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I.   An entity owns a motor vehicle for the exclusive business and private use of its chief accounts officer    II.     An entity acquired a license to import a specific chemical into the country.    III.     The entity owns a Pickup truck and trailer used to transport feed to the animals in a cattle farm.    IV.    An entity owns a fleet of motor vehicles. The vehicles are used by the sales staff in the performance of their duties.   a- V only b- I and IV only c- I, III and IV only d- I, II, III and IV only

I.   An entity owns a motor vehicle for the exclusive business and private use of its chief accounts officer    II.     An entity acquired a license to import a specific chemical into the country.    III.     The entity owns a Pickup truck and trailer used to transport feed to the animals in a cattle farm.    IV.    An entity owns a fleet of motor vehicles. The vehicles are used by the sales staff in the performance of their duties.   a- V only b- I and IV only c- I, III and IV only d- I, II, III and IV only

FINANCIAL ACCOUNTING
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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Which of the following situation/s do you think are considered to be part of property, plant and equipment as per IAS 16?

   I.   An entity owns a motor vehicle for the exclusive business and private use of its chief accounts officer

   II.     An entity acquired a license to import a specific chemical into the country.

   III.     The entity owns a Pickup truck and trailer used to transport feed to the animals in a cattle farm.

   IV.    An entity owns a fleet of motor vehicles. The vehicles are used by the sales staff in the performance of their duties.

 

a- V only

b- I and IV only

c- I, III and IV only

d- I, II, III and IV only

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