CPA Core 1 - IFRS and ASPE Details Questions and Answers.

CPA Core 1 - IFRS and ASPE Details
Questions and Answers.
Materiality Bases - Answer5% Normalized profit before tax

0.5-1% of assets or revenue

0.5-5% of gross profit

Non-profit organizations - 1% of total revenue or expenses



Class 8 - Answer Furniture, appliances, and tools >$500



Class 10 - Answer Vehicles under $30,000



Class 10.1 - Answer Vehicles over $30,000 individually



Class 12 - Answer China, cutlery, computer software, and dads (not for rent for more than 7 days in a
30 day period)



Class 13 - Answer Leasehold interests



Class 14 - Answer Patents, franchises, licenses for a limited period



Class 17 - Answer Roads, parking lots, sidewalks, storage areas



Class 29 - Answer Election required

Machinery and equipment used in Canada for the manufacture and process of goods for sale or
lease between March 2007 and 2016



Class 43 - Answer Eligible machinery and equipment used in Canada to manufacture and process
goods for sale or lease that are not included in Class 29.



Class 45 - Answer Computer hardware March 2004 - Mach 2007



Class 50 - Answer Computer hardware after end of January 2009