Question 1

Identify and explain the specific elements of the cost of an item of property,plant and equipment as per AASB 116.

Accepted Answer

The specific elements of the cost of an ...

Question 2

Examples of costs listed in AASB 116 that would not be considered to represent directly attributable costs include:

Accepted Answer

A)  costs of introducing a new product or service
B)  administration and other general overhead costs
C)  costs of relocating or reorganising part or all of an entity's operations
D)  all of the aboveE) A) and D)
F) C) and D)

Question 3

Discuss the AASB 116 requirements with respect to costs incurred after the acquisition date.

Accepted Answer

With respect to subsequent costs (costs ...

Question 4

Explain the three examples of depreciation methods identified in AASB 116.

Accepted Answer

AASB 116 provides three examples of depr...

Question 5

The method of depreciation that results in a decreasing annual charge over the useful life of an asset is the:

Accepted Answer

A)  diminishing balance method
B)  straight- line method
C)  units of production method
D)  none of the aboveE) B) and C)
F) A) and D)

Question 6

The comparison of the carrying amount of an asset to its recoverable amount is referred to as:

Accepted Answer

A)  derecognition
B)  impairment testing
C)  depreciation
D)  none of the aboveE) C) and D)
F) B) and D)

Exam 6: Property, Plant and Equipment

The comparison of the carrying amount of an asset to its recoverable amount is referred to as:

Correct Answer
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Discuss the AASB 116 requirements with respect to costs incurred after the acquisition date.

Correct Answer
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With respect to subsequent costs (costs ...
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Examples of costs listed in AASB 116 that would not be considered to represent directly attributable costs include:

Correct Answer
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Identify and explain the specific elements of the cost of an item of property,plant and equipment as per AASB 116.

Correct Answer
verified
The specific elements of the cost of an ...
View Answer

The method of depreciation that results in a decreasing annual charge over the useful life of an asset is the:

Correct Answer
verified

Explain the three examples of depreciation methods identified in AASB 116.

Correct Answer
verified
AASB 116 provides three examples of depr...
View Answer

Exam 6: Property, Plant and Equipment

The comparison of the carrying amount of an asset to its recoverable amount is referred to as:

Correct AnswerverifiedShow Answer

Discuss the AASB 116 requirements with respect to costs incurred after the acquisition date.

Correct AnswerverifiedWith respect to subsequent costs (costs ...View AnswerShow Answer

Examples of costs listed in AASB 116 that would not be considered to represent directly attributable costs include:

Correct AnswerverifiedShow Answer

Identify and explain the specific elements of the cost of an item of property,plant and equipment as per AASB 116.

Correct AnswerverifiedThe specific elements of the cost of an ...View AnswerShow Answer

The method of depreciation that results in a decreasing annual charge over the useful life of an asset is the:

Correct AnswerverifiedShow Answer

Explain the three examples of depreciation methods identified in AASB 116.

Correct AnswerverifiedAASB 116 provides three examples of depr...View AnswerShow Answer

Correct Answer
verified

Correct Answer
verified
With respect to subsequent costs (costs ...
View Answer

Correct Answer
verified

Correct Answer
verified
The specific elements of the cost of an ...
View Answer

Correct Answer
verified

Correct Answer
verified
AASB 116 provides three examples of depr...
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