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Which of the items cannot be capitalised

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Reference no: EM132656226

Problem 1: In relation to users of general purpose financial reports, the IASB conceptual framework:

a) Classifies customers and shareholders as secondary users.

b) Identifies regulators and creditors as primary users.

c) Recognises investors and lenders as primary users.

d) States that information which meets the needs of secondary users is also expected to meet the needs of primary users.

Problem 2: Which of the following items CANNOT be capitalised?

a) Interest incurred on a loan to finance construction of an asset.

b) Loss of income due to delay in construction of an asset.

c) Wages for employees engaged in construction of an asset.

d) The estimated cost of site remediation at the end of the asset's useful life.

Problem 3: IAS 16 states that depreciation is charged to:

a. Account for wear and tear on an asset.

b. Match expenses and revenue.

c. Adjust for changes in the market value of an asset.

d. None of the above.

Reference no: EM132656226

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