An aircraft requires a planned overhaul each year at a cost of $5,000 every three years. This is a condition of being allowed to fly. How should the cost of the overhaul be treated in the financial st
Accrued for over the year and charged to maintenance expenses
B. Provided for in advance and charged to maintenance expenses
Capitalised and depreciated over the period to the next overhaul
D. Charged to profit or loss when the expenditure takes place
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Which of the following statement is not allowed under IAS 40（）
A. Following initial recognition, investment property can be held at either cost or fair value
B. If an investment property is held at fair value, this must be applied to all of the entity’s investment property
C. An investment property is initially measured at cost, including transaction costs
D. A gain or loss arising from a change in the fair value of an investment property should be recognised in other comprehensive income
Which of the following would not NECESSARILY lead to a liability being classified as a current liability（）
A. The liability is expected to be settled in the course of the entity’s norma! operating cycle
B. The liability has arisen during the current accounting period
C. The liability is held primarily for the purpose of trading
D. The liability is due to be settled within 12 months after the end of the reporting period
The Conceptual Framework identifies an UNDERLYING ASSUMPTION in preparing financial statements. This is（）
A. Going concern
B. Materiality
C. Substance over form
D. Accruals
Which of the following would correctly describe the net realisable value of a two year old asset（）
A. The original cost of the asset less two years’ depreciation
B. The amount that could be obtained from selling the asset, less any costs of disposal
C. The cost of an equivalent new asset less two years’ depreciation
D. The present value of the future cash flows obtainable from continuing to use the asset
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