Section A - You MUST answer all the questions in this section. Q1. What is the IASB's main objective? A. To advocate for accrual accounting to be used at the international level. B. To develop a set of high-quality standards for financial reporting by companies at the international level. C. To reduce risk of investment. D. To help to implement a going concern approach. [1 mark] Q2. Jackson Plc is developing computer software for use in its courier delivery service business. So far the company had spent 50 000 but the software is still unfinished and not expected to be finished in time for the preparation of the reports. As a result, the company had to purchase a computer package amounting to 100 000 to finalise its accounts. There is no further use for the unfinished software as it is expected that the purchased computer package could be used by the entity for another 10 years. Which accounting treatment would be consistent with the Conceptual Framework? A. Recognise an asset of 150 000 B. Recognise an expense of 150 000 C. Recognise an asset of 100 000 and expense of 50 000 D. Recognise an asset of 50 000 and expense of 100 000 [1 mark] Q3. The following information was taken from the fixed asset records of Widcombe Ltd. As of December 31, 2021: Carrying value Selling price Costs of disposal Expected future cash flows Present value of expected future cash flows 100,000 85,000 3,000 75,000 63,000 Using IAS 36, what is the recoverable amount? A. 85,000 B. 82,000 C. 63,000 D. 75,000 [1 mark]