
Question Chapter 06
Quiz
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Other
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Professional Development
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Practice Problem
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Hard
Rabie Kaakaty
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8 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is not e transfer from or to investment property under fA5 40?
Commencement of owner occupation
Transfer from undetermined use to an operating lease
Commencement of development with a view to sale
End at construction at development
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is not an example of investment property?
Land held for undetermined future use
Property teamed to another entity under a finance lease
Property leased to another entity under an operating lease
Property being constructed for future use as an Investment property
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If an entity uses part of a building for their own use, and rents the remainder. How should this be treated?
All as investment property under IAS 40 — Investment Property
Account for separately under ‘IAS - 16 Property, Plant and Equipment’ and ‘IAS - 40 Investment Property’
All under IAS 16 - Property, Plant and Equipment
None of these
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If an entity uses the cost model for investment property, it must also disclose the fair value of the investment property
True
False
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In case of a property held under an operating lease and classified as investment property:
The entity has to account for the investment property under the cost model only
The entity has to use the fair value method only
The entity has the choice between fair value model and cost model
The entity needs only to disclose the fair value and can use the cost model under IAS 38
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Investment property can be held by:
A lessor, under a finance lease
A lessee, under a finance lease
Both
None of the above
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The cost of a property interest held under a lease should be valued at:
Fair value
The present value of the minimum lease payments
The higher of a and b
The lower of a and b
8.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Transfer of investment property to PP&E are appropriate:
Based on the discretion of management
When there is a change in the use of the property permitting the same
Only if the entity adopts the fair value model under IAS 38
Never as such reclassification is not permitted
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