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

question 47

Multiple Choice

For an asset to be defined as an identifiable intangible,AASB 138 Intangible Assets 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 be reliably measurable.

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

---

Definitions:

Overhead Efficiency Variance

The difference between flexible budgets using actual volume and standard volume. It is an estimate of the additional overhead incurred.

Direct Labor Hours

The total amount of time workers spend directly manufacturing a product or providing a service.