81-120

Control means rights to the variability of returns and also..

• power to influence them

• power to make decisions

How do you deal with contingent consideration?

• Use the FV

• Use FV only if probable

A company bought an asset for 2,000 (10 year useful life) After 5 years it is impaired to 800. What is the double entry?

• Dr Asset/Cr P/L 200

• Dr Asset/Cr P/L 800

• Dr P/L / Cr Asset 200

• Dr P/L / Cr Asset 800

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 activities

• Financing activities

• Investing activities

• Component of cash and cash equivalents

The maximum maturity of a cash equivalent is:

• 1 month

• 3 months

• 6 months

• 1 year