PRACTISE+SETQUESTIONS+SESSION+TWO.doc

PRACTISE+SETQUESTIONS+SESSION+TWO.doc - FINANCIAL...

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FINANCIAL ACCOUNTABILITY AND REPORTING – PRACTISE SET SIM SEM 1 2014 SESSION TWO HOMEWORK QUESTIONS QUESTION 1 AASB101: Presentation of Financial Statements requires disclosure of total assets. Total assets is calculated by adding together the various classes of current and non-current assets. REQUIRED: (i) Provide three examples of different measurement bases used to measure different types of assets in accordance with AASB Accounting Standards. (ii) Explain whether it is appropriate that the various classes of assets are simply added together, even though they have probably been measured using a number of quite different measurement bases. (max 100 words) QUESTION 2 What factors need to be considered when deciding on whether a cost should be
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