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In accordance with the Conceptual Framework for Financial Reporting, which of the following describes the historical cost measurement basis for an asset?

Options:

The amount paid when the asset was purchased.

The present value of future cash flows generated from the asset.

The cost to acquire an equivalent asset at the measurement date.

The amount that would be received on the sale of the asset.

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Question 2

Country A permits the following deductions in an entity's annual corporate income tax return in relation to entertaining expenses and gifts;

1 Employee entertaining up to a value of $150 a head

2 Entertaining of overseas customers.

3 Individual gifts not to exceed $10 in value

Which THREE of the following actions would be regarded as tax evasion?

Options:

Delay the next entertainment event for staff until the next financial year so that the $150 limit is not breached.

Inflate the number of employees that are recorded as being entertained so that the overall employee entertainment bill falls below $150 a head.

Split any gifts made so that any gift does not exceed $10 on an individual basis.

Ensure that employees reimburse their employers for any entertaining incurred which exceeds the $150 a head limit

Record customers who do not meet the overseas criteria as overseas customers.

Deduct all entertaining expenses without any analysis of what the entertaining relates to.

Question 3

At 31 December 20X4 the directors of MNO decide to revalue its property. Before revaluation adjustments the balances relating to property are as follows:

The property has been revalued at $1,600,000.

How much will be included within MNO's statement of financial position at 31 December 20X4 for revaluation surplus?

Options:

$400,000

$1,190,000

$1,600,000

$810,000

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