A cost of materials and services used or consumed in

a. cost of materials and services used or consumed in generating the intangible asset
b. cost to register a legal right
c. salaries, wages and other employment-related cost of personnel directly engaged in
generating the asset
d. 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 accumulated
depreciation of P30,000 on December 31, 2016. On April 1, 2017, when the machine has a fair
value of P24,000, it is exchanged for a similar machine with a fair value of P72,000 and the
proper 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 and
building by providing 40,000 of its shares that were trading on the Stock Exchange at price of
P13 per share, and by paying off the existing mortgage of P30,000 and back taxes on the old
building 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 the
building. 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. Ignoring
deferred taxes, the entry to record write off a specific amount *
a. affects neither net income nor working capital
b. decreases both net income and accounts receivable
c. affects neither net income nor accounts receivable
d. decreases both net income and working capital
Which of the following best describe an owner occupied property under PAS 40? A. Property
held for sale in the ordinary course of business. B. Property held for use in the production and
supply of goods and services. C. Property held to earn rentals. D. Property held for
administrative purposes. *