Homework Answers
Q1) Australian Accounting Standards Board
Q2) Two
Explanation: There are two tiers of reporting system.
Q7) Design, construction and operation of a pilot plan is not of a scale economically feasible for commercial production can be capitalised.
Explanation: Only option C, is an example of development cost which can be capitalised under AASB 138 after satisfying certain conditions.
Rest all the examples are of research cost which are not capitalised.
Q8) Carrying amount
Explanation: The amount at which assets are recorded in financial statement are called book value or carrying value .
Q5) Fair value
Explanation: The amount at which anything is sold is called the fair value.
Q6) Intangible
Explanation:- Any assets which cannot be touched are intangible assets. As computer software cannot be touched, it is intangible.
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QUESTION 1 AASB are initials that stand for: Australian Accounting Standards Board O Auditing & Assurance...
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