Question 

1
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These are principal revenue producing activities of the enterprise.

Select one:

a.
SPECIAL ACTIVITIES

b.
FINANCING ACTIVITIES

c.
OPERATING ACTIVITIES

d.
INVESTMENT ACTIVITIES
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Question 2
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A decrease in the quantity or deterioration in quality of an animal or plant.

Answer: 
D e g e n a ra tio n - D E G E N E R ATIO N (W AG KAY O M AG M IS P E LL P LE AS E )

Question 3
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Calculating a value in use calls for estimates of future cash flows and there is the possibility
that an entity might come up with “under optimistic” estimate of cash flows.

Select one:
True
False 

Question 4
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EXAMPLES OF PROPERTY, PLANT, AND EQUIPMENT (Choose three.)

Select one or more:

a.
Computer Software
b.
Intellectual Property

c.
Bearer Plants

d.
License

e.
Office Equipment

f.
Tools
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Question 5
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Is the period over which an asset is expected to be available for use by an entity or the
number of production or similar units expected to be obtained from the asset by an entity.

Answer: 
U s e fu l life

Question 6
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Has a remote likelihood of being sold as agricultural produce, except for incidental scrap
sales.

Answer: 
B e a re r P la n ts

Question 7
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The _____________ is based on the economic relationship between the investor and the
investee.

Select one:

a.
Equity method

b.
Cost method

c.
Allowance method
d.
Straight method
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Question 8
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Are similar to an item of property, plant and equipment being constructed before he
intended use.

Select one:

a.
Property, Plant and Equipment

b.
Mature Bearer Plants

c.
Immature Bearer Plants

d.
Bearer Plants
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Question 9
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Is a new and is defined as the event or transaction causing the cash flows of the entity to
change significantly by reason of the exchange.

Answer: 
Co m m e rc ia l S u b s ta n c e

Question 10
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When the Cash in Bank account has a credit balance, it is said to be an ________.

Select one:

a.
Overdraft

b.
Postage Expense
c.
Cash

d.
Cash Equivalents
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Question 11
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Is the estimated net amount currently obtainable if the asset is at the end of the useful life.

Answer: 
R e s id u a l v a lu e

Question 12
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Cash flows arising from the purchase and sale of dealing securities are classified as
operating activities.
Select one:

a.
Income Tax

b.
Dividends

c.
Trading Securities

d.
Noncash Transaction
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Question 13
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Creation of additional living animals or plants.

Answer: 
P ro c re a tio n

Question 14
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PAS 28, paragraph 22, provides that on the date the significant influence is lost, the investor
shall measure any retained investment in associate at ____________.

Select one:

a.
Fair Value

b.
Cost of Purchase

c.
Present Value

d.
Accumulated Depreciation
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Question 15
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It is not required to disclose the name of the government agency that gave the grant along
with the date of sanction of the grant by such government agency and the date when cash
was received in case of monetary grant.
Select one:
True 
False

Question 16
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G o o d w ill
Answer  does not generate cash flows independently form other assets or
group assets, and therefore, the recoverable amount of goodwill as an individual asset
cannot be determined.

Question 17
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Biological asset are often physically attached to land.

Select one:
True 
False

Question 18
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Are interest and other costs that an entity incurs in connection with the borrowing of funds.

Answer: 
B o rro w in g c o s ts

Question 19
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Is the  power  to  participate  in  the  financial  and  operating  policy decisions of the
investee but is not control or joint control over those policies.

Answer: 
S ig n ific a n t in flu e n c e

Question 20
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Is simply defined as an entity over which the investor has significant influence.
Answer: 
As s o c ia te s

Question 21
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The property, plant, and equipment are tangible assets, meaning without physical
substance.

Select one:
True
False 

Question 22
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Is the present value or discounted value of the future cash flows expected to be derived
from an asset or cash-generating unit. 

Answer: 
Va lu e in u s e

Question 23
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Is the amount of cash or cash equivalent paid and the fair value of the consideration given
to acquire an asset at the tome of acquisition or construction.

Answer: 
Co s t

Question 24
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Is the cost of an asset, or other amount substituted for cost, less its residual value.

Answer: 
D e p re c ia b le a m o u n t

Question 25
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The _______________ is the amount at which an asset is recognized in the statement of
financial position after deducting accumulated depreciation and accumulated impairment
loss.

Select one:

a.
Present amount

b.
Carrying amount

c.
Fair amount

d.
Depreciation amount
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Question 26
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Segregation of assets that are qualifying assets from other assets in the statement of
financial position is not required to disclosed.

Select one:
 True 
False

Question 27
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An increase in quantity or improvement in quality of an animal or plant.

Answer: 
Gro w th

Question 28
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Accordingly, animals related to recreational activities shall be accounted for in accordance in
PAS 16, Property, plant and equipment.

Select one:
True 
False

Question 29
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Means that the cost of the property, plant and equipment together with the related
accumulated depreciation shall be removed from the statement of financial position.

Answer: 
D e re c o g n itio n

Question 30
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Assume that “goods first purchased are first sold” and consequently the goods remaining in
the inventory at the end of the period are those most recently purchased or produced

Select one:

a.
WEIGHTED AVERAGE

b.
FIFO METHOD

c.
LILO METHOD

d.
LIFO METHOD
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Question 31
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As short-term and highly liquid investment that are readily convertible into cash and so near
their maturity that they present significant risk of changes in value because of changes in
interest rates.

Select one:

a.
Stocks

b.
Debts

c.
Cash Equivalents

d.
Cash
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Question 32
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Assistance by government in the form of transfers of resources to an entity in return for past
or future compliance with certain conditions relating to the operating activities of the entity.

Select one:

a.
SEC

b.
Government Grant

c.
Beneficiary Grant

d.
Employee Benefits
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Question 33
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 Question text
Is a fall in the market value of an asset that the recoverable amount is now less than the
carrying amount in the statement of financial position.

Answer: 
Im p a irm e n t

Question 34
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Depreciation is an ________.

Select one:

a.
Expense

b.
Tangible Asset

c.
Liability

d.
Intangible Asset
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Question 35
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Are incremental costs directly attributable to the disposal of an asset or cash-generating
unit, excluding finance costs and income tax expense.

Answer: 
Co s t o f d is p o s a l

Question 36
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Comprises the processes of growth, degeneration, production and procreation that cause
qualitative or quantitative changes in biological asset.

Answer: 
B io lo g ic a l tra n s fo rm a tio n

Question 37
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Assumes that the goods last purchased are first sold and consequently the goods remaining
in the inventory at the end of the period are those first purchased or produced.

Select one:

a.
FIFO METHOD

b.
LILO METHOD

c.
WEIGHTED AVERAGE

d.
LIFO METHOD

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Question 38
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A ________________ is the smallest identifiable group of assets that generates cash inflows that
are largely independent of the cash inflows from other assets or groups of assets.
Select one:

a.
Commercial Substance

b.
Unit of Sale

c.
Cash-Generating Unit

d.
Cost of Unit
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Question 39
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Is action by government designed to provide an economic benefits specific to an entity or
range of entities qualifying under certain criteria. 

Answer: 
Go v e rn m e n t a s s is ta n c e

Question 40
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Is one that buys and sells goods in the same form purchased.

Select one:

a.
Manufacturing concern

b.
Going concern

c.
Trading concern

d.
Non-trading concern

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Question 41
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Are tangible items that are held for use in the production or supply of goods or services, or
rental to others, or for administrative purposes and are expected to be used during more
than one reporting period.

Select one:

a.
Building and Land

b.
Property, plant, and equipment

c.
Cash Equivalents

d.
Asset
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Question 42
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Is the systematic allocation of the depreciable amount of an asset over its useful life.

Answer: 
D e p re c ia tio n

Question 43
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Is an asset that necessarily takes a substantial period of time to get ready for its intended
use or sale.

Select one:

a.
Intangible Asset

b.
Quantitative Asset

c.
Qualifying Asset

d.
Qualitative Asset
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Question 44
Correct
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A ____________ concern is one that buys goods which are altered or converted into another
form before they are made available for sale.

Select one:

a.
Non-trading concern

b.
Going concern

c.
Manufacturing concern

d.
Trading concern

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Question 45
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An item of property, plant and equipment that qualifies fore recognition as an asset shall be
measured at cost.

Select one:
True 
False

Question 46
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Investing and financing transactions that do not require use of cash or cash equivalents shall
be excluded from the statement of cash flows.

Select one:

a.
Noncash Transaction

b.
Trading Securities

c.
Income Tax
d.
Dividends
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Question 47
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Represent claims for which formal instruments of credit are issued as evidence of debt.
Credit instrument normally requires payment of interest and extends for time periods of 60-
90 days or longer.

Select one:

a.
Notes Receivables

b.
Interest Receivables

c.
Other Receivables

d.
Accounts Receivables
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Question 48
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Is the estimated selling price in the ordinary course of business less the estimated cost of
completion and the estimated cost of disposal.

Select one:

a.
Fair Value

b.
Cost Value

c.
Present Value

d.
Net realizable value or NRV

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