With Respect to Exploration and Evaluation Assets, Costs Incurred in the Pre-Exploration

question 51

Multiple Choice

With respect to exploration and evaluation assets, costs incurred in the pre-exploration and evaluation phase are:

• A) expensed.
• B) capitalized.
• C) expensed or capitalized.
• D) expensed under IFRS and expensed or capitalized under ASPE.

---

Definitions:

Jointly Exhaustive

This term refers to a set of possibilities or conditions that completely covers all potential outcomes or scenarios, leaving no option unaccounted for.

Abstract

Existing in thought or as an idea but not having a physical or concrete existence.

Concepts

Cognitive units of meaning that are abstract, generalized ideas or categories representing objects, qualities, or relations.

Referents

Objects or concepts in the world that words or phrases stand for or represent in language and thought.