1.Nene Properties Inc. ('NPI") wishes to use the revaluation model for this property.

Belore Reyaluation Bullding Gross value $220,000 Bulling Accumulated Depreciation $ 40,000

The fair value o the property is $100,000. What amount would be Journalized to the accumulated depreciation account if NPI chooses to use the proportional method to record the revaluation? (a) $10,000 debit

(b) $10,000credit C) $20,000 debit

d)$20,000 credit

e) None of the above

2.Your company is using IFRS. You are provided with the following information regarding a particular asset that is being accouted for under cost model Fair value = $1,000 Value in use = $900 selling costs = $200 Carrying value = $1,350

What should be the impairment loss for this particular asset? (a) $350 (b) $450 (c) $550 (d) $650 (e) None of the above.

3.According to IFS, which of the following is untrue regarding intangible assets? (a)They may or may not be amortized. (b)They may be impaired and written off on the income statement. (c)They must be identifiable. (d)They may include patents, trademarks and goodwill. (e)They must be non-monetary.

4.Under IFRS, which of the following is true regarding the defination of borrowing costs for the purposes of capitalization on qualifying assets? (a) Borrowing costs is narrower than just interest payments. (b) Borrowing costs is broader than interest payments. (c) Borrowing costs is equal to interest expense incurred by the entity.

d)None of the above. (e) No general statement can be made.

5. your company is using IFRS. You are provide with the following information regarding a particular asset that is being accounted for under the cost model: Fair value = $2,000 Value in use = $1,800 selling costs=$400 carrying value= $2,700 What should be the recoverable amount for this particular asset? a)$900 b) $1,100 (c) $1,300 d)2,700 (e) None of the above