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21.Which of the following is not an example of a separate class of property, plant and equipment? a.Office equipment b.Land and buildings c.Inventory d.Motor vehicles 22.A non-current property, plant and equipment asset is depreciated using the straight-line method over a 10 year useful life. The asset was revalued upwards after four years of use. There.

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21.The correction of a material error that occurred in a previous period must be accounted for by: a.disclosure in the notes to the financial statements. b.an adjustment in future accounting periods. c.a prospective adjustment to the financial statements. d.a retrospective restatement in the first financial statements issued after the discovery of the error. 22. Errors.

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Multiple choice questions 1.Which of the following is included within the scope of AASB 117? a.Lease agreement for an oil refinery. b.Lease agreements for biological assets. c.Lease agreements to explore for minerals. d.Licensing agreements for motion picture films. 2.Which of the following is not an example of a risk of ownership of an asset? a.Uninsured damage. b.Idle capacity. c.Technical.

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11.Foreign exchange risk may relate to: a. recognised assets and liabilities. b. planned foreign currency transactions. c. unrecognised firm commitments. d. all of the above. 12.If an Australian company enters a forward exchange contract to buy US$15 000, then which of the following applies? a. The company’s contractual obligation (at the forward rate) and contractual right.

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11.Which of the following is an example of a contract-based intangible asset? a.Franchise agreements b.Patented technology c.Trademarks d.Pictures and photographs 12.The cost approach to determining fair value involves: a.determining an amount which reflects the amount currently needed to replace the service capacity of an asset. b.using prices generated by market transactions involving identical or comparable assets or.

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21. Interest and other costs incurred by an entity in connection with borrowing funds are known as: a. extraordinary costs. b. distribution costs. c. borrowing costs. d. repayment costs. 22. Extraordinary items of income and expense: a. must be disclosed in the statement of profit or loss and other comprehensive income. b. were previously disclosed together with.

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Multiple-choice questions 1.According to the ASX Corporate Governance Council, corporate governance influences all but which of the following? a.How risk is monitored and assessed. b.How the company determines the issue price of its shares. c.How performance is optimised. d.How the objectives of the company are set and achieved. 2.The theory that argues that the real power.

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Multiple-choice questions 1.An identifiable non-monetary asset without physical substance is known as a/an: a.tangible asset. b.intangible asset. c.non-physical asset. d.non-current asset. 2.For an asset to be defined as an identifiable intangible, AASB 138 Intangible Assets requires that it meet which of the following criteria? I.It arises from a contractual or legal right. II.Its fair value must be able.

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Multiple-choice questions 1.All the following items are ‘monetary items’ according to AASB 121 except: a. trade payable of ?50 000. b.borrowings €30 000. c.shares held in BHP Ltd listed on the ASX. d.trade receivable of US$12 000. 2.All of the following are foreign currency transactions for a company that has A$ as its functional currency,.

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Multiple-choice questions 1.The recognition of __________ provides more complete or relevant information for economic decision making than __________ . a.current tax and deferred tax; deferred tax alone b.current tax and deferred tax; current tax alone c.deferred tax alone; current tax and deferred tax combined d.current tax alone; current tax and deferred tax combined 2.The tax.

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True/false questions 31.The requirements of AASB 101 Presentation of Financial Statements apply to both general purpose financial statements and condensed interim financial statements. 32.According to AASB 101 Presentation of Financial Statements, a complete set of financial statements only comprises a statement of financial position, statement of profit or loss and other.

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21.The smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets is referred to as a/an: a.small-group unit. b.cash-generating unit. c.identifiable unit. d.independent unit. 22.Which of the following is not one of the guidelines in AASB 136 Impairment of Assets for.

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41.In addition to the annual financial statements, companies have the right to choose to prepare and distribute concise financial reports to members. 42.Disclosing entities must prepare a half year financial report in accordance with AASB 134 Interim Financial Reporting. 43.Companies must always disclose the fact that their financial statements are prepared using.

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Multiple-choice questions 1.The requirements of AASB 101 Presentation of Financial Statements apply to which of the following sets of financial statements? a.Condensed interim financial statements b.All purpose financial statements c.General purpose financial statements d.Special purpose financial statements 2.According to AASB 101 Presentation in Financial Statements, there must be consistency of presentation and classification of items in.

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21.Lewis Limited was involved in a mining exploration business. It commenced a project to design more efficient gold-detecting equipment. The following expenditures occurred during the financial year ended 2014: researcher’s salary $5000, research consumables $3000, re-development of the detecting equipment $4000 and final adjustments to the detecting equipment $2500. The.

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21.Cockroaches Limited acquired the identifiable assets, liabilities and contingent liabilities of Inglis Limited for $268 000. The items acquired, stated at fair value, are: plant $144 000; inventory $80 000; accounts receivable $36 000; patents $20 000; and accounts payable $32 000. The difference on acquisition is: a.gain on bargain purchase.

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Multiple-choice questions 1.Property, plant and equipment are assets that: a.are expected to be used up within the current financial period. b.are held for resale within the current period. c.are tangible in nature. d.have a remaining productive life of less than one financial year. 2.Property, plant and equipment includes items that are: a.intangible. b.held for resale. c.held for investment. d.used in.

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Multiple-choice questions 1. All of the following would be regarded as financial instruments except: a. cash on hand. b. bank overdraft. c. forward exchange contracts. d. property, plant and equipment. 2. Which of the following are regarded as financial instruments? IOrdinary shares IIRaw materials inventories IIIProperty, plant and equipment IVDeposits held by a financial institution VAccounts receivable.

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Multiple-choice questions 1. The amount by which the carrying amount of an asset or a cash-generating unit exceeds its carrying amount is referred to as a/an: a. depreciation expense. b. amortisation cost. c. impairment loss. d. loss on disposal. 2.Under AASB 136 Impairment of Assets, which of the following assets are subject to impairment testing? I.II.III.IV. Financial assetsNoNoNoNo Biological.

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21.Which of the following is not one of the ASX Corporate Governance Council’s principles of good corporate governance? a.Recognise the interests of all stakeholders. b.Structure the board to add value. c.Safeguard integrity in financial reporting. d.Remunerate fairly and responsibly. 22.How many principles are contained within the ASX Corporate Governance Council’s principles of good corporate governance? a.7.

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Multiple-choice questions 1.Which type of financial statements is prepared for users who depend on them for information to enable them to make decisions about the allocation of scarce resources? a.Management financial statements b.Short-term financial statements c.Specific purpose financial statements d.General purpose financial statements 2. Information about the financial position of an entity is largely contained in.

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41.Revenue arises from a company’s ordinary activities. 42.Items of income and expense can be disclosed as extraordinary items in the notes to the financial statements. 43.AASB 101 Presentation of Financial Statements requires a single statement approach be adopted in the preparation of the statement of profit or loss and other comprehensive income. 44.A.

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