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#1. Which of the following costs are directly attributable to the cost of an internally generated intangible asset? Select all that apply.

A. Costs of materials used and services consumed in generating the intangible asset product

B. Cost of advertising and promotion relating to the introduction of a new product

C. Amortisation of patents and licenses used to generate the intangible asset

D. Cost of employee benefits arising from the generation of the intangible asset

#2. Which of the following instances may result in the recognition of an internally generated intangible asset?

A. Costs to make improvements subsequent to the development phase.

B. If the costs cannot be distinguished between the research and the development phase, a percentage of costs estimated by an entity that relate to the development phase.

C. Costs related to the research phase of a project that was successful and available for use.

D. Costs related to the development phase when certain criteria are met.

#3. When an entity uses the revaluation model, which of the following disclosures is required for each class of intangible asset?

A. A weighted average of the revaluation surplus during the period

B. Original value of the assets

C. The effective date of the revaluation

D. Information about the active market(s) for the intangible assets

#4. An entity can recognise an intangible asset for in-process research and development if the costs are incurred during:

A. The development phase, no criteria are required

B. The entire project

C. During the research phase of the project

D. The development phase and meet the recognition criteria

#5. Which of the following statements is false about retirements and disposals?

A. Gains and losses on derecognition must be recognised in the income statement.

B. When re-acquired rights that were recognised as an intangible asset in a business combination are subsequently sold to a third party, no gain or loss is recognised.

C. An intangible asset is derecognised on disposal or when no future economic benefits are expected from its use or disposal.

D. The gain or loss is the difference between the net disposal proceeds (if any) and the asset's carrying amount.

#6. Which of the following statements is true regarding the subsequent measurement of an intangible asset?

A. If an entity elects to measure an intangible asset using the revaluation model, all other intangible assets must be accounted for using this model.

B. An entity can elect to measure it using the revaluation model or the cost model, but applying the cost model is rare for most intangible assets.

C. The cost model requires that an intangible asset be recognized at its cost less impairment, if applicable.

D. An entity can elect to apply the revaluation model only if the fair value can be referenced to an active market for the intangible asset.

#7. An entity can recognise an intangible asset for in-process research and development if the costs are incurred during:

A. During the research phase of the project

B. The entire project

C. The development phase and meet the recognition criteria

D. The development phase, no criteria are required

#8. Which of the following instances may result in the recognition of an internally generated intangible asset?

A. If the costs cannot be distinguished between the research and the development phase, a percentage of costs estimated by an entity that relate to the development phase.

B. Costs related to the research phase of a project that was successful and available for use.

C. Costs related to the development phase when certain criteria are met.

D. Costs to make improvements subsequent to the development phase.

#9. Which of the following is false regarding an acquired intangible asset from a government grant?

A. It is initially measured at either (a) its fair value or (b) its nominal amount plus any directly attributable expenditure to prepare the asset for its intended use. B. It may be acquired free of charge. C. An example of an acquired intangible asset from a government grant is airport landing rights.

D. It is measured at its fair value at the time of implementation.

#10. Which of the following is true regarding the useful lives of intangible assets?

A. They should be reviewed at least monthly.

B. They should be reviewed on an as-needed basis.

C. They should be reviewed at least annually.

D. Once they are determined, they should not be changed.

#11. Which of the following costs are considered to be development costs under IAS 38?

A. Amortisation of patents and licenses

B. Staff training costs

C. Research-related costs

D. Designing and testing of prototypes

#12. When adopting IFS for the first time, an entity is required to restate its opening balance sheet as of the transition date:

A. To capitalise research costs that were previously expensed under its previous GAAP

B. For accumulated amortisation under its previous GAP

C. To exclude all existing intangible assets that do not meet the criteria for recognition under the standard

D. To include intangible assets acquired in a business combination that were not recognised by the acquirer under previous GAAP and also would not qualify for recognition by the acquire under IAS 38

#13. Which of the following disclosures is encouraged but not required by lAS 38?

A. The initial fair value and carrying amount of assets acquired by way of a government grant

B. The amount of contractual commitments for the acquisition of intangible assets

C. Reasons and factors that led to determination of indefinite useful lives

D. Intangible assets that are fully amortised that are still in use

#14. Which of the following criteria must be met to qualify as an intangible asset? Select all that apply.

A. Identifiability

B. Control

C. Transferability

D. Future economic benefits

#15. Which of the following is true regarding an intangible asset that is recognised in a business combination?

A. It can be recognised whether or not it was recognised by the acquiree.

B. It should be recognised if it only meets the separability criterion (i.e., to be recognized separate from goodwill).

C. It should be recognised if it only arises from contractual or other legal rights.

D. It should be recognised at an entity-specific measurement as of the acquisition date.

#16. When capitalising development costs, which of the following costs might be included? Select all that apply.

A. Fees to register a legal right

B. Start-up costs

C. Materials used and services consumed

D. Costs of acquiring assets that were previously recognised as an expense