1 point 3. Which of the following statements in incorrect? * When property is acquired in exchange for another asset without commercial substance, no gain nor loss is recognized. Property acquired in exchange for shares or other securities in the enterprise should be recorded at its fair value or the fair value of the securities, whichever is more clearly evident. When a group of assets is acquired for a lump sum price, the total cost should be allocated to the individual assets based on their carrying amounts. Donations of PPE should be recorded at the fair value of the donated asset at the time of donation. 1 point 4. Which of the following would increase the value of an investment in associate?* Share in the other comprehensive loss O Dividend received Share in the other comprehensive income Share in the net loss 1 point 5. The cost of an item of PPE comprises all of the following, except * O Import duties and non-refundable purchase taxes O Purchase price Any cost directly attributable in bringing the asset to the location and condition for its intended use. O Fines paid for violation of import regulations. 1 point 6. Which of the following is false? * o Under PFRS 9, the basis of carrying investments in debt securities as FVPL, FVOCI, or at amortized cost, is the entity's business model Under PFRS 9, an investment in equity securities not held for trading is automatically accounted for as FVOCI 0 Reclassification of investment in equity securities under PFRS 9 is not allowed Under PFRS 9, reclassification of investment in debt securities is allowed