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Started onWednesday, 19 January 2022, 2:48 PMStateFinishedCompleted onWednesday, 19 January 2022, 4:38 PMTime taken1 hour 49 minsMarks7.00/15.00Grade4.67out of 10.00 (47%)Question1CorrectMark 1.00 out of 1.00Flag questionQuestion textAn entity should select and apply its accounting policies for similar transactions, other events andconditions, unless an IFRS specifically requires or permits categorisation of items for which differentpolicies may be appropriateSelect one:a.Trueb.FalseFeedbackThe correct answer is: True
Question2IncorrectMark 0.00 out of 1.00
Flag questionQuestion textAn IFRS does not contain transitional provisions, the change can done be prospective. True orFalse?Select one:
Question3CorrectMark 1.00 out of 1.00Flag questionQuestion textAny changes in accounting estimates are to be adjusted as correction of errors: True or False?Select one:
Question4IncorrectMark 0.00 out of 1.00Flag questionQuestion text
Chapungu LTD previously had a policy of calculating depreciation on equipment using the straightline method at 10%. However, In light of significant losses recognized on recent disposals themanagement has decided to depreciate equipment by using the reducing balance method at 20%which shall more accurately reflect the wear and tear of equipment. This should be accounted for as:Select one:

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Term
Summer
Professor
Maxwell Mago

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