Question No3 In accordance with the International Accounting Standards (IAS)/International Financial Reporting Standards (IFRS) developed by the International Accounting Standards Board (IASB), assets of what types are depreciable or amortisable, generally? Question No4. Non-current tangible and intangible assets purchased by a company, are initially recognized and presented in the statement of financial position (the balance sheet) at: A. Cost (cost of acquisition, construction, or production); B. Net realizable value; C. Current market value; D. Fair market value; E None of the above. Question No5. Inventories are measured (assessed) after initial recognition at: A. The cost of acquisition or the carrying amount (if an impairment has been recognized), and the net realizable value - at the lower of the two values; B. The cost of acquisition or the carrying amount (if an impairment has been recognized), and the net realizable value - at the higher of the two values; C. The cost of acquisition or the carrying amount (if an impairment has been recognized), and the current market value (price) in an active market at the higher of the two values; D. The cost of acquisition or the current market value (price) in an active market at the lower of the two values; E. The net realizable value always, regardless of whether it is higher or lower than the initial cost