Reference no: EM132949845

Questions -

Q1) MZ Company decide to sell their building and listed the building for sale and vacant the building as at 1st January 2015. The building being purchased at $20 million and the remaining useful life of 30 years (Useful life 40 years at time of purchased). The building being listed for sale at price of $13 million with disposal costs of $3 million and it is considered reasonable price at current economic situation. The value in use for the building in the other hand was $11 million. Calculate amount of impairment loss if any for the building as at 1st January 2015.

A) $4.5 million

B) $5 million

C) $4 million

D) $5 million

E) NIL

Q2) Which of the following are not consider as non-current assets?

A) Office Equipment

B) Bearer Plant

C) Aircraft

D) Stand-by equipment

E) None of above

Q3) Which of the following item shall not being recoded based on MFRS 5 Non-current asset held for sale?

i. Business unit for sale

ii. Deferred tax asset

iii. Non-current asset measured at fair value less estimated point-of sale

iv. Asset arising from employee benefit

a) i, ii and iv

b) i, ii and iii

c) ii, iii and iv

d) all of above