Reference no: EM132623593

Problem 1: What are the key elements of control? (short answer)

Problem 2: The cost of property, plant and equipment is only recognised if the cost of the asset can be reliably measured and:

a) the asset has been received by the purchaser.

b) the cost is not directly attributable to the asset.

c) the asset has been paid for in cash.

d) it is probable that future economic benefits associated with the asset will flow to the entity.

Problem 3: Goodwill acquired under a business combination is subject to an impairment test every:

a) five years

b) year

c) two years

d) three years