Under IAS 38/AASB 138 the Statement Concerning Internally Generated Intangible

question 40

Multiple Choice

Under IAS 38/AASB 138 the statement concerning internally generated intangible assets that is nottrue is:

• A)They can only be recognised if their cost can be measured reliably
• B)It is likely that the cost of internally generated brand names,mastheads and customer lists can be measured reliably
• C)The tests for recognising internally generated intangibles are more stringent than for recognising internally generated property,plant and equipment
• D)If patents and copyrights are deemed to be in the research phase all expenditure incurred should be expensed rather than capitalised

Identify best practices for explaining and justifying routine requests to ensure clear communication and desired outcomes.

Learn the three-step strategy for requesting information and action efficiently.

Understand how to effectively open a routine message or claim with main ideas or clear statements of problems to grab attention.

Comprehend how to use positive messaging as an opportunity for resale or reinforcing business relationships.

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Definitions:

Machine-Hour

A unit of measure representing the operation of one machine for one hour, used in cost accounting to allocate expenses to products based on the time machines are used in their production.

Overhead Applied

The amount of overhead cost allocated to products or job orders based on the predetermined overhead rate, used for cost accounting purposes.

Machining Department

A specific division within a manufacturing facility where machining processes such as cutting, drilling, or milling are performed on workpieces to produce finished parts.

Overhead Rates

Ratios used to allocate indirect costs to products or services, based on a predetermined activity base such as labor hours or machine hours.