1 of 12A company is developing a new game controller for its Galaxy 500 computer games. In the financial year ended 31 December 20X4 the company spent £114,000 on this development spread evenly over the year. On 30 November 20X4the company identified that the six IAS 38 criteria for capitalisation of development expenditure were all met. The game controller was not yet available for sale at 31 December.What is the carrying amount of any intangible asset recognised in the financial statement of the company at 31 December 20X4?O £9,500O £114,000O £104,500O Nil2 of 12A company with a 31 December year end uses the revaluation model for its properties. On 1 January 20X3 it bought a building for £1,480,000. The company carried out a revaluation exercise on 31 December 20X4, and this building wasrevalued to £1,944,000. The company's depreciation policy for buildings is straight-line over 50 years. It regularly transfers any excess depreciation from the revaluation reserve to retained earnings.What is the net book value of the property which would be shown in the company's statement of financial position at 31 December 20X7?O £1,749,600O £1,763,300O £1,822,500O £1,827,3603 of 12A company purchased a delivery vehicle on 1 March 20X2 for £33,600. At this date the company estimated the useful life to be five years with residual value of £6,000. The company's policy is to depreciate this class of asset monthly onthe straight-line basis. On 1 January 20X4 the company changed the useful life of all delivery vehicles to eight years with residual values of £2,000 per vehicle.What is the depreciation expense for the machine for the year ended 31 December 20X4?O £3,451O £2,685O £3,483O £3,8084 of 12P plc acquired 85% of the equity share capital of S Ltd on 1 April 20X3. During the year ended 31 March 20X7 P plc buys goods for £1,781,920 from S Ltd, which S Ltd had marked up by 40%. At 31 March 20X7, the values of inventoriesin P plc's and S Ltd's financial statements are £1,740,000 and £671,300 respectively. P plc still has one quarter of the goods it purchased from S Ltd in its inventories.What is the figure for inventories which would be included in the consolidated statement of financial position at 31 March 20X7?O SlackO £2,132,413O £2,233,108O £2,183,325O £2,284,020AI DenteNouveau message dans #généralNoémie Denis: Yes c'est bon !

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Description: 1 of 12A company is developing a new game controller for its Galaxy 500 computer games. In the financial year ended 31 December 20X4 the company spent £114,000 on this development spread evenly over the year. On 30 November 20X4the company identifie

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A company is developing a new game controller for its Galaxy 500 computer games. In the financial year ended 31 December 20X4 the company spent £114,000 on this development spread evenly over the year. On 30 November 20X4 the company identified that the six IAS 38 criteria for capitalisation of development expenditure were all met The game controller was not yet available for sale at 31 December. What is the carrying amount of any intangible asset recognised in the financial statement of the company at 31 December 20X4? O £9.500 O £114,000 O £104,500 O Nil

A company is developing a new game controller for its Galaxy 500 computer games. In the financial year ended 31 December 20X4 the company spent £114,000 on this development spread evenly over the year. On 30 November 20X4 the company identified that the six IAS 38 criteria for capitalisation of development expenditure were all met The game controller was not yet available for sale at 31 December. What is the carrying amount of any intangible asset recognised in the financial statement of the company at 31 December 20X4? O £9.500 O £114,000 O £104,500 O Nil

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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