Question
1. Distinguish between the enduring benefit asset test and the fixed and circulating capital test when testing for items which are capital in nature. [10
1. Distinguish between the enduring benefit asset test and the fixed and circulating capital test when testing for items which are capital in nature.
[10 marks]
2. Explain royalty under the Income Tax Act 1967.
[10 marks]
3. MS Sdn Bhd assembles bicycles. MS closes its accounts annually on 30 September and, in its year ended 30 September 2020, it carried out the following transactions relating to non-current assets:
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Accounting Principles
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
10th Edition
1119491630, 978-1119491637, 978-0470534793
