Reference no: EM132757031
Problem 1: According to PAS 38, which of the following intangible assets are not subsequently amortized?
a) internally generated intangible assets
b) intangible assets that were impaired
c) intangible assets measured under revaluation model
d) intangible assets with indefinite useful life.
Problem 2: On January 1, 20x1 Company A registers a patent for total registration with legal cost of P600,000. The entity estimates that the patent has a remaining useful life of 25 years. How much is the amortization expense for the year 20x1?
a) P30,000 c) P16,000
b) P24,000 d) P0.
Problem 3: According to PAS 40, transfers to or from investment property shall be made only when there is a
a) change in management's intention c) change in business model
b) change in use d) change in classification
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