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QUESTIONS is the application of research findings or other knowledge to a plan or design for the production of new or substan
QUESTION 11 An accountant is not sure how to recognise an asset that is purchased in excess of fair value. Which of the follo
QUESTION 13 Which of the following statements is true of the revaluation model in AASB 116? O It is the preferred model of ma
QUESTION 15 Both AASB 116 and AASB 13 provide some guidance on determining fair values. It is emphasised that fair values are
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Answer #1

9). Development is the application of research findings to design for the production of new and improved products/services prior to the starting of commercial production.

10). Acquisition cost = fair value of the truck + signage cost = 48,000 + 700 = 48,700

11). It should be recognised at the fair value of the asset and the excess as goodwill.

12). Non-currents assets which a government preserves for their historical, cultural or environmentala attributes are known as heritage assets.

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