Quiz on MFRS 116: Property, Plant and Equipment

Quiz on MFRS 116: Property, Plant and Equipment

12th Grade

9 Qs

quiz-placeholder

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Quiz on MFRS 116: Property, Plant and Equipment

Quiz on MFRS 116: Property, Plant and Equipment

Assessment

Quiz

Other

12th Grade

Medium

Created by

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