Student+Revision+Quiz+8.doc - Student Revision Quiz 8.1(See...

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Student Revision Quiz 8.1 (See related pages) 1 How are intangible assets normally defined? A) As rights B) As non-monetary and without physical substance C) As non-current and without physical substance D) None of the above 2 Which of the following does not belong with the others? A) Patent B) Copyright C) Goodwill D) Trademark 3 Internal expenditure related to the development of which of the following intangible assets can be capitalised rather than expensed? A) Goodwill B) Patents C) Brand names D) R&D 4 Which of the following factors would you not associate with goodwill? A) Loyal customers B) Established reputation C) Quality employees
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D) Location 5 According to the textbook p. 249, Business Week (US) identifies which of the following brand names as having the highest value? A) Coca-Cola B) Microsoft C) Disney D) McDonalds 6 Complete the definition of an intangible asset:'an __________ non-__________ asset without __________ substance'. A) unidentifiable; current; tangible B) identifiable; physical; real C) identifiable; monetary; physical D) None of the above 7 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? A) Transferred B) Licensed C) Leased D) Rented 8 Refer to Exhibit 8.1 on page 250. Of the intangibles reported, for which one is the reporting terminology confusing and potentially inaccurate? A) Goodwill Patents, trademarks and rights
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B) C) Brand names D) Software 9 Which of the following represents a major change in accounting for intangibles with the release of AASB 138 'Intangible Assets'? A) Internally developed goodwill can no longer be recognised as an asset in the accounts. B) Externally acquired identifiable intangibles must now be recognised as an asset in the accounts. C) Internally developed identifiable intangibles can no longer be recognised as an asset in the accounts. D) All the above represent major changes in accounting for intangibles under AASB 138. 10 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.' A) hire; realising the; arise B) rent; disposing of; flow C) lease; recognising the; are derived D) appropriate; accounting for the; emanate 11 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? A) Failure to meet the 'separable' test B) The absence of control C) The lack of a reliable measurement D) On the grounds that the future economic benefits will probably not arise 12 In terms of the life of intangible assets, they are classified as either having a finite or an __________ life. What is the missing term?
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A) Infinite B) Indefinite C)
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