ut separately, the portions shall be accounted for separatel nvestment property and owner-occupied property. S2: If the nd owner-occupied portions could not be sold or leased ou he property is owner-occupied property if only an insignific eld for manufacturing or administrative purposes. D Only S1 is TRUE D Only S2 is TRUE
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- Q29 If a property is partly use by the owner for own use and the other part is held for earning rentals or capital appreciation, then: Select one: a. The entire property is investment property b. The owner occupied property is investment property c. The part held for earning rentals or capital appreciation, if it can be sold or leased out separately shall be classified as investment d. The property cannot be classified as investment propertySale of real estate is subject to VAT. True, if not made in the regular course of trade or business False, it is exempt if the real estate is classified as capital asset False, it is exempt if what is sold is a resi¬dential unit True, if the real estate is classified as capital assetWhich statement on property, plant and equipment (PPE) is true? * a. PPE items may include assets lacking physical substance b. Assets held for sale shall be classified as PPE while unsold c. As long as an item of PPE provides benefit, regardless of measurability of its cost, it shall be recognized in the books d. When the amount is immaterial, an item may be expensed outright rather than capitalized as PPE e. none of the above
- or otherwise produced over a short period of time are 4. Statement 1: Financial assets and inventories that are manufactured not qualifying assets.Which statement on property, plant and equipment (PPE) is true? * PPE items may include assets lacking physical substance Assets held for sale shall be classified as PPE while unsold As long as an item of PPE provides benefit, regardless of measurability of its cost, it shall be recognized in the books When the amount is immaterial, an item may be expensed outright rather than capitalized as PPE none of the above1. When reclassification is made from owner occupied property to investment property that will be carried at fair value, any excess of the fair value over the carrying amount at the date of transfer is a. ignored. b. recognized as a gain in profit or loss, c. credited to asset revaluation surplus. d. recorded as a credit to a liability account2. Which of the following are valid statements regarding measurement of investment property? I. The best evidence of fair value is current price in an active market for similar property in the same location and condition.II. When items of investment property are measured at fair values, any movement in fair value is credited to other comprehensive income under the heading revaluation surplus.III. An entity shall continue to measure an investment property at fair value until its disposal if it has previously valued the property at fair value.IV. Transaction costs directly attributable to acquisition of investment property are capitalized as…
- S1: Special Assessments shall form part of the cost of land. S2: Cost of option to buy a property acquired shall form part of the cost of the property acquired. * a. both are true b. both are false c. S1 is true d. S2 is trueTransfers from investment property to property, plant and equipment are appropriate a. The entity can never transfer property into another classification on the balance sheet Once it is classified as investment property. b. When there is change of use. c. Only when the entity adopts the fair value model under IAS 38. d. Based on the entity’s discretion.All of the following statements are true, except: * a. When property is acquired in exchange for another, its cost is usually determined by reference to the fair value of the asset surrendered b. Property acquired in exchange for shares or other securities of the enterprise should be recorded at its fair value or the fair value of the securities, whichever is more clearly evident c. Donation of PPE should be recorded at the fair value of the donated asset d. When a group of assets is acquired for a lump sum price, the lump sum price should be allocated to the individual assets based on their carrying values.
- If certain conditions are met, which of the following properties could be classified as section 1231 property? A. Stock. B. Inventory. C. Accounts Receivable. D. Computer. E. None of the above.What is the meaning of the following:- IAS 40 paragraph 32A, An entity may: (a) choose either the fair value model or the cost model for all investment property backing liabilities that pay a return linked directly to the fair value of, or returns from, specified assets including that investment property; and (b) choose either the fair value model or the cost model for all other investment property, regardless of the choice made in (a).3 The following statements are true about the fair value of property investment, except_______. Select one: a. the term arm's length transaction means that the transaction is one between parties that have a particular or special relationship that makes prices of transactions typical of market conditions b. the term knowledgeable means that both the willing buyer and the willing seller are reasonably informed about the nature and characteristics of the investment property c. a willing buyer is motivated, but not compelled, to buy d. a willing seller is neither an over-eager nor a forced seller, prepared to sell at any price, nor one prepared to hold out for a price not considered reasonable in current market conditions