Which THREE of the following are intrinsic elements of intangible assets?

• A.Is having its cost depreciated
• B.Has been in the entity's possession for at least one year
• C.Without physical substance
• D.A resource controlled by an entity
• E.Has future economic benefits

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Which of the following represent liabilities of a business?

• A.Share capital, provisions & discount received
• B.Loan stock(debentures), provisions & accruals
• C.Accruals, bank overdraft & receivables
• D.Profit, discount allowed & payables

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At the end of the year, the non-current asset register showed assets with a net book value of £170,300. The non-current asset accounts in the nominal ledger showed a net book value of £150,300.
The difference could be due to a disposed asset not having been removed from the non-current asset register, which had.

• A.Disposal proceeds of £25,000 and a net book value of £5,000
• B.Disposal proceeds of £25,000 and a loss on disposal of £5,000
• C.Disposal proceeds of £10,000 and a net book value of £10,000
• D.Disposal proceeds of £25,000 and a profit on disposal of £5,000

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A basic principle of accounting is that resources are normally stated in accounts at historical cost.
Which THREE of the following are alternative ways of measuring resources?

• A.Fair value
• B.Purchase price
• C.Invoice value
• D.Replacement cost
• E.Net book value
• F.Value in use

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Which THREE of the following represent credit balances?

• A.liabilities
• B.income
• C.expenses
• D.capital
• E.drawings
• F.assets

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