Question 1

Which of the following methods best reflects the traditional concept of an asset?

Accepted Answer

A)  The full cost method. 
B)  The appropriation method. 
C)  The area of interest method. 
D)  The successful efforts method. 
A)  The full cost method. 
B)  The appropriation method. 
C)  The area of interest method. 
D)  The successful efforts method.

Question 2

AASB 6/IFRS 6 is an example of:

Accepted Answer

A)  a not-for-profit standard. 
B)  an industry specific standard. 
C)  a standard applicable to disclosing entities. 
D)  a differential reporting standard based on size based criteria. 
A)  a not-for-profit standard. 
B)  an industry specific standard. 
C)  a standard applicable to disclosing entities. 
D)  a differential reporting standard based on size based criteria.

Question 3

Which of the following methods involves capitalising exploration and evaluation costs using a larger cost centre than an area of interest such as a country or region?

Accepted Answer

A)  The full cost method. 
B)  The appropriation method. 
C)  The area of interest method. 
D)  The successful efforts method. 
A)  The full cost method. 
B)  The appropriation method. 
C)  The area of interest method. 
D)  The successful efforts method.

Question 4

In the context of AASB 6/IFRS 6, E&E stands for:

Accepted Answer

A)  evaluation and extraction. 
B)  extraction and exploration. 
C)  exploration and evaluation. 
D)  exploration and expenditure. 
A)  evaluation and extraction. 
B)  extraction and exploration. 
C)  exploration and evaluation. 
D)  exploration and expenditure.

Which of the following methods best reflects the traditional concept of an asset?

AASB 6/IFRS 6 is an example of:

Which of the following methods involves capitalising exploration and evaluation costs using a larger cost centre than an area of interest such as a country or region?

In the context of AASB 6/IFRS 6, E&E stands for:

Accounting Regulation and the Conceptual Framework

Application of Accounting Theory

Fair Value Measurement

Inventories

Property, Plant and Equipment

Intangible Assets

Impairment of Assets

Provisions, Contingent Liabilities and Contingent Assets

Employee Benefits

Leases

Financial Instruments

Income Taxes

Share Capital and Reserves

Share Based Payment

Revenue

Presentation of Financial Statements

Statement of Cash Flows

Accounting Policies and Other Disclosures

Earnings Per Share

Operating Segments

Related Party Disclosures

Sustainability and Corporate Social Responsibility Recording

Foreign Currency Transactions and Forward Exchange Contracts

Translation of Foreign Currency Financial Statements

Business Combinations

Consolidation: Controlled Entities

Consolidation: Wholly Owned Entities

Consolidation: Intragroup Transactions

Consolidation: Non-Controlling Interest

Consolidation: Other Issues

Associates and Joint Ventures

Joint Arrangements

Insolvency and Liquidation

Agriculture

Filters

Exam 34: Accounting for Mineral Resources

Which of the following methods best reflects the traditional concept of an asset?

AASB 6/IFRS 6 is an example of:

Which of the following methods involves capitalising exploration and evaluation costs using a larger cost centre than an area of interest such as a country or region?

In the context of AASB 6/IFRS 6, E&E stands for:

Accounting Regulation and the Conceptual Framework

Application of Accounting Theory

Fair Value Measurement

Inventories

Property, Plant and Equipment

Intangible Assets

Impairment of Assets

Provisions, Contingent Liabilities and Contingent Assets

Employee Benefits

Leases

Financial Instruments

Income Taxes

Share Capital and Reserves

Share Based Payment

Revenue

Presentation of Financial Statements

Statement of Cash Flows

Accounting Policies and Other Disclosures

Earnings Per Share

Operating Segments

Related Party Disclosures

Sustainability and Corporate Social Responsibility Recording

Foreign Currency Transactions and Forward Exchange Contracts

Translation of Foreign Currency Financial Statements

Business Combinations

Consolidation: Controlled Entities

Consolidation: Wholly Owned Entities

Consolidation: Intragroup Transactions

Consolidation: Non-Controlling Interest

Consolidation: Other Issues

Associates and Joint Ventures

Joint Arrangements

Insolvency and Liquidation

Agriculture

Filters