QUESTION 1 AASB are initials that stand for: Australian Accounting Standards Board O Auditing & Assurance Standards Board O Australian Accounting Standards Bureau O Accounting & Auditing Supervision Board QUESTION 2 AASB 1053 introduced a _-tier reporting system for entities producing general purpose financial statements. O three one two four QUESTION 7 Which of the following statements is correct with respect to research and development expenditures in accordance with AASB 138? O Activities aimed at obtaining knowledge that are likely to produce a viable commercial product can be capitalised. O Amounts incurred for investigation of alternative viable projects can be capitalised. O Design, construction and operation of a pilot plant that is not of a scale economically feasible for commercial production can be capitalised. The search for evaluation and final selection of applications of research findings and other knowledge can be capitalised. QUESTION 8 The of the asset is defined in the accounting standard as: The amount at which an asset is recognised in the statement of financial position after deducting any accumulated amortisation and accumulated impairment losses therefrom. fair value carrying amount historical value residual value QUESTION 3 Differential reporting is based on: O small and large proprietary companies having the same requirements to comply with accounting standards in the preparation of financial reports O the burden of additional reporting for some organisations in situations where there were questionable benefits to report preparers the difference between the ability of shareholders in 'small' and those in 'large companies to request information to satisfy their specific needs O None of the options listed here is correct QUESTION 4 While the intangible asset standard will promote a new level of international consistency in financial reporting, it is seriously flawed and an archly conservative standard. It fails to require recognition of many intangible assets and places a number of severe restrictions on the recognition of internally generated intangible assets and on revaluation of those assets. True False QUESTIONS The price that would be received to sell an asset or paid to transfer a liability in an orderly sale between market participants at the measurement date is termed O tangible value O intangible value O book value O fair value QUESTION 6 asset. Computer software is an example of an) o intangible O tangible O current Your Dre Upgrade space an Dropbox None of the answers given are correct
