Which one of the following internally-generated items may be eligible for capitalization as intangible assets in accordance with IAS 38 Intangible Assets? (Ignore business combinations.) Select one: a. Goodwill b. A pre-production prototype c. The cost of researching new material d. A customer list
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Which one of the following internally-generated items may be eligible for capitalization as intangible assets in accordance with IAS 38 Intangible Assets? (Ignore business combinations.)
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- Which of the following costs incurred internally to create an intangible asset is generallyexpensed? a. Research and development costs.b. Filing costs.c. Legal costs.d. All of the above.Which one of the following is an intangible asset? A. Vehicles B. Development costs. C. Hire purchase D. PremisesWhen intangible assets are self-generated, costs incurred in 3. the development phase are capitalized. b. capitalized only to extent of the limits provided under the standards. a. expensed or capitalized, as a matter of accounting policy choice and professional judgment. d. expensed immediately, unless they meet all of the conditions for capitalization under PAS 38 Intangible assets. С. A Identify the type of the following costs: These include costs of searching new knowledge and identifying and selecting possible alternatives. These include costs of designing from selected alternative and using knowledge gained from research. a. Research costs, Development costs b. Development costs, Research costs c. R&D, Intangible asset costs I. II.
- 1. What are the two main characteristics of intangible assets? 2. Why does the accounting profession make a distinction between internally created intangibles and purchased intangibles? 3. What are the factors to be considered in estimating the useful life of an intangible asset? 4. What is the nature of research and development cost? 5. Indicate the proper accounting form the following items. Organization Cost Advertising Cost Operating LossesAn intangible asset may be recorded: Select one: a. . at the cost of the asset, which must exclude any additional expenditure required to prepare the asset for use. b. if it is internally generated and fits the definition of an asset and meets the associated recognition criteria. c. if acquired from an external party at a cost. d. at a value other than cost if that value more reliably records the worth of the intangible asset.Which of the following statements is correct? Question 1 options: a Some intangible assets have physical substance b Intangible assets are always classified as noncurrent assets even in cases where they are part of a disposal group. c The process of recording the expiration of the economic benefits of an intangible asset is called depletion. d Intangible assets can be obtained in one of two ways – external acquisition or internal development
- Based on the knowledge that you have learned from this unit and the relevant accounting standards, answer the following questions. Your answers must demonstrate your own understandings and applications of relevant accounting standards, but not a direct quote of the standards. a.Use an example to explain what are included in the original cost of property, plant, and equipment when they are initially acquired. b. What is the basic principle for valuing property, plant, and equipment acquired in exchange for other non-monetary assets? c. Use an example to illustrate how gain or loss on disposal is calculated and recorded when an item of property, plant, and equipment is disposed of.5. An intangible asset may be recorded:A. if acquired from an external party at a cost.B. if it is internally generated and fits the definition of an asset and meets the associated recognition criteria.C. at a value other than cost if that value more reliably records the worth of the intangible asset.D. at the cost of the asset, which must exclude any additional expenditure required to prepare the asset for use.According to PAS 38, which of the following may be recognized as cost of intangible asset?a. Research costs incurred in self-generating an intangible assetb. Costs of an internally generated customer listsc. Purchase cost of an externally acquired publishing titled. Abnormal amount of wasted labor in self-generating an intangible asset Which of the following statements is correct?a. Some intangible assets have physical substance.b. Intangible assets are always classified as noncurrent assets even in cases where they are part of a disposal group.c. The process of recording the expiration of the economic benefits of an intangible asset is called depletion.d. Intangible assets can be obtained in one of two ways – external acquisition or internal development. Which of the following statements is true?a. The capitalizable costs of patents are legal fees and other registration costs.b. An identifiable tangible asset developed internally is never recognized in the accounts as an asset.c.…
- The general rule in the accounting treatment of research and development costs is A. Capitalize all costs as assets when incurred and amortized when revenue is earned. B. Treat all costs as current expenses as incurred. C. Capitalize selectively, and predetermine the conditions that would require capitalization as well as those that would be written off as current expenses. D. Accumulate all costs in a special intangible asset account until a determination can be made as to the degree of future benefits.In order to determine usefulness of intangibles, investigation and the examination of income data related to the asset will be of assistance. True or False?Determine the initial cost of property, plant, and equipment and intangible assets acquired in exchange for other nonmonetary assets.