i need this ASAP

about IFRS accounting

What is the Conceptual Framework definition of an asset?

A present economic resource over which an entity has legal rights and which has the potential to produce economic benefits.

A present economic resource to which an entity has a future commitment as a result of past events and which has the potential to produce economic benefits.

A present economic resource controlled by an entity as a result of past events and which has the potential to produce economic benefits.

A present economic resource, which is a right that has potential to produce economic benefits, owned by an entity as a result of past events.

Which one would be classified as a liability, under the Conceptual Framework?

Carter has estimated the tax charge on its profits for the year just ended as BD165,000.

Reckless purchased an investment 9 months ago for BD120,000. The market for these investments has fallen and Reckless investment is valued at BD90,000.

Dexters business manufactures a product under licence. In 12 months, the licence expires and Dexter will have to pay BD50,000 for it to be renewed.

Expansion is planning to invest in new machinery and has been quoted a price of BD570,000.

Which does the Conceptual Framework identify as an underlying assumption?

Substance over form

Materiality

Accruals

Going concern

The process for developing an International Financial Reporting Standard involves a number of stages. Following receipt and review of comments on a Discussion Paper, which will be the next step undertaken by the IASB (International Accounting Standards Board)?

Establishment of an Advisory Committee.

Consultation with the Advisory Committee.

Issue of a Final IFRS.

Publication of Exposure Draft.

Historical cost accounting remains in use because of its practical advantages.

Which is NOT an advantage of historical cost accounting?

Amounts of transactions are reliable and can be verified.

It provides fewer opportunities for creative accounting than systems of current value accounting.

Amounts in the statement of financial position can be matched to amounts in the statement of cash flows.

It avoids the overstatement of profit which can arise during periods of inflation.

Loay WLL has borrowed BD2.4million to finance the building of a factory. Construction is expected to take two years. The loan was drawn on 1 January 2020 and work began on 1 March 2020. BD1 million of the loan was not utilised until 1 July 2020 so Loay was able to invest it until needed.

Loay WLL is paying 8% on the loan and can invest surplus funds at 6%.

Which is the borrowing cost to be capitalised for the year ended 31 December 2020 in respect of this project?

BD140,000

BD100,000

BD162,000

BD192,000