Duck

How many columns will the PPE note have? How many classes of assets are there?

• 3

• 2

• 1

What is the accounting treatment for revalued building?

• It is revalued at the end of the year

• It is revalued at the beginning of the year

• It is revalued every quarter

What do you need to remember when they say that the revaluation was done at the beginning of the year?

• Depreciate first and then revalue

• The opening balance of cost and accumulated depreciation in the note changes

• Revalue then depreciate

What is the main purpose of revaluing property, plant, and equipment (PPE)?

• To reflect the fair market value of PPE

• To increase the carrying amount of PPE

• To decrease the carrying amount of PPE

What do you need to remember when you have an asset with a use intention and no wear and tear allowances are given? Select all that is applicable

• Par 15 - Initial recognition is exempt

• TB = 0

• Tax rate is 28%

The fair value of the asset of R800 000 and R1 500 000 is reflective of the

• GRV

• NRV

What is the o/b cost for the building?

• 3 500 000

• 800 000

• 800 000 + 2 000 000

How many years is included in the accumulated depreciation O/B for the building?

• 11

• 9

• 2

What is the remaining UL of the asset at 1 Jan 2017?

• 9

• 6

• 4

What is the remaining UL of the assets at 1 Jan 2019?

• 9

• 6

• 4