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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- Identify the following as intangible assets (IA), natural resources (NR), or some other asset (O). LeaseholdThe 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?
- 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
- Explain the recording of repayment of grant related to an asset?Question 3 The type of intangible assets in which the right granted by a company or the government to deliver a product or service under specified conditions is termed as: a. Franchises and Licenses Ob. Leaseholds Oc. Leasehold Improvements Od. Copyrights1. When an item of asset is transferred to and from the classification investment property, carried using the cost model, the measurement basis at the date of transfer is the a. original cost. b. fair value. c. carrying amount. d. recoverable amount.2. What could be a valid reason for transfers from investment property to property, plant and equipment? a. When there is a change in use b. based on the accountant's discretion c. When the entity adopts the fair value model d. when there is change in asset's life3. An entity has an investment property that is held for rental income. The entity uses the fair value model for reporting the investment property. Which of the following statement is true? a. changes in fair value are reported in profit or loss in the current period b. changes in fair value are reported as an extraordinary gain c. changes in fair value are reported in other comprehensive income for the period d. changes in fair value are…
