FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Which of the following situation/s do you think are considered to be part of property, plant and equipment as per IAS 16?
I. An entity owns a motor vehicle for the exclusive business and private use of its chief accounts officer
II. An entity acquired a license to import a specific chemical into the country.
III. The entity owns a Pickup truck and trailer used to transport feed to the animals in a cattle farm.
IV. An entity owns a fleet of motor vehicles. The vehicles are used by the sales staff in the performance of their duties.
a- V only
b- I and IV only
c- I, III and IV only
d- I, II, III and IV only
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