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MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 61) Which of the following items should be depleted? A) Natural resources B) Land C) Intangible property D) Tangible property, plant and equipment, other than land 62) Which of the following is the expense resulting from a decline in the utility.
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  11. AASB 139 Financial Instruments: Recognition and Measurement, requires that ‘Held-to-maturity’ investments be initially measured at: a. fair value; b. fair value plus transaction costs; c. discounted future cash outflows; d. discounted future net cash flows. 12. The formal documentation of a hedging relationship must include identification of:   a. I; b. II; c. III; d. IV. 13. To be regarded.
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  11. Special Limited is in the business of producing and distributing special screenings on various topics. On 1 January 2014, Special granted a license to TV 101 for $250 000 in relation to a special titled “The Big Ice”.  The following conditions were attached to the license: ??TV 101 was allowed to.
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1. Provisions in relation to which of the following balances are within the scope of AASB 137? a. warranties b. employee benefits c. financial instruments d. operating leases 2. The uncertainty that exists in relation to provisions is one of a. timing b. amount c. timing and amount d. timing or amount 3. Which of the following is an example.
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51) When an asset is exchanged between knowledgeable willing parties in an arm's length transaction, the resulting value is called: A) the present value. B) the current value. C) the fair value. D) the replacement value. 52) Sterling Company wishes to revalue some equipment with an original cost of $200 000 and accumulated depreciation of.
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66) A coal mine cost $1,007,000 and is estimated to hold 56,000 tonnes of coal. There is no residual value. 16,000 tonnes are extracted and sold during the first year of operations. Calculate depletion expense for the first year. A) $100,700 B) $151,050 C) $287,714.29 D) $201,400 67) Steel Rolling Company purchased a mine on.
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31) When an asset is fully depreciated, no further depreciation expense is recorded. 32) If an asset is fully depreciated, but it can continue to be used, the asset account and accumulated depreciation balance remain on the books and no further depreciation is recorded. MULTIPLE CHOICE. Choose the one alternative that best.
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  21. Callas Corporation Limited buys an option that entitles it to purchase 2000 shares in Maria Limited at $5 per share at any time in the next 3 months. The derivative financial instrument in this transaction is the: a. shares in Callas Corporation Limited; b. shares in Maria Limited; c. price of the.
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  16. When accounting for a cash flow hedge, AASB 139 Financial Instruments: Recognition and Measurement, requires that hedge ineffectiveness is: a. recorded in profit or loss; b. separately recorded in equity; c. recorded separately as a financial liability; d. capitalised as a deferred asset. 17. Under AASB 139 Financial Instruments: Recognition and Measurement, when a.
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1. When first issued, AASB 139 was: a. More rule-based than other AASB standards b. Less rule-based than other AASB standards c. Wider in scope that other AASB standards d. Narrower in scope that other AASB standards 2. Which of the following is NOT an example of a derivative financial instrument? a. A forward exchange contract b..
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16) Expenditures that extend the life of an asset or increase its productive capacity should be expensed. 17) Normal expenditures for repairs and maintenance should be capitalised. MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 18) Which of the following items should be depreciated? A) Intangible property B).
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  21. Which of the following is not within the scope of AASB 137? a. The treatment of future operating losses b. The treatment of contingent assets c. The treatment of restructuring provisions arising from a business combination d. The treatment of onerous contracts 22. An example of where an entity has a present obligation is: a..
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  6. When consideration is deferred and there is a below-market rate of interest charged the fair value of the consideration should be determined: a. as the nominal amount of the cash receivable b. by discounting all future receipts using an imputed rate of interest c. by discounting all future receipts using the interest.
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1. The Appendix to AASB 118 contains illustrative examples which: a. are not part of the standard itself. b. in some cases contradicts the requirements within the body of AASB 118. c. in some cases is inconsistent with the principles within the Conceptual  Framework d. all of the options are correct. 2. The two elements.
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1. A share –based payment transaction in which the entity acquires goods or services by incurring liabilities to the supplier for amounts that are based on the value of the entity’s shares or other equity instruments of the entity is classified in AASB 2 Share-based Payment as a. an equity-settled share-based.
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76) The decline in value of a trademark is accounted for by: A) depreciation. B) amortisation. C) deterioration. D) depletion. 77) Which of the following assets is NOT an intangible asset? A) Goodwill B) Patent C) Building D) Trademark 78) The type of intangible asset related to the rights of original music and media is: A) a patent. B) a copyright. C) goodwill. D).
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26) Cost of an asset is $1,070,000 and its residual value is $220,000. Estimated useful life of the asset is five years. Calculate depreciation for the first year using the reducing-balance method of depreciation. A) $340,000 B) $214,000 C) $428,000 D) $170,000 27) Iverycoast Ltd purchased a van on 1 January 2016 for $840,000. Estimated.
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  16. Which of the following is not assumed when measuring the fair value of an equity instrument? a. The market participant transferee will take on the rights and responsibilities associated with the instrument b. An entity’s own equity instruments are transferred to a market participant at transfer date c. An entity’s own equity.
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  26. Contingent liabilities are: a. recognised in the financial statements unless the possibility of an outflow in settlement is remote. b. recognised in the notes to the financial statements unless the possibility of an outflow in settlement is remote. c. recognised in the notes to the financial statements because the possibility of an.
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  11. A railway company is required, under law, to overhaul its rail-tracks every three years as a safety measure. The appropriate treatment of this event for the purposes of preparing financial statements is: a. recognise as a provision for future maintenance costs; b. estimate the future maintenance costs and charge as depreciation.
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  11. Trademarks would be measured primarily using which type of inputs? a. Level 1 inputs b. Level 2 inputs c. Level 3 inputs d. Level 4 inputs 12. Which of the following steps in not relevant when valuing liabilities? a. the particular liability that is the subject of the measurement b. the valuation premise that is appropriate.
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  6. According to AASB 132 Financial Instruments: Presentation, which of the following items would be regarded as a financial liability? a. ordinary shares held in another entity; b. a contract that is a non-derivative for which the entity is obliged to deliver a variable number of its own equity instruments; c. a contractual.
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1. Generally, when considering the differences between the accounting treatment and the income tax treatment of a particular item the accounting treatment is based on: a. cash flows b. cash flows adjusted for depreciation charges c. accrual accounting and is subject to the requirements of accounting standards d. the income tax legislation. 2. The following.
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56) The most common asset to revalue downwards is land. 57) Plant and equipment are more likely to decrease in value than increase. 58) Revaluation increases and decreases must always be offset against each other. 59) A revaluation increment will always be credited to revenue account. 60) A revaluation decrement will always be debited.
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6) A company's accountant capitalises a payment that should be recorded as an expense. Which of the following is TRUE? A) Assets are overstated. B) Expenses are overstated. C) Liabilities are overstated. D) Revenue is overstated. 7) A company's accountant capitalises a payment that should be recorded as an expense. Which of the following is.
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21) Which of the following depreciation methods allocates an equal amount of depreciation to each year? A) Reducing-balance method B) Sum-of-years digits method C) Units-of-production method D) Straight-line method 22) Which of the following depreciation methods allocates a fixed amount of depreciation to kilometres driven, hours used or some other measure of the asset's utilisation? A).
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  6. Which of the following is not a valuation technique prescribed by AASB 13? a. the fair value approach b. the income approach c. the cost approach d. the market approach 7. The market with the greatest volume and level of activity for the asset or liability is defined as the: a. active market b. principal market c..
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  The following information relates to questions 16 and 17 TelCo provides a bundled service offering to a customer for $3000 upfront.  The services provided are as follows: ??Upfront advice ??‘on-call’ advice ??Database access for a 2-year period If TelCo were to charge a separate fee for each service if sold separately the fee would be: Up-front.
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  THE FOLLOWING INFORMATION RELATES TO QUESTIONS 16-18 Viola Ltd has granted each of its 10 senior executives a choice between receiving a cash payment equivalent to 1000 shares or receiving 1200 share. The grant is conditional on the completion of three years service with the company. If the share alternative is.
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  16. Balchin Limited had the following deferred tax balances at reporting date: ??Deferred tax assets $12 000 ??Deferred tax liabilities $30 000 Effective from the first day of the next financial period, the company rate of income tax was reduced from 40% to 30%. The adjustment to income tax expense to recognise the.
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11) A company purchased a used machine for $22,000. The machine required installation costs of $2000 and insurance while in transit of $900. At which of the following amounts would the machine be recorded? A) $24,900 B) $22,900 C) $22,000 D) $24,000 12) Acer Investments plans to develop a shopping centre. In the first quarter,.
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  21. A share–based payment transaction in which the entity receives goods or services as consideration for equity instruments of the entity is classified in AASB 2 Share-based Payment as a. an equity-settled share-based payment transaction b. a cash-settled share-based payment transaction c. a liability-settled share-based payment transaction d. an “other” share-based payment transaction 22. Salt.
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