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A cost of materials and services used or consumed in

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a. cost of materials and services used or consumed in generating the intangible assetb. cost to register a legal rightc. salaries, wages and other employment-related cost of personnel directly engaged ingenerating the assetd. expenditure on training staff to operate the asset
A machine has a cost of P60,000, has an annual depreciation of P12,000, and has accumulateddepreciation of P30,000 on December 31, 2016. On April 1, 2017, when the machine has a fairvalue of P24,000, it is exchanged for a similar machine with a fair value of P72,000 and theproper amount of cash is paid. The loss to be recognized on exchange is*
Younseonam Company acquired land and an old building. Younseonam acquired the land andbuilding by providing 40,000 of its shares that were trading on the Stock Exchange at price ofP13 per share, and by paying off the existing mortgage of P30,000 and back taxes on the oldbuilding of P5,000. Younseonam also paid P20,000 to demolish the old building on the land,P30,000 to an architect to design a new building, and P220,000 to a contractor to build thebuilding. How much is the cost of the new building in accordance with PIC Q&A 2012-2?*
A bank statement provides information about all of the following except*
ABC Company uses the allowance method in recognizing uncollectible accounts. Ignoringdeferred taxes, the entry to record write off a specific amount*a. affects neither net income nor working capitalb. decreases both net income and accounts receivablec. affects neither net income nor accounts receivabled. decreases both net income and working capital
Which of the following best describe an owner occupied property under PAS 40? A. Propertyheld for sale in the ordinary course of business. B. Property held for use in the production andsupply of goods and services. C. Property held to earn rentals. D. Property held foradministrative purposes.*
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Term
Fall
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Tags
Depreciation, Generally Accepted Accounting Principles, Vudijhukphaisal Company

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