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Applying IFRS Standards 4th Edition By Ruth Picker – Test Bank
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Applying IFRS Standards 4th Edition By Ruth Picker – Test Bank

$35.00 Original price was: $35.00.$20.00Current price is: $20.00.

This is not a Textbook. Please check the free sample before buying.

Edition: 4th Edition

Format: Downloadable ZIP Fille

Resource Type: Test bank

Duration: Unlimited downloads

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Description

Applying IFRS Standards 4th Edition By Ruth Picker – Test Bank

Multiple Choice Questions

1. Property, plant and equipment are assets that:
Learning Objective 11.1 Understand the nature of property, plant and equipment
a. are expected to be used up within the current financial period;
b. are held for resale within the current period;
*c. are physical in nature;
d. have a remaining productive life of less than one financial year.

2. Property, plant and equipment includes items that are:
Learning Objective 11.1 Understand the nature of property, plant and equipment
a. intangible;
b. held for resale;
c. expected to be used up during the current period;
*d. held for rental to others.

3. The cost of property, plant and equipment is only recognised as an asset if it is probable that the future economic benefits will flow to the entity and if:
Learning Objective 11.2 Recall the recognition criteria for initial recognition of property, plant and equipment
*a. the cost can be reliably measured;
b. the asset has been fully paid for in cash;
c. the asset has been received by the purchaser;
d. it is a tangible asset.

4. Jackson Limited acquired a bundle of assets for a cash consideration of €200 000. The fair values of the assets on date of acquisition were as follows:
• Building €132 000
• Furniture €88 000.
The appropriate journal entry to record this acquisition is:
Learning Objective 11.3 Demonstrate how to measure property, plant and equipment on initial recognition
a. DR Property, plant and equipment €200 000
CR Cash €200 000

b. DR Property, plant and equipment €220 000
CR Cash €220 000

*c. DR Building €120 000
DR Furniture € 80 000
CR Cash €200 000

d. DR Building €132 000
DR Furniture € 88 000
CR Cash €220 000

5. Costs that may be included in the cost of acquisition of property, plant and equipment include:

I II III IV
 Site preparation Yes Yes Yes No
 Initial delivery and handling costs Yes No Yes No
 Installation and assembly costs Yes Yes No No
 Testing whether the asset is functioning Yes Yes No No

Learning Objective 11.3 Demonstrate how to measure property, plant and equipment on initial recognition
*a. I;
b. II;
c. III;
d. IV.

6. After an item of property, plant and equipment has been initially recognised at cost it may be measured using the following measurement method:
Learning Objective 11.4 Explain the alternative ways in which property, plant and equipment can be measured subsequent to initial recognition
a. liquidation value;
b. accrual;
*c. revaluation;
d. realisable value.

7. Under the cost model, after initial recognition of a property, plant and equipment asset, the item must be carried at its:
Learning Objective 11.5 Explain the cost model of measurement and understand the nature and calculation of depreciation
a. residual value;
*b. cost less accumulated depreciation and less accumulated impairment losses;
c. initial cost;
d. net present value.

8. Wilson Limited applied the straight-line method of depreciation to its non-current assets. The cost of the buildings was €640 000, the depreciable amount is €560 000, the residual value is €80 000 and the useful life is 8 years. The annual depreciation charge is:
Learning Objective 11.5 Explain the cost model of measurement and understand the nature and calculation of depreciation
a. €80 000;
b. €75 000;
*c. €70 000;
d. €60 000.

9. Replicator Limited acquired an item of plant with an expected useful life of 5 years. Expected total production output over this period was:
• Year 1, 35 000 units
• Year 2, 35 000 units
• Year 3, 18 000 units
• Year 4, 12 000 units.
The asset cost € 100 000 and associated installation costs amounted to €20 000 and residual value is €5000. The amount of depreciation charged in the first year is:
Learning Objective 11.5 Explain the cost model of measurement and understand the nature and calculation of depreciation
*a. €40 250;
b. €42 000;
c. €35 000;
d. €33 250.

10. When a company recognises a depreciation credit resulting from a review of the estimated residual value of a depreciable asset, the depreciation debit should be recognised in accumulated depreciation and the depreciation credit should be recognised:
Learning Objective 11.5 Explain the cost model of measurement and understand the nature and calculation of depreciation
a. in the opening balance of retained earnings;
*b. in the depreciation expense;
c. directly in the depreciable asset account;
d. as a gain in the current period.

11. A change in accounting policy from the revaluation model to the cost model requires a retrospective adjustment to the:
Learning Objective 11.4 Explain the alternative ways in which property, plant and equipment can be measured subsequent to initial recognition
a. revenue in the profit and loss statement;
b. expenses in the profit and loss statement;
*c. opening balance of retained earnings;
d. other comprehensive income.

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