Please solve the seven points with the correct choice

The reason for creating IFRS 4 is for the purpose of:

A- That the insurance companies be able to comply with the international financial reporting standards as of 1/1/2005.

B - a comprehensive review of the insurance accounting in full.

C - In response to recent violations in the insurance industry.

Dr.. Due to pressure from financial services authorities in several countries.

e- Limited improvements to accounting practices relating to insurance contracts

2- The most important cost items that are included in the initial cost of costs, evaluation and exploration of natural resources that are treated as an asset are:

A - The costs of the technical and commercial feasibility study for the extraction of natural resources.

b- Development costs.

C- Examination costs of samples.

D- storage costs.

E - Not from what was previously mentioned.

3- One of the following is not considered among the indicators that indicate the necessity of conducting an impairment test for the origin of exploration, evaluation and exploration costs:

a. The exploration rights have expired or are about to expire, and they are not expected to be extended.

B. There are additional costs for exploration and exploration that were not planned and not included in the spending budget.

c. The quantities of natural resources expected to be extracted based on prospecting and exploration operations do not indicate the existence of commercial and feasible quantities.

Dr.. If there is sufficient evidence that the value of the stock expected to be extracted is greater than the cost of exploration and exploration capitalized as an asset.

E- Not from what was previously mentioned

4- When measuring the fair value of an asset or a liability, entities must consider the following requirements when measuring in the absence of a principal market for the asset or liability:

A- Adjusting the price in the original (principal) market by subtracting the user to measure the fair value of the asset or liability for transaction costs in accordance with International Financial Reporting Standards. Transaction costs are not considered a characteristic of any asset or liability, as they are specific to each transaction and differ based on the way the facility concludes the asset or liability transaction.

B - In the absence of the principal market for the asset, the fair value of the asset will be determined using the price in the most profitable market represented by the market that maximizes the amount received as a result of selling the asset regardless of the costs of the sale and transfer process.

C- In the absence of the original (main) market for the asset, resort to determine the most profitable market that achieves the largest measurement of the price of the asset after deducting the costs of the process and transportation costs, taking into account that this price represents the fair value of the asset in this market when deducting the transportation costs. Only from the price in this market to arrive at the fair value of the asset.

D- Not from the above.

5- Shell explored for crude oil by drilling (6) exploratory wells, at a total drilling cost of (26) million dollars. The results indicated that all wells were empty, based on that information:

A- The company cannot use the method of successful efforts because it will lead to charging the result of the periods activity in large amounts.

b- The company is allowed to use the holistic method.

C - The company can use the method of successful efforts or the overall method.

D- Not from the above.

6- Which of the following international standards allowed enterprises to change their accounting policies for recognition, measurement or impairment of their accounting practices, provided that the change leads to the provision of financial statements that are more appropriate for making economic decisions for users of accounting information provided that they are not less reliable or provide financial statements that are more reliable, but not less Relevance.

A- International Financial Reporting Standard No. (4)

B- International Financial Reporting Standard No. (6)

C- International Financial Reporting Standard No. (14)

D- International Financial Reporting Standard No. (13)

E- Not from what was previously mentioned

7- Which of the following measurement models applies to exploration and evaluation assets after initial recognition:

A- Cost model

b- Re-evaluation form

C- Refundable Amount Form

D - a + b.

E - Not from what was previously mentioned.