AACA1 CHAPTER 5

AACA1 CHAPTER 5

University

21 Qs

quiz-placeholder

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AACA1 CHAPTER 5

AACA1 CHAPTER 5

Assessment

Quiz

Other

University

Practice Problem

Easy

Created by

Lyra Lascano

Used 3+ times

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21 questions

Show all answers

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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