S1: Government grant related to depreciable asset is usually recognized as income over the useful life of the asset and in proportion to the depreciation of the asset. S2: Government grant related to non-depreciable asset that requires fulfillment of certain conditions should be recognized as income immediately.

When a government orders equipment which is to be used by an activity accounted within the General Fund, it should be recorded in the General Fund as a(an):   Multiple Choice   Encumbrance.   Capital asset.   Expenditure.   None of the choices are correct, the General Fund does not record capital assets purchases..

Identify the term being referred to: An agreement where one party conveys to the another party the right to use an asset for an agreed period of time, in return for periodic payments.

Under U.S. GAAP, litigation costs to successfully defend an intangible right are capitalized and amortized over the remaining useful life of the related intangible. How are these costs typically accounted for under IFRS?

Bonus depreciation reduces the adjusted basis of property in the same manner that regular MACRS depreciation does. True or false.

vi.2

For a depreciable asset, the amount of depreciation recognised shall be in accordance with AASB 116. The asset shall be:   a fully depreciated over the shorter of the lease term and its useful life, if there is a reasonable certainty that the lessee will obtain ownership by the end of the lease term.   b fully depreciated over the shorter of the lease term and its useful life, if there is no reasonable certainty that the lessee will obtain ownership by the end of the lease term.   c fully depreciated over the longer of the lease term and its useful life, if there is a reasonable certainty that the lessee will obtain ownership by the end of the lease term.   d fully depreciated over the longer of the lease term and its useful life, if there is no reasonable certainty that the lessee will obtain ownership by the end of the lease term.

Government grants are recognized only when there is reasonable assurance that the entity will comply with the conditions attaching to them the grants are received                                                    the grants will be received a and b                          a and c

Which of the following factors cannot be used to determine an insurer's limit of liability on property coverage? O A. Actual cash value Replacement cost Salvage value Policy limits OB. O C. D. Whiteboard

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).