Exam 6: Intangible Assets

Parsons Limited was involved in a highly successful plastics manufacturing business. It commenced a project to design a more efficient extrusion system for its plastic pipes. The following outlays occurred: January, research salaries $50 000; February, research materials $30 000; March, re-development of the extrusion plant $400 000; April, final adjustments to the extrusion plant $25 000. The amount to be expensed by this company at the end of the financial year, 30 June, is:

(Multiple Choice)

4.7/5

(30)

Question 21

The original and planned investigation undertaken with the prospect of gaining new knowledge is described as:

(Multiple Choice)

4.9/5

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Question 22

Unless acquired under a business combination, intangible assets must be initially measured using which of the following measurement approaches:

(Multiple Choice)

4.9/5

(42)

Question 23

The two key characteristics of intangible assets are that they are identifiable and that they:

(Multiple Choice)

4.8/5

(35)

Question 24

Showing 21 - 24 of 24

The original and planned investigation undertaken with the prospect of gaining new knowledge is described as:

Unless acquired under a business combination, intangible assets must be initially measured using which of the following measurement approaches:

The two key characteristics of intangible assets are that they are identifiable and that 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 Reporting

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

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