
AACA1 CHAPTER 5
Authored by Lyra Lascano
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University
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21 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Physical Inspection of fixed assets satisfies the following assertions except
Existence
Completeness
Rights and Obligations
All of the given assertions are satisfied.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
To satisfy the completeness assertion, the test of additions and disposals are done.
True
False
3.
FILL IN THE BLANK QUESTION
1 min • 1 pt
Property, plant and equipment are initially recognized at
4.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
The total cost of PPE includes the following (select all that applies)
Net purchase price
Decommissioning cost
Directly attributable costs
Present value of decommissioning cost
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If PPE is acquired by purchase, net purchase price should be net of cash discounts only if taken.
True
False
6.
FILL IN THE BLANK QUESTION
1 min • 1 pt
PPE purchased by lump-sum, should be allocated based on what approach
7.
FILL IN THE BLANK QUESTION
1 min • 1 pt
TRUE or FALSE: Sale of scrap from demolition of old building should be ignored in computing for the cost of new building.
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