At acquisition date which of the following is not required to be recognised by the acquirer?

a.liabilities assumed.

b.non-controlling interest in the acquire.

c.goodwill separately from the identified assets acquired.

d.Retained earnings of the acquiree.

Which of the following accounting policies is an example of costs versus benefits constraint being exercised in the disclosure of financial information?

a. Inventory is valued at lower of cost or market value.

b. Patents are stated at fair value unless the fair value cannot be measured reliably.

c. Property, plant and equipment are appraised and revalued every three years.

A company has Cash at Bank with a carrying value of $50 000 in the drafted balance sheet. The tax rate is 30%. What is the tax base for this item?

a.$0

b.$50 000

c.$15 000

d.$65 000

The effects of an increase in the exchange rate for Australian dollars relative to other major world currencies would include:

a.Offshore debt would become more expensive.

b.The cost of importing goods from overseas would increase.

c.People buying goods overseas with Australian dollars would find the goods cheaper than before.

d.The cost of Australian exports for overseas buyers would decrease.