Answer Happy

There are two identical properties are held for rental purposes.
(I). One property may
be classified as investment property if it can generate cash
flows largely independently
from other assets of an entity. (II).Another property may be
classified as Fixed Asset if it
can only generate cash flows together with other assets of an
entity. (III). An entity
should treat them in the same classification for these two
identical properties. How
should the entity classify them?
a. II
b. III
c. I and Il
d. I
When an entity owns property that is leased to, and occupied by,
its parent or another
subsidiary,
a. The property is not investment property in the entity's
financial statements.
b. The property qualifies as investment property in the
consolidated financial
statements.
c. The property does not qualify as investment property in the
consolidated
financial statements.
d. All of these are not correct.
In agriculture activities, what items shall be included in
profit or loss for the period in
which they arise?
a. A gain or loss arising on initial recognition of agricultural
produce at fair value
less estimated point-of-sale costs.
b. All of these are correct.
C. A gain or loss arising from a change in fair value less
estimated point-of-sale
costs of a biological asset.
d. A gain or loss arising on initial recognition of a biological
asset at fair value less
estimated point-of-sale costs.