answer the following mcqs no need of explanation

The carrying value of PPE at 1 July 2019 was Rs. 15.78 Million (cost Rs. 20.58 Million and accumulated depreciation Rs. 4.8 Million). During the year to 30 June 2020 PPE costing Rs. 4.53 Million were purchased. The depreciation policy is to charge depreciation at 20% on all assets held at the year end on the diminishing balance basis.

Accumulated depreciation for the balance sheet as at 30 June 2020 would be:

Single choice.

(2 Points)

Rs. 10.782 Million

Rs. 12.978 Million

Rs. 9.822 Million

Rs. 8.862 Million

16.

(a) The period over which an asset is expected to be available for use by an entity; or

(b) The number of production or similar units expected to be obtained from the asset by an entity.

Describes following:

Single choice.

(2 Points)

Residual Value

Fair Value

Useful life

Recoverable Value

17.

At the end of Financial Year, Company had a table in its inventory (which is not yet booked). The documents shows that purchase price of table as Rs. 3,400 and trade discount was Rs. 1,050. This type of table usually sells for Rs. 1,895 but it was damaged in a flood and will therefore be sold at a significant discount. It is expected to sell for Rs. 900. Table will be valued at _________ in Financial Accounts?

Single choice.

(2 Points)

1,050

1,200

900

950

18.

Inventories are initially measured at:

Single choice.

(1 Point)

Fair Value

Cost

Net Realizable Value

Sales Value

19.

IAS-2 covers inventories except following:

Single choice.

(1 Point)

Minerals and Mineral Products.

Producers of Agriculture and forest Products

Biological assets to the extent they are measured at NRV.

All of above

20.

IFRS Foundation consists of ___________ Trustees

Single choice.

(1 Point)

20

16

14

22