Question 1

AASB 138 Intangibles, requires that an intangible asset with an indefinite life:

Accepted Answer

A)  be amortised across its useful life. 
B)  be amortised across a period of no greater than 10 years. 
C)  not be amortised in periods when it has been properly maintained. 
D)  not be subject to amortisation charges. 
A)  be amortised across its useful life. 
B)  be amortised across a period of no greater than 10 years. 
C)  not be amortised in periods when it has been properly maintained. 
D)  not be subject to amortisation charges.

Question 2

Goodwill is distinguished from other intangible assets due to which of the following characteristic?

Accepted Answer

A)  monetary nature. 
B)  physical substance. 
C)  identifiability. 
D)  separability. 
A)  monetary nature. 
B)  physical substance. 
C)  identifiability. 
D)  separability.

Question 3

The recognition criteria that an asset must meet before it may be recognised and presented in the financial statements includes:

Accepted Answer

A)  results from a past event. 
B)  having physical substance. 
C)  relevant to management decision making. 
D)  verifiability. 
A)  results from a past event. 
B)  having physical substance. 
C)  relevant to management decision making. 
D)  verifiability.

Question 4

Items such as market knowledge, effective advertising programs, fundraising capabilities and trained staff are NOT regarded as assets because they:

Accepted Answer

A)  are monetary items. 
B)  are not controlled by the entity. 
C)  cannot be reliably measured. 
D)  are too difficult to manage. 
A)  are monetary items. 
B)  are not controlled by the entity. 
C)  cannot be reliably measured. 
D)  are too difficult to manage.

AASB 138 Intangibles, requires that an intangible asset with an indefinite life:

Goodwill is distinguished from other intangible assets due to which of the following characteristic?

The recognition criteria that an asset must meet before it may be recognised and presented in the financial statements includes:

Items such as market knowledge, effective advertising programs, fundraising capabilities and trained staff are NOT regarded as assets because they:

Accounting Regulation and the Conceptual Framework

Application of Accounting Theory

Fair Value Measurement

Inventories

Property, Plant and Equipment

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

Accounting for Mineral Resources

Agriculture

Filters

Exam 6: Intangible Assets

AASB 138 Intangibles, requires that an intangible asset with an indefinite life:

Goodwill is distinguished from other intangible assets due to which of the following characteristic?

The recognition criteria that an asset must meet before it may be recognised and presented in the financial statements includes:

Items such as market knowledge, effective advertising programs, fundraising capabilities and trained staff are NOT regarded as assets because they:

Accounting Regulation and the Conceptual Framework

Application of Accounting Theory

Fair Value Measurement

Inventories

Property, Plant and Equipment

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

Accounting for Mineral Resources

Agriculture

Filters