Which of the following statements is FALSE? Some intangible assets are not required to be amortized. Research and development expenditures are expensed as incurred because of the uncertainty regarding their future cash flows. Amortization expense is generally recorded with a credit to the Accumulated Amortization account. Internally generated goodwill is not capitalized in the accounts.
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- Which of the following techniques can be used by management to overstate long-lived assets? *A. All of the aboveB. Record existing assets at amounts excluding incidental costsC. Include fictitious assets on the financial statementsD. Expense transactions that should be capitalized.Which of the following does describe intangible assets? They are not lack physical existence. They are financial instruments. They provide short-term benefits. They are classified as long-term assets.MCQ: Choose only the correct answer Which of the following statements is false? (a) Financial Instruments are intangible assets (b) Goodwill is not amortizable (c) Goodwill can be identified only in business combination situation (d) Straightline method is generally used to calculate amortazation Which of the following will not be considered while calculating the depletion base? (a) Acquisition costs (b) Tangible development costs (c) Restoration Costs (d) Intangible development costs Which of the following will not be included into the the original cost of a land? (a) Legal fees (b) Brokers' commision (c) Property taxes (D) Accrued property taxes of previous owner The journal entry to record the transportation cost paid by the purchaser under periodic inventory system is- (a) Inventory Dr. and Cash Cr. (b) Transportation-in Dr. & Cash Cr. (c) Delivery Expense Dr. & Cash Cr. (d) Transportation-Out Dr. & Cash Cr. In case of change in estimate of useful life for a tangible…
- Which of the following is NOT a characteristic of intangible assets? They are long-term in nature. They are not financial instruments. They lack physical existence. They are all subject to amortization.Which of the following does describe intangible assets? a. They are not lack physical existence. b. They are financial instruments. c. They provide short-term benefits. d. They are classified as long-term assets.Which of the following is correct about subsequent measurement of financial asset at fair value? a. the financial asset shall be measured at fair value if the business model is not to collect contractual cash flows on specified dates and the contractual cash flow ae not solely payment of principal and interest. b. An entity may designate a finacncial asset as measured at fair value through profit or loss even if the financial asset satisfies the amortized cost measurement. c. both are correct d. both are incorrect
- Under the historical accounting system, depreciation is calculated on the original cost of fixed assets with the result that only an amount equivalent to the original cost of the fixed assets is available for its replacement when its life is over. This results in which of the following problem? a. Mixing up of the holding gains and operating gains b. Fixed assets values are unrealistic c. Return on capital employed misleading d. Insufficient provision of depreciationWhat is the largest estimated possible loss that could arise in a safe payment schedule? no need to explain a. Book value of recorded assets b. Book value of recorded non cash assets c. Fair value of recorded assets d. Any of the aboveThe key difference between amortization and depreciation is that amortization charges off the cost of an intangible asset, while depreciation does so for a tangible asset. True False
- Where 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?The transfer to expense of the cost of intangible assets attributed to the passage of time or decline in usefulness is called amortization. True FalseWhen the contractual cash flows of a financial asset are renegotiated or otherwise modified and the renegotiation or modification does not result in the derecognition of that financial asset in accordance with PFRS 9, an entity shall I. Recalculate the gross carrying amount of the financial asset as the present value of the renegotiated or modified contractual cash flows that are discounted at the financial asset's original effective interest rate. II. Recognize a modification gain or loss in profit or loss. A. I only. B. Neither I nor II. C. ll only. D. Both I and II.