1. Which of the following is NOT correct about initial recognition and subsequent expenditure of investment property?

a. The criteria of subsequent expenditure of Investment Property are the same as for fixed asset.

b. The criteria of initial recognition of Investment Property are the same as for fixed asset.

c. An entity is required to initially recognise and measure an investment property at its cost, including transaction costs,

d. Investment property shall be recognised as an asset when, and only when the fair value of the investment property can be measured reliably.

2. In agriculture activities, what items shall be included in profit or loss for the period in which they arise?

a. All of these are correct.

b. A gain or loss arising on initial recognition of agricultural produce at fair value less estimated point-of-sale costs.

c. A gain or loss arising from a change in fair value less estimated point-of-sale costs of a biological asset.

d. A gain or loss arising on initial recognition of a biological asset at fair value less estimated point-of-sale costs.

3. Which of the following is correct about accounting treatments of investment property?

a. In revaluation model, an entity does not depreciate the investment property.

b. An entity depreciate the investment property for all models of subsequent measurement.

c. In cost model, an entity does not depreciate the investment property.

d. In fair value model, an entity does not depreciate the investment property.

4. When an entity uses fair value to measure the investment properties,

a. They should reflect the market conditions at the end of reporting period, so they should be revalued at each balance

sheet date.

b. They could be revalued in any period based on management's judgment.

c. They should be revalued at each balance sheet date if there is a material different from fair value.

d. They should be revalued at least once in every three years.

5. Which of the following is NOT correct about accounting treatments of biological asset and agriculture produce?

a. Biological assets such as Palm trees are measured on initial recognition and at subsequent reporting dates at fair value less estimated costs to sell.

b. Biological assets such as dairy cows are measured on initial recognition and at subsequent reporting dates at fair value less estimated costs to sell.

c. There is no 'measurement reliability' exception to measure agricultural produce at fair value less estimated costs to sell.

d. Agricultural produce is measured at fair value less estimated costs to sell at the point of harvest.

don't really need an explanation, but please answer all of these