Intangible Assets Quiz

Which of the following is an example of an intangible asset according to MFRS 138?

• Land

• Machinery

• Patent

• Inventory

Which of the following is not a characteristic of an intangible asset under MFRS 138?

• It is identifiable

• It has physical substance

• It is non-monetary

• It lacks physical substance

Intangible assets are defined by MFRS 138 as:

• Physical assets with identifiable value

• Non-monetary assets with physical substance

• Identifiable non-monetary assets without physical substance

• Monetary assets with physical substance

Which of the following transactions would be included in the initial cost of an intangible asset?

• General administrative expenses

• Cost of testing the technology

• Maintenance costs

• Sales and marketing expenses

RC Samariang incurred a cost of RM500,000 to purchase a patent. What type of asset would this be classified as?

• Tangible asset

• Intangible asset

• Financial asset

• Inventory

Professional fees paid to acquire intangible assets should be:

• Expensed immediately

• Capitalized as part of the intangible asset

• Allocated to the cost of goods sold

• Included in general administrative expenses

The cost of testing the intangible assets cost should be:

• Expensed in the income statement

• Added to the initial cost of the technology

• Treated as a liability

• Allocated to research and development

General administrative expenses incurred during the acquisition of the intangible assets should be:

• Capitalized as part of the intangible asset

• Expensed in the period they are incurred

• Deferred to future periods

• Added to the cost of sales

Which of the following costs is not included in the initial cost of new technology?

• Cost of purchasing the technology

• Professional fees to acquire the technology

• Cost of testing the technology

• General administrative expenses

How should the cost of the intangible asset be presented in the Statement of Financial Position?

• As a current asset

• As a non-current liability

• As a non-current asset

• As a current liability