to 6 only b. 1 to 4 only c. 1 to 5 only d. 1 to 7 all 2.)Which of the following is not an objective of PAS 10? a. To prescribe when an entity should adjust its financial statements for events after the reporting period b. To prescribe how an entity should distinguish favorable events from unfavorable c. To prescribe the disclosures that an entity should give about the date when the financial statements were authorized for issue and about events after the reporting period d. To require an entity should not prepare its financial statement on a going concern basis if events after the reporting period indicate the going concern assumption is not appropriate
1.)For an asset to be held for sale,: 1. It must be available for immediate sale in its present condition 2. Its sale must be highly probable 3. The management must be committed to a plan to sell the asset 4. The management must have an active program to locate a buyer 5. The asset must be actively marketed for sale 6. The sale should be expected to be completed within one year from the date of classification 7. The asset should be fully
a. 1 to 6 only
b. 1 to 4 only
c. 1 to 5 only
d. 1 to 7 all
2.)Which of the following is not an objective of PAS 10?
a. To prescribe when an entity should adjust its financial statements for events after the reporting period
b. To prescribe how an entity should distinguish favorable events from unfavorable
c. To prescribe the disclosures that an entity should give about the date when the financial statements were authorized for issue and about events after the reporting period
d. To require an entity should not prepare its financial statement on a going concern basis if events after the reporting period indicate the going concern assumption is not appropriate
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