Question 1

AASB 138 Intangibles, requires that the following items in relation to intangibles, each be disclosed separately:

Accepted Answer

A)   the opening balance of each intangible
B)   the closing balance of each intangible
C)   any impairment losses reversed in profit or loss during the period
D)   all amounts of intangibles acquired during the period.E) A) and B)
F) A) and C)

Question 2

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)   cannot be measured
C)   are not controlled by the entity
D)   are too difficult to manageE) A) and B)
F) C) and D)

Question 3

Wojtowicz 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 2013: Researcher's salary $5000 Research consumables $3000 Re-development of the detecting equipment $4000 Final adjustments to the detecting equipment $2500. The amount to be capitalised by this company as an intangible asset, for the 2013 financial year, is:

Accepted Answer

A)   $6500
B)   $8000
C)   $11 500
D)   $14 500.E) B) and C)
F) All of the above

Question 4

According to the definition provided in AASB 138 Intangibles, activities undertaken in the 'research' phase of the generation of an asset may include:

Accepted Answer

A)   the application of knowledge to a design for the production of new materials
B)   original and planned investigation with the prospect of gaining new scientific knowledge
C)   the use of research findings to create a substantially improved product
D)   using knowledge to materially improve a manufacturing device.E) B) and D)
F) A) and B)

Exam 15: Understanding Australian Accounting Standards

AASB 138 Intangibles, requires that the following items in relation to intangibles, each be disclosed separately:

Correct Answer
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Correct Answer
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According to the definition provided in AASB 138 Intangibles, activities undertaken in the 'research' phase of the generation of an asset may include:

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

Correct Answer
verified

Exam 15: Understanding Australian Accounting Standards

AASB 138 Intangibles, requires that the following items in relation to intangibles, each be disclosed separately:

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

According to the definition provided in AASB 138 Intangibles, activities undertaken in the 'research' phase of the generation of an asset may include:

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified