ACC210 Financial Accounting: Week 4, Intangibles, Quiz 1.1

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Luke Hodges
Quiz by Luke Hodges, updated more than 1 year ago
Luke Hodges
Created by Luke Hodges about 7 years ago
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Resource summary

Question 1

Question
How are intangible assets normally defined?
Answer
  • As rights
  • As non-monetary and without physical substance
  • As non-current and without physical substance
  • None of the above

Question 2

Question
Which of the following does not belong with the others?
Answer
  • Patent
  • Copyright
  • Goodwill
  • Trademark

Question 3

Question
Internal expenditure related to the development of which of the following intangible assets can be capitalised rather than expensed?
Answer
  • Goodwill
  • Patents
  • Brand names
  • R&D

Question 4

Question
Which of the following factors would you not associate with goodwill?
Answer
  • Loyal customers
  • Established reputation
  • Quality employees
  • Location

Question 5

Question
Complete the definition of an intangible asset:'an __________ non-__________ asset without __________ substance'.
Answer
  • unidentifiable; current; tangible
  • identifiable; physical; real
  • identifiable; monetary; physical
  • None of the above

Question 6

Question
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?
Answer
  • Leased
  • Transferred
  • Licensed
  • Rented

Question 7

Question
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.'
Answer
  • hire; realising the; arise
  • rent; disposing of; flow
  • lease; recognising the; are derived
  • appropriate; accounting for the; emanate

Question 8

Question
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?
Answer
  • 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

Question 9

Question
In terms of the life of intangible assets, they are classified as either having a finite or an __________ life. What is the missing term?
Answer
  • Infinite
  • Indefinite
  • Extended
  • Unlimited

Question 10

Question
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?
Answer
  • Purchase price
  • Import duties
  • Employee costs associated with work undertaken to get the asset ready for use
  • Advertising costs
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