Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 21 According to HKAS 38, which of the following should not be treated as intangible asset? I. Mastheads II. Publishing titles III. Trademark IV.

image text in transcribed

Question 21 According to HKAS 38, which of the following should not be treated as intangible asset? I. Mastheads II. Publishing titles III. Trademark IV. Customer list A. I and II B. I and IV C. I, II and IV D. I, II, III and IV Question 22 Limited-life intangibles are reported at their A.replacement cost. B. disposal value C.carrying amount unless impaired. D.acquisition cost. Question 23 All of the following are true regarding recovery of impairments for intangible assets EXCEPT A. No recovery of impairment is allowed for Goodwill. B. After a recovery of impairment has been recognized, the carrying value of the asset reported on the statement of financial position will be the higher of the fair value less cost to sell or the value-in-use. C. The amount of the recovery is limited to the carrying value of the asset that would have been reported had no impairment occurred. D. A recovery of impairment will be reported in the "Other income" section of the Statement of profit or loss and other comprehensive income

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

14. Identify some patterns of how people consume popular culture.

Answered: 1 week ago

Question

a sin(2x) x Let f(x)=2x+1 In(be)

Answered: 1 week ago

Question

design a simple disciplinary and grievance procedure.

Answered: 1 week ago