MULTIPLE CHOICE 1. Which of the following would be reported as investment property? A. Property owned by the entity and leased out under one or more operating leases B. Property held by the entity to be leased out under one or more operating leases C. Real estate held with an undetermined future use. D. Property owned by the entity and leased out to another entity under a finance lease.
MULTIPLE CHOICE
1. Which of the following would be reported as investment property?
A. Property owned by the entity and leased out under one or more operating leases
B. Property held by the entity to be leased out under one or more operating leases
C. Real estate held with an undetermined future use.
D. Property owned by the entity and leased out to another entity under a finance lease.
2. Entity A acquires a building through self-construction (construction by administration). The initial costs of the building will most likely be based on which of the following?
A. The contract price.
B. The costs of direct materials, direct labor and construction
C. a or b
D. fair value at the acquisition date
3. Which of the following is most likely to be recognized as intangible asset by a government entity?
A. Internally generated brand
B. Subsequent expenditure on copyright
C. Development cost incurred in internally generating a patent
D. Publishing title acquired as a donation
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