7. Items such as market knowledge, effective advertising programs, fundraising ...

Items such as market knowledge, effective advertising programs, fundraising capabilities and trained staff are NOT regarded as assets because they:

Select one:

a. are monetary items.

b. are not controlled by the entity.

c. are too difficult to manage.

d. cannot be reliably measured.

[7:10 PM]

8. The three key characteristics of intangible assets are which of the ...

The three key characteristics of intangible assets are which of the following: I. Expected future economic benefits; II. Lack of physical substance; III. Identifiable; IV. Physical substance; V. Non-monetary in nature.

Select one:

a. II, III, and V

b. I, III, and IV

c. I, II and III

d. III, IV, and V

[7:11 PM]

9. Cost incurred on intangible assets subsequent to initial expenditure are:

Cost incurred on intangible assets subsequent to initial expenditure are:

Select one:

a. recognised directly in the revaluation reserve account.

b. expensed immediately.

c. capitalised.

d. transferred to the retained earnings account.

[7:11 PM]

10.A key characteristic that separates intangible assets from assets such as ...

A key characteristic that separates intangible assets from assets such as property, plant and equipment is:

Select one:

a. lack of physical substance.

b. length of useful life.

c. separability.

d. reliability.

[7:11 PM]

11.Unless acquired under a business combination, intangible assets must be ...

Unless acquired under a business combination, intangible assets must be initially measured using which of the following measurement approaches?

Select one:

a. Diminishing value.

b. Cost.

c. Fair value.

d. Net present value.

[7:12 PM]

12.AASB 138 Intangibles requires that an asset meet which of the following ...

AASB 138 Intangibles requires that an asset meet which of the following characteristics to be defined as an intangible asset: I. It arises from a contractual or legal right; II. It is separable from the entity; III. Its cost must be reliably measurable; IV. Its fair value must be able to be reliably measured.

Select one:

a. I or II only.

b. II or III only.

c. I or IV only.

d. I or III only.