TRUE OR FALSE PLEASE ANSWER IT CORRECTLY

TRUE OR FALSE PLEASE ANSWER IT CORRECTLY

21. Government assistance is action by government designed to provide an economic benefit specific to an entity or range of entities qualifying under certain criteria.

22. Grant related to income is a government grant whose primary condition is that an entity qualifying for the grant shall purchase, construct or otherwise acquire long-term asset.

23. Externally generated brands, mastheads, publishing titles, customer lists and items similar in substance shall not be recognized as intangible assets.

24. When an asset in the group is retired, no gain or loss is reported.

25. If the actual benefit obligation is higher than the estimated amount, there is an actuarial loss.

26. The residual value of an asset shall be reviewed at least at each financial year-end and if expectation differs from the previous estimate, the change shall be accounted for a change in an accounting policy.

27. A contingent asset is only disclosed when it is possible.

28. If the actual benefit obligation is lower than the estimated amount, there is an actuarial gain.

29. The useful life of an intangible asses is indefinite when there is no foreseeable limit to the period over which the asset is expected to generate net cash flows.

30. Grant in recognition of specific expenses shall be recognized as income over the period of the related expense.

31. A contingency is an existing liability of uncertain timing or uncertain amount.

32. Gain or Loss from disposal of investment property shall be determined as the difference between the net disposal proceeds and the carrying amount of the asset.

33. A constructive obligation is an obligation arising from a contract, legislation or other operation of law.

34. Depreciation ceases when the asset becomes idle temporarily.

35. Provision shall be recognized as a liability in the financial statements if the amount of the obligation can be measured reliably.

36. The residual value of an asset shall be reviewed at least at each financial year-end.

37. The omission of depreciation may somehow impair legal capital if and when dividends are declared out of earnings before provision for depreciation.

38. An expenditure on an intangible item that was initially recognized as an expense shall not be included as part of the cost of intangible asset at a later date.

39. The Lessor is the entity that obtains the right to use an underlying asset for a period of time in exchange for consideration.

40. A contingent liability shall not be recognized in the financial statements but shall be disclosed only.