Which one of the following is a tangible asset of a restaurant? Question 8 Answer a. Goodwill. b. Copyrighted cookbook. c. Patent on a mixing machine. d. Baking oven.
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- For each asset given below, state whether the asset is tangible/intangible property, personal/real property, and depreciable/nondepreciable property. a. A tractor (part of tractor-trailer rig, an 18-wheeler). b. A copyright. c. An all-in-one copier, scanner, fax machine used in your business. d. A rental home for the purpose of generating rental income.Question 1 IFRS 15 defines a performance obligation. Which one of the following statements is correct? Belfry Pty. Ltd. is commissioned to build a tower during the refurbishment of a historic Chapel. Given the various goods and services involved in the build are capable of being distinct the goods and services are distinct. Pool Inc. builds a cement swimming pool for the Smit family, which involves a significant service of integrating various goods and services. Therefore, these goods and services are combined into one performance obligation. We Print Ltd. regularly sells large format printers and ink cartridges separately. The printer cannot function without the ink cartridges therefore the sale of a printer with ink cartridges is one performance obligation. DC-AC Ltd. regularly sells high performance battery chargers and batteries separately. The battery charger cannot function without the batteries therefore the battery charger and batteries are not separately identifiable.1. Which of the following should not be taken into account Problem 10-33 Multiple choice (IFRS) when determining the cost of inventory? . Storage costs- of part-finished goods b. Trade discounts " Recoverable purchase taxes : Lmport duties on shipping of inventory inward , The cost of inventory does not include a. Salaries of factory staff b. Storage cost necessary in the production process before a further production stage 6. Abnormal amount of wasted materials d. Irrecoverable purchase taxes 3. Which of the following costs of conversion cannot be included in cost of inventory? a. Cost of direct labor b. Factory rent and utilities c. Salaries of sales staff d. Factory overhead based on normal capacity 4. Which of the following should be taken into account when determining the cost of inventory? a. Storage cost of part-finished goods b. Abnormal freight in c. Recoverable purchase tax d. Interest on inventory loan 3. Costs incurred in bringing the inventory to the present location and…
- Which of the following is recorded as a cost when purchasing an existing building? A. cost to renovate the building before it is in use B. fencing O C. land where the building is located O D. parking lot around the buildingAn example of a non-depreciable asset or property that can be used to earn business is ____________. Question 5 options: a) Building b) Equipment c) Patent d) FurnitureThe Home Depot financial statements appear in Appendix A at the end of this textbook. Use thesestatements to answer the following questions and indicate where in the financial statements youfound the information. a. What depreciation method does Home Depot use for buildings, furniture, fixtures, and equip-ment? What are the useful lives over which these assets are depreciated? b. From the notes to Home Depot ’s financial statements, what can you learn about the company’spolicy regarding impairment of plant assets?c. Locate Home Depot ’s balance sheet and find the section entitled “Property and Equipment, atcost.” As of January 31, 2010, determine the amount of the company’s investment in propertyand equipment and the amount of depreciation taken to date on those assets. Are these assets,taken as a whole, near the beginning or end of their estimated useful lives? Explain your answer.
- How is cost of an item of property, plant and equipment determined at point of initial recognition? (75 wordsWhich of the following costs related to computer software is capitalized to an intangible asset account? Question 4 options: a Costs of duplication and reproduction of software for sale b Development costs before technological feasibility is achieved c Coding and testing costs incurred to establish technological feasibility d Coding and testing costs incurred after technological feasibility is established but before the product master is completed30 - An enterprise bears its cost by building a road on the land in order to facilitate access to its workplace on its own land.In which of the following accounts should this process be followed? A) Land and plotsB) Establishment and Organization ExpensesC) GoodwillD) Special CostsE) Underground and Surface Layouts
- 13. PAS 41 is applicable to which of the following? a. expensive plants used for beautification b. living animal used as transortation vehicle by company executive c. fishes in the fishpond being grown to be sold to consumers d. all of theseQuestion 3 The type of intangible assets in which the right granted by a company or the government to deliver a product or service under specified conditions is termed as: a. Franchises and Licenses Ob. Leaseholds Oc. Leasehold Improvements Od. Copyrights39 - In which of the following accounts, the central heating installation made by the enterprise for a building rented is accounted for?A) Ongoing InvestmentsB) BuildingsC) General Administrative ExpensesD) Special CostsE) Goodwill
