In which of the following fixed asset valuation model, the fair value is considered:

• A) Cost model
• B) Revaluation model
• C) Current Cost Model
• D) Present Value model

Capitalized research and development cost for next 5 years is to be recorded as:

• A) A deferred expense in the profit and loss account
• B) An intangible asset in the balance sheet
• C) A tangible asset in the balance sheet
• D) An expense in the profit and loss account

Which of the following IAS deals with investment property?

• A) IAS 2
• B) IAS 1
• C) IAS 7
• D) IAS 40

Carrying amount of an intangible asset will decrease over the time due to:

• A) Decrease in impairment loss
• B) Increase in accumulated amortization
• C) Decrease in amortization
• D) Decrease in demand

Under revaluation method, the revaluation is carried out __________

• A) For each class of asset
• B) After three years
• C) Each year
• D) For all types of assets

Property employed in the business administrative purposes is an example of:

• A) Owner occupied property
• B) Non-current liabilities
• C) Investment property
• D) Financial assets

Building owned by the reporting entity to earn rental income is an example of:

• A) Investment property
• B) Owner occupied property
• C) Current assets
• D) Intangible assets

Accounting treatment for intangible fixed assets is discussed in which of the following IAS?

• A) IAS 39
• B) IAS 38
• C) IAS 37
• D) IAS 16

Provision for depreciation is an example of which of the following?

• A) Expense account
• B) Contra account
• C) Debit account
• D) Nominal account

Goodwill purchased in an example of

• A) Intangible and fixed asset
• B) Tangible and current asset
• C) Intangible and current asset
• D) Tangible and fixed asset

Non-financial assets under non-current assets are categorized into:

• A) Property, plant and equipment
• B) Intangible assets
• C) Investment property and other long term assets
• D) All of the given options

Under revaluation model, fixed assets such as machinery and building are measured at:

• A) Historical cost less accumulated depreciation
• B) Fair Value less Historical cost
• C) Fair value less accumulated depreciation
• D) Historical cost

Which of the following is an example of Contra account?

• A) Cash account
• B) Sales Account
• C) Bad Debts
• D) Accumulated depreciation

A machinery whose carrying value is Rs. 310,000 and recoverable amount is Rs. 200,000 on 1st January, 2022 will be having impairment loss of:

• A) Rs. 10,000
• B) Rs. 510,000
• C) Rs. 210,000
• D) Rs 110,000

A machine having cost of Rs. 240,000 and accumulated depreciation of Rs. 36,000 will yield carrying amount of:

• A) Rs. 200,000
• B) Rs. 276,000
• C) Rs. 240,000
• D) Rs. 204,000

If a machinery having impairment loss of Rs. 20,000 and recoverable amount of Rs. 145,000 on 1st January, 2022 then its carrying value will be:

• A) Rs. 125,000
• B) Rs. 165,000
• C) Rs. 185,000
• D) Rs. 135,000

Accounting entry for impairment loss will be:

• A) Debit accumulated impairment loss and credit impairment loss
• B) Debit impairment loss and credit accumulated impairment loss
• C)
• D)

Provision for depreciation is an example of which of the following?

• A) Debit account
• B) Expense account
• C) Contra account
• D) Nominal account

Under revaluation method, the revaluation is carried out __________

• A) For each class of asset
• B) For all types of assets
• C) After three years
• D) Each year

Goodwill purchased in an example of

• A) Tangible and current asset
• B) Tangible and fixed asset
• C) Intangible and current asset
• D) Intangible and fixed asset