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Questions and Answers
Which of the following is true about property, plant, and equipment?
Which of the following is true about property, plant, and equipment?
- It is recognized as an asset only when it can yield future economic benefits
- It is measured initially at fair value
- It is a tangible non-current asset (correct)
- It is a current asset
What is the purpose of depreciation?
What is the purpose of depreciation?
- To recognize a gain or loss on disposal of an asset
- To measure the fair value of an asset
- To increase the carrying amount of an asset
- To allocate the depreciable amount of an asset over its useful life (correct)
When should property, plant, and equipment be derecognized?
When should property, plant, and equipment be derecognized?
- When it is being rented to others
- When it is no longer being used (correct)
- When it is acquired
- When it is measured at fair value
Which of the following is a requirement for recognizing property, plant, and equipment as an asset?
Which of the following is a requirement for recognizing property, plant, and equipment as an asset?
What is the revaluation model for property, plant, and equipment?
What is the revaluation model for property, plant, and equipment?
What is the purpose of residual values and lengths of useful lives review?
What is the purpose of residual values and lengths of useful lives review?
What is the cost model for investment property?
What is the cost model for investment property?
Which of the following is true about investment property?
Which of the following is true about investment property?
What is the treatment for borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset?
What is the treatment for borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset?
What is the treatment for government grants relating to the acquisition of an asset?
What is the treatment for government grants relating to the acquisition of an asset?
What is the purpose of recognizing revaluation gains and losses for property, plant, and equipment?
What is the purpose of recognizing revaluation gains and losses for property, plant, and equipment?
What is the purpose of choosing a depreciation method?
What is the purpose of choosing a depreciation method?
Which of the following is a requirement for recognizing property, plant, and equipment as an asset?
Which of the following is a requirement for recognizing property, plant, and equipment as an asset?
When should property, plant, and equipment be derecognized?
When should property, plant, and equipment be derecognized?
What is the purpose of depreciation?
What is the purpose of depreciation?
What are the two models an entity may apply to measure investment property?
What are the two models an entity may apply to measure investment property?
When should borrowing costs be capitalized as part of the cost of a qualifying asset?
When should borrowing costs be capitalized as part of the cost of a qualifying asset?
When should revaluation gains be credited to a revaluation reserve?
When should revaluation gains be credited to a revaluation reserve?
What is the definition of property, plant and equipment?
What is the definition of property, plant and equipment?
What should an entity do to choose the best depreciation method for an asset?
What should an entity do to choose the best depreciation method for an asset?
How should government grants relating to the acquisition of an asset be recognized?
How should government grants relating to the acquisition of an asset be recognized?
What are the two models an entity may apply to measure property, plant, and equipment?
What are the two models an entity may apply to measure property, plant, and equipment?
What are the types of economic benefits that property, plant, and equipment may yield?
What are the types of economic benefits that property, plant, and equipment may yield?
What should an entity do with other borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset?
What should an entity do with other borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset?
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