The Following Information Was Taken from the Fixed Asset Records

question 1

Multiple Choice

The following information was taken from the fixed asset records of Bosco Ltd. as of December 31, 2010: $\begin{array}{llr}\text { Carrying value } & € 100,000 \\\text { Selling price } & € 85,000 \\\text { Costs of disposal } & € 3,000 \\\text { Expected future cash flows } & € 75,000 \\\text { Present value of expected future cash flows } & € 63,000\end{array}$
-Using IAS 36, what is the amount of impairment loss?

• A)€18,000
• B)€37,000
• C)€15,000
• D)€25,000

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Definitions:

Universal Suffrage

Universal suffrage is the right of all adult citizens, regardless of gender, race, or economic status, to vote in political elections.

Absolutism

A political doctrine and form of government where unlimited, complete power is held by a centralized sovereign individual, without checks or balances from any other part of the government or society.

Leviathan

A term originally used to refer to a large sea monster from biblical times, but intellectually expanded by Thomas Hobbes to describe an all-powerful sovereign authority in his political theory.