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1. Which of the following is a valid statement regarding "non-current assets held for sale"?

a. A gain may be recognized if the fair value less cost to sell exceeded the carrying value of the asset.

b. Initial cost is the carrying value or fair value less cost to sell whichever is higher.

c. The asset is always reclassified back to property, plant and equipment if it is not sold within a period of 12 months after the balance sheet date.

d. Depreciation ceases while the asset is being held for sale.

2. In accordance with PERS 5, an asset should be classified as held for sale when which TWO of the following criteria are satisfied?

I. The sale is highly probable.

II. The asset has a readily observable market value.

III. The sale is expected to be completed within 3 months of the end of the reporting period.

IV. The asset is available for immediate sale in its present condition.

a. I and II

b. I and III

c. I and IV

d. II and III

3. An entity shall classify a non-current asset or disposal group as "held for sale when

A. The carrying amount of the asset or disposal group will be recovered through a sale transaction.

B. The carrying amount of the asset or disposal group will be recovered through continuing use.

C. The non-current asset or disposal group is to be abandoned.

D. The current asset or disposal group is idle or retired from active use.