In a service concession arrangement, the operator recognizes? Correct option a) The infrastructure as its PPE b) Either a financial asset or an intangible asset c) Always an intangible asset d) Always a financial asset
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- Which of the following intangible assets should not be amortized? a. Copyrights b. Customer lists c. Perpetual franchises d. All of these intangible assets should be amortized.An operator treats the resurfacing services included in a service concessionarrangement as a separate performance obligation if: A. The resurfacing is to be performed only when the infrastructure deterioratesbelow a specified condition. B. The resurfacing is to be performed only when the infrastructure is used beyond aspecified level of usage.C. The resurfacing is to be performed regardless of the infrastructure’s condition orlevel of usage.D. Any of these. Letter A is incorrect.Identify the following as intangible assets (IA), natural resources (NR), or some other asset (O). Leasehold
- The amount due from or at the direction of the grantor is accounted for by the operator from the contract that is in the form of Financial asset as:fair value through other comprehensive incomeamortized costany of thesefair value through profit or lossWhere the payment of an investment property is deferred beyondnormal credit terms, how should the entity account for anyadditional payment above the cash cost of the asset?Define non operating investment assets.
- It is a type of grant which has a primary condition that an entity must comply which would be related to purchase, construct or otherwise acquire a long term asset?How should research and development expenditure be dealt with in an entity's financial statements? a- Research expenditure should always be written off as an expense but development expenditure should always be capitalised as an intangible asset b- Research and development expenditure should always be written off as an expense c- Research expenditure should always be written off as an expense but development expenditure should be capitalized as an intangible asset if it satisfies certain conditions d- Research and development expenditure should always be capitalised as an intangible asset8. An item of property, plant and equipment should recognised as an asset if and only if:A. it is probable that future economic benefits will flow to the entity concerned.B. the cost of the item can be measured reliablyC. Both A & BD. None of the above
- the amortization of intangible assets with finite useful lives is justified by the : a- economic entity assumption b- going concern assumption c- monetary unit assumption d- historical cost assumptionRecall the definition of assets: probable economic benefits obtained or controlled by a particular entity as a result of past transactions or events. Discuss how a leased building might qualify as an asset of the lessee (tenant) under this definition.2. Which of the following qualifies for classification as an investment property? a. Property that is currently being developed for future use as investment property b. Property that is leased out to another entity under a finance lease c. Building being rented from another entity and leased out under various operating sub-leases d. Investment property that is currently being developed for future use as owner-occupied property
