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please answer all the questions immediately thankyou 56. The following buildings are property, plant and equipment, except * (1 Point) Head Office building Apartment building
please answer all the questions immediately thankyou
56. The following buildings are property, plant and equipment, except * (1 Point) Head Office building Apartment building Factory building Store building 57. Which is not true with regards to Agricultural Produce? * (1 Point) It is measured every reporting date at fair value less cost to sell 0 it is the harvested product from a biological asset When harvested, it is recorded as a gain from change in fair value of agricultural produce At point of harvest, it is recorded at fairvalue less cost to sell 58. Which is true under PAS 37? (1 Point) O An obligating event is an event that creates legal obligation only A provision is recognized if there is a present obligation and a probable outfiow of economic resource regardless if the amount of obligation can be measured reliably or not Outflow of resources or other event is regarded as probable if the probability that the event will occur is greater than the probability that it will not. Where there is a continuous range of possible outcomes, and each point in that range is as likely as any other the entity shall use expected value in measuring the provision 59. Which statement is incorrect regarding Government Grant in accordance with PAS 20? (1 Point) All government grants are government assistance Government grants are assistance by goverment in the form of transfers of resources to an entity in retum for past or future compliance with certain conditions relatieb the operating activities of the entity Al government assistances are goverment assistance Allstaternents are correct 60. Under PAS 23. should a large expensive delivery truck that can be purchased immediately from a vendor be classified as qualifying asset? (1 Point) O Yes since all expensive assets must be classified as qualifying asset O No because such vehidle can be purchased immediately No because qualifying asset are always immovable Yes because delivery trucks take so much time to assemble and constructStep by Step Solution
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