Luke Hodges
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Luke Hodges
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ACC210 Financial Accounting: Week 4, Intangibles, Quiz 1.1

Frage 1 von 10

1

How are intangible assets normally defined?

Wähle eine der folgenden:

  • As rights

  • As non-monetary and without physical substance

  • As non-current and without physical substance

  • None of the above

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Frage 2 von 10

1

Which of the following does not belong with the others?

Wähle eine der folgenden:

  • Patent

  • Copyright

  • Goodwill

  • Trademark

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Frage 3 von 10

1

Internal expenditure related to the development of which of the following intangible assets can be capitalised rather than expensed?

Wähle eine der folgenden:

  • Goodwill

  • Patents

  • Brand names

  • R&D

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Frage 4 von 10

1

Which of the following factors would you not associate with goodwill?

Wähle eine der folgenden:

  • Loyal customers

  • Established reputation

  • Quality employees

  • Location

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Frage 5 von 10

1

Complete the definition of an intangible asset:'an __________ non-__________ asset without __________ substance'.

Wähle eine der folgenden:

  • unidentifiable; current; tangible

  • identifiable; physical; real

  • identifiable; monetary; physical

  • None of the above

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Frage 6 von 10

1

To be classified as an 'identifiable intangible' requires the asset to be separable. Separable means being capable of being separated or divided and being sold. Apart from sale, a number of other possibilities are listed in the standard. Which of the following is not one of these?

Wähle eine der folgenden:

  • Leased

  • Transferred

  • Licensed

  • Rented

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Frage 7 von 10

1

AASB 138 requires 'separable' intangible assets to be recognised in the balance sheet. Complete the following definition of 'separable': 'Separable means that the organisation could ________, sell, exchange or distribute the specific future economic benefits attributable to the asset without also ________ future economic benefits that ______ from other assets used in the same revenue-earning activity.'

Wähle eine der folgenden:

  • hire; realising the; arise

  • rent; disposing of; flow

  • lease; recognising the; are derived

  • appropriate; accounting for the; emanate

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Frage 8 von 10

1

The formation or start-up costs of an organisation would not be shown as an asset under the new accounting standard based on what grounds?

Wähle eine der folgenden:

  • Failure to meet the 'separable' test

  • The absence of control

  • The lack of a reliable measurement

  • On the grounds that the future economic benefits will probably not arise

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Frage 9 von 10

1

In terms of the life of intangible assets, they are classified as either having a finite or an __________ life. What is the missing term?

Wähle eine der folgenden:

  • Infinite

  • Indefinite

  • Extended

  • Unlimited

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Frage 10 von 10

1


For intangible assets, they may be recognised only where there is an 'associated' cost. Which of the following would not normally be considered an 'associated' cost?

Wähle eine der folgenden:

  • Purchase price

  • Import duties

  • Employee costs associated with work undertaken to get the asset ready for use

  • Advertising costs

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