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22. A company constructed machinery 'PC'" for its own use. A bank loan specifically financed this property both during and after the construction. How much of the interests incurred should be reported as interest expense? * O interests incurred before completion 0 interests incurred after completion 0 :er 0 All interests incurred 23. Which of the following is not a law disclosure requirement under PAS 23? * 0 Amount of borrowing costs capitalized during the pelted. O Segregation of assets that are 'qualifying assets' on the balance sheet as a disclosure in the nancial statement notes 0 Capitalization rate used to determine the amoum of borrowing costs eligible for capitalization. 0 Accounting policy adopted for borrowing costs. 24. These are government grants whose W primary condition is that an entity qualifying for them should purchase, construct. or otherwise acquire long- term assets. * 0 Grant related to assets 0 Government appropriation 0 Government gift 0 Grant related to income 25. In the case of grants related to an 'Fm asset, which of these treatments is prescribed by PAS 20? * 0 Record the grant at a nominal value in the first year and write it off in the subsequent year Take it to the income statement and disclose it as an extraordinary gain amount of the asset Record the grant at fair value in the rst year and take it to income in the subsequent O Ether set up the grant as deferred income or deduct it in arriving at the carrying 0 year 26. In the case of grants related to 1 point income, which of these treatments is prescribed by PAS 20? * O Credit the grant to sales or other revenue from operations in the income statement O Credit the grant to 'general reserve' under the shareholders' equity O Credit the grant to 'retained earnings' on the balance sheet O Present the grant in the income statement as 'other income' or as a separate line item, or deduct it from the related expenses 27. The internal sources of information 1 point indicating possible impairment include all of the following, except * O Evidence that the economic performance of an asset will be worse than expected. O Significant change in the manner or extent in which the asset is used with an adverse effect on the entity O Evidence of obsolescence or physical damage of the asset O Significant decrease or decline in the market value of the asset 28. The estimates of future cash flows in 1 point calculating value in use include all of the following, except * O Cash inflows from the continuing use of the asset O Net cash flows from the disposal of the asset at the end of its useful life O Future cash outflows that are expected to arise from improving or enhancing the asset's performance O Cash outflows necessarily incurred to generate the cash inflows from the continuing use of the asset 29. When an impairment loss in a cash- 1 point generating unit is reversed, it is allocated (pro-rata) to the unit assets, except * O Goodwil O Equipmen t O Lan d O Plan30. If an impairment of PPE is indicated, 1 point any impairment losses is recorded at an amount equal to the * O Excess of the carrying amount over the fair value of the asset O Excess of the carrying amount over the recoverable amount of the asset O Excess of the recoverable amount over the carrying amount of the asset O Excess of the carrying amount over the discounted cash flows from the asset 31. Identifiability is seen as the 1 point characteristic that conceptually distinguishes other intangible assets from * O Goodwil O Copyrigh t Paten O t O Franchis e 32. An intangible asset with an 1 point indefinite life is one where * O The management feel that the intangible asset will not lose value in the foreseeable future O There is no foreseeable limit on the period over which the asset will generate cash flows O There is a contractual or legal arrangement that lasts for a period in excess of five years O The length of life is over 20 years 33. Costs incurred by a company that 1 point may develop its own goodwill internally should be * O Capitalized and amortized over a period not to exceed 40 years O Capitalized and amortized as the company profits increased O Expensed in the period incurred O Capitalized and amortized over the useful life of the goodwill34. A newly set up dot-com entity has 1 point engaged you as its financial advisor. The entity has recently completed one of its highly publicized research and development projects and seeks your advice on the accuracy of the following statements made by one of its stakeholders. Which of the following statements is accurate? * O Costs incurred during the research phase can be capitalized. O Training costs of technicians used in research can be capitalized. O Costs incurred during the development phase can be capitalized if criteria such as technical feasibility of the project being established are met. O Designing the jigs and tools qualify as research activities. 35. Which of the following would not be 1 point reported as investment property? * O Property held by the entity to be leased out under one or more operating leases O Property owned by the entity and leased out under one or more operating leases O Property owned by the entity and leased out to another entity under a finance lease O Real estate held for an undetermined future use 36. Under the fair value model, any gain 1 point or loss arising from a change in the fair value of the investment property shall * O Be recognized in the profit or loss for the period in which it arises O Be recognized as an adjustment to retained earnings at the beginning of the year O Not be recognized in the financial statements O Be recognized directly to equity in the period in which it arises 37. Transfers from investment property 1 point to property, plant and equipment are appropriate * O Only when the entity adopts the fair value model O When there is a change of use O The entity can never transfer property into another classification on the balance sheet once it is classified as investment property O Based on the entity's discretion38. If an inventory is transferred to 1 point investment property that will be carried at fair value, the difference between the carrying amount and fair value is * O Charged to profit or loss O Accounted for as revaluation of inventory O Charged to retained earnings O Included in equity 39. It is a method of accounting 1 point whereby the investment is initially recognized at cost and adjusted thereafter for the subsequent change in the investor's share of the investee's net assets, * O Consolidation method O Fair value method Cost O method O Equity method 40. Which is an incorrect application of 1 point equity method for an investment in associate? * O Investment is recognized at cost on initial recognition. O Distributions received from the associate increases the carrying amount of the investment. O The investor's share in the associate's profit is included in the investor's profit or loss. O The carrying amount of investment is decreased by the investor's share in the loss of the associate after the date of acquisition