2. 80-120

How do you deal with contingent consideration?

• Use the FV
  

• Use FV only if probable
  

A contract performed but not paid would be

• a contract receivable or asset
  

• a contract payable or liability
  

Which would lead to more consistent accounting standards?

• A rules based system
  

• A principles based framework
  

Which of the following is NOT an intangible asset?

• Good Relationship with customers
  

• A Patent
  

Is the screen of the device you're using right now - a cash CGU?

• Don't be ricky-dicky-lous
  

• Of course it is - it cost me serious cash stacks man
  

Daily sales and purchases, employee costs and general overheads comprise:

• Operating acitivities
  

• Investing activities
  

• Financing activities
  

• Component of cash and cash equivalents
  

The acquisition, and disposal, of long-term assets are:

• Operating acitivities
  

• Investing activities
  

• Financing activities
  

• Component of cash and cash equivalents
  

According to IAS 12 Income taxes, is the following statement in relation to deferred tax liabilities true or false? “Deferred tax liabilities are the amounts of income taxes payable in future periods in respect of taxable temporary differences.”

• T

• F

Whether the following statement is TRUE or FALSE in accordance with IAS 40 Investment Property?

“A gain or loss arising from a change in the fair value of an investment property should be recognised in the revaluation surplus.

• T

• F

Under the principles of IAS 16 - Property, Plant and Equipment, which TWO of the following should be included in the cost of an item of property, plant and equipment?

• Installation and assembly costs
  

• Costs of training staff on the new asset
  

• Apportioned general overhead costs
  

• Initial delivery and handling costs