MCQ Bank
Accounting treatment for intangible fixed assets is discussed in which of the following IAS?
- A) IAS 37
- B) IAS 16
- C) IAS 38
- D) IAS 39
Non-financial assets under non-current assets are categorized into:
- A) All of the given options
- B) Investment property and other long term assets
- C) Intangible assets
- D) Property, plant and equipment
Carrying amount of an intangible asset will decrease over the time due to:
- A) Decrease in demand
- B) Increase in accumulated amortization
- C) Decrease in impairment loss
- D) Decrease in amortization
Which of the following IAS deals with investment property?
- A) IAS 40
- B) IAS 1
- C) IAS 2
- D) IAS 7
In which of the following fixed asset valuation model, the fair value is considered:
- A) Current Cost Model
- B) Cost model
- C) Present Value model
- D) Revaluation model
Which of the following is an example of Contra account?
- A) Bad Debts
- B) Cash account
- C) Accumulated depreciation
- D) Sales Account
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 expense in the profit and loss account
- C) A tangible asset in the balance sheet
- D) An intangible asset in the balance sheet
Under revaluation model, fixed assets such as machinery and building are measured at:
- A) Fair value less accumulated depreciation
- B) Fair Value less Historical cost
- C) Historical cost
- D) Historical cost less accumulated depreciation
Building owned by the reporting entity to earn rental income is an example of:
- A) Investment property
- B) Owner occupied property
- C) Intangible assets
- D) Current assets
Property employed in the business administrative purposes is an example of:
- A) Non-current liabilities
- B) Investment property
- C) Owner occupied property
- D) Financial assets