For an Asset to Be Classified as an Identifiable Intangible,AASB

question 16

Multiple Choice

For an asset to be classified as an identifiable intangible,AASB 138 Intangibles requires that it meet which of the following criteria?
I.It arises from a contractual or legal right.
II.Its fair value must be able to be reliably measured.
III.It is separable from the entity.
IV.Its cost must reliably measurable.

• A)I or IV only
• B)I or II only
• C)II or III only
• D)I or III only.

---

Definitions:

Command Economy

An economy in which a central government either directly or indirectly sets output targets, incomes, and prices.

Labor

Labor describes the human exertion (whether physical or mental) that is applied to the production of goods and services.

Capital

Assets used for the production of goods and services, such as machinery, buildings, and equipment.

Bumper Crop

An unusually large harvest of a particular crop, often due to favorable growing conditions, exceeding average yields.