Question 1

Trademarks would be measured primarily using which level of inputs?

Accepted Answer

A) Level 1 inputs 
B) Level 2 inputs 
C) Level 3 inputs 
D) Level 4 inputs 
A) Level 1 inputs 
B) Level 2 inputs 
C) Level 3 inputs 
D) Level 4 inputs

Question 2

AASB 13 Fair Value Measurement does not apply to the measurement of equity instruments.

Accepted Answer

A) True 
 B)False

Question 3

Which of the following does Whittington (2008)see as a main feature of the alternative view?

Accepted Answer

A) Stewardship,defined as accountability to present shareholders,is a distinct objective,ranking equally with decision usefulness. 
B) Reliability is less important and is better replaced by representational faithfulness,which implies a greater concern for capturing economic substance,and less with statistical accuracy. 
C) Relevance is the primary characteristic. 
D) Accounting information needs ideally to reflect the future,not the past,so past transactions and events are only peripherally relevant. 
A) Stewardship,defined as accountability to present shareholders,is a distinct objective,ranking equally with decision usefulness. 
B) Reliability is less important and is better replaced by representational faithfulness,which implies a greater concern for capturing economic substance,and less with statistical accuracy. 
C) Relevance is the primary characteristic. 
D) Accounting information needs ideally to reflect the future,not the past,so past transactions and events are only peripherally relevant.

Question 4

Which of the following disclosures are not required under AASB 13 Fair Value Measurement?

Accepted Answer

A) The valuation techniques used to measure fair value. 
B) The inputs used to measure fair value. 
C) The level of the fair value hierarchy within which the fair value measurements are categorised. 
D) Quantitative information about all unobservable inputs used in the fair value measurement. 
A) The valuation techniques used to measure fair value. 
B) The inputs used to measure fair value. 
C) The level of the fair value hierarchy within which the fair value measurements are categorised. 
D) Quantitative information about all unobservable inputs used in the fair value measurement.

Question 5

To determine the fair value of the particular asset being measured one must consider such factors as the condition and location of the assets.

Accepted Answer

A) True 
 B)False

Question 6

The price that would be received to sell an asset or paid to transfer a liability is referred as the:

Accepted Answer

A) exit price. 
B) transfer price. 
C) selling price. 
D) settlement price. 
A) exit price. 
B) transfer price. 
C) selling price. 
D) settlement price.

Question 7

The "principal market" as defined in AASB 13 Fair Value Measurement is the market that maximises the amount that could be received to sell the asset or minimises the amount that would be required to be paid to transfer the liability,after considering transactions costs and transportation costs.

Accepted Answer

A) True 
 B)False

Question 8

Inputs that are derived from or corroborated by observable market data by correlation or other means are an example of a:

Accepted Answer

A) Level 1 input. 
B) Level 2 input. 
C) Level 3 input. 
D) Level 4 input. 
A) Level 1 input. 
B) Level 2 input. 
C) Level 3 input. 
D) Level 4 input.

Question 9

Fair value is measured by considering the highest and best use of the asset.

Accepted Answer

A) True 
 B)False

Question 10

The price used to measure the fair value of an asset should be adjusted for transaction costs.

Accepted Answer

A) True 
 B)False

Trademarks would be measured primarily using which level of inputs?

AASB 13 Fair Value Measurement does not apply to the measurement of equity instruments.

Which of the following does Whittington (2008)see as a main feature of the alternative view?

Which of the following disclosures are not required under AASB 13 Fair Value Measurement?

To determine the fair value of the particular asset being measured one must consider such factors as the condition and location of the assets.

The price that would be received to sell an asset or paid to transfer a liability is referred as the:

The "principal market" as defined in AASB 13 Fair Value Measurement is the market that maximises the amount that could be received to sell the asset or minimises the amount that would be required to be paid to transfer the liability,after considering transactions costs and transportation costs.

Inputs that are derived from or corroborated by observable market data by correlation or other means are an example of a:

Fair value is measured by considering the highest and best use of the asset.

The price used to measure the fair value of an asset should be adjusted for transaction costs.

Nature and Regulation of Companies

Financing Company Operations

Company Operations

Fundamental Concepts of Corporate Governance

Accounting for Company Income Tax

Financial Instruments

Foreign Currency Transactions and Forward Exchange Contracts

Property, Plant and Equipment

Leases

Intangible Assets

Business Combinations

Impairment of Assets

Disclosure: Legal Requirements and Accounting Polices

Disclosure: Presentation of Financial Statements

Disclosure: Statement of Cash Flows

Disclosure: Translation of Financial Statements Into a Presentation Currency

Consolidation: Controlled Entities

Consolidation: Wholly Owned Subsidiaries

Consolidation: Intragroup Transactions

Consolidation: Non-Controlling Interest

Consolidation: Other Issues

Associates and Joint Ventures

Investments in Joint Arrangements

Insolvency and Liquidation

Filters

Exam 5: Fair Value Measurement

Trademarks would be measured primarily using which level of inputs?

AASB 13 Fair Value Measurement does not apply to the measurement of equity instruments.

Which of the following does Whittington (2008)see as a main feature of the alternative view?

Which of the following disclosures are not required under AASB 13 Fair Value Measurement?

To determine the fair value of the particular asset being measured one must consider such factors as the condition and location of the assets.

The price that would be received to sell an asset or paid to transfer a liability is referred as the:

The "principal market" as defined in AASB 13 Fair Value Measurement is the market that maximises the amount that could be received to sell the asset or minimises the amount that would be required to be paid to transfer the liability,after considering transactions costs and transportation costs.

Inputs that are derived from or corroborated by observable market data by correlation or other means are an example of a:

Fair value is measured by considering the highest and best use of the asset.

The price used to measure the fair value of an asset should be adjusted for transaction costs.

Nature and Regulation of Companies

Financing Company Operations

Company Operations

Fundamental Concepts of Corporate Governance

Accounting for Company Income Tax

Financial Instruments

Foreign Currency Transactions and Forward Exchange Contracts

Property, Plant and Equipment

Leases

Intangible Assets

Business Combinations

Impairment of Assets

Disclosure: Legal Requirements and Accounting Polices

Disclosure: Presentation of Financial Statements

Disclosure: Statement of Cash Flows

Disclosure: Translation of Financial Statements Into a Presentation Currency

Consolidation: Controlled Entities

Consolidation: Wholly Owned Subsidiaries

Consolidation: Intragroup Transactions

Consolidation: Non-Controlling Interest

Consolidation: Other Issues

Associates and Joint Ventures

Investments in Joint Arrangements

Insolvency and Liquidation

Filters