
Quiz on MFRS 116: Property, Plant and Equipment
Quiz
•
Other
•
12th Grade
•
Medium
Haslin Haslin Binti Johari
Used 2+ times
FREE Resource
9 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary purpose of MFRS 116?
To outline the depreciation methods for intangible assets
To provide guidelines for the recognition and measurement of property, plant, and equipment
To establish rules for financial statement disclosures
To regulate the sale of fixed assets
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT classified under MFRS 116?
Investment properties
Machinery
Furniture and fittings
Motor vehicles
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the 'component approach' in MFRS 116 refer to?
Classifying assets based on their market value
Using a single depreciation method for all assets
Separately accounting for significant parts of an asset
Recording all PPE as a single unit
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following costs is included in the initial measurement of a fixed asset?
Cost of dismantling and removing the asset
Cost of repairs after acquisition
Cost of insurance for the asset
Cost of routine maintenance
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the treatment for subsequent expenditures that improve an asset's capacity?
They are treated as revenue expenditures
They are capitalized as part of the asset's cost
They are expensed immediately
They are ignored in financial statements
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Under the revaluation model, how should an increase in net carrying amount be recognized?
As a liability in the balance sheet
As a revaluation surplus in other comprehensive income
As a gain in the income statement
As a reduction in retained earnings
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary factor that determines the useful life of an asset?
The market demand for the asset
The expected physical wear and tear
The legal restrictions on the asset
The cost of the asset
8.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is considered a direct cost of acquiring a fixed asset?
Transportation costs to deliver the asset
Annual maintenance costs
Depreciation expense
Utility costs during operation
9.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How should costs incurred for major repairs that extend the useful life of an asset be treated?
They should be capitalized as part of the asset's cost
They should be expensed in the period incurred
They should be recorded as a liability
They should be ignored in financial statements
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