Borrowing Costs

Borrowing Costs

Professional Development

10 Qs

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Borrowing Costs

Borrowing Costs

Assessment

Quiz

Computers

Professional Development

Practice Problem

Easy

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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

According to Ind AS 23, borrowing costs expenses that are directly attributable to the acquisition, construction, or production of a qualifying asset should be:

Ignored

Recognized as Revenue

Expensed as incurred

Capitalized

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How should borrowing costs be treated when they do not qualify for capitalization?

Amortized over a longer period

Recognized as an expense in the period incurred

Capitalized in the subsequent period

Recorded as a liability

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the benchmark for determining the capitalization rate for borrowing costs?

Prime lending rate

Company's actual borrowing rate

Industry average borrowing rate

Government bond rate

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When does the capitalization of borrowing costs cease under Ind AS 23?

When the asset is sold

When the loan is fully repaid

When the construction is complete

When substantially all the activities necessary to prepare the asset for its intended use or sale are complete

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How are borrowing costs for inventories treated under Ind AS 23?

Always capitalized

Never capitalized

Capitalized if they meet specific criteria

Treated as a separate category in financial statements

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the disclosure requirement for borrowing costs under Ind AS 23?

No disclosure required

General information only

Specific disclosures, including the amount of borrowing costs capitalized

Disclosure only if there is a significant impact on financial statements

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a qualifying asset under Ind AS 23?

Any asset

Land

Inventory

An asset that necessarily takes a substantial period of time to get ready for its intended use or sale

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