CPA Core 1 - IFRS and ASPE Details-Exam
Study Guide with Verified Answers |
Guaranteed Success
Materiality Bases ------- ✔ CORRECT ANSWER ✓✓5% 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 ------- ✔ CORRECT ANSWER ✓✓Furniture, appliances, and tools >$500
Class 10 ------- ✔ CORRECT ANSWER ✓✓Vehicles under $30,000
Class 10.1 ------- ✔ CORRECT ANSWER ✓✓Vehicles over $30,000 individually
Class 12 ------- ✔ CORRECT ANSWER ✓✓China, cutlery, computer software, dvds (not for rent
for more than 7 days in a 30 day period)
Class 13 ------- ✔ CORRECT ANSWER ✓✓Leasehold interests
Class 14 ------- ✔ CORRECT ANSWER ✓✓Patents, franchises, licenses for a limited period
Class 17 ------- ✔ CORRECT ANSWER ✓✓Roads, parking lots, sidewalks, storage areas
Study Guide with Verified Answers |
Guaranteed Success
Materiality Bases ------- ✔ CORRECT ANSWER ✓✓5% 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 ------- ✔ CORRECT ANSWER ✓✓Furniture, appliances, and tools >$500
Class 10 ------- ✔ CORRECT ANSWER ✓✓Vehicles under $30,000
Class 10.1 ------- ✔ CORRECT ANSWER ✓✓Vehicles over $30,000 individually
Class 12 ------- ✔ CORRECT ANSWER ✓✓China, cutlery, computer software, dvds (not for rent
for more than 7 days in a 30 day period)
Class 13 ------- ✔ CORRECT ANSWER ✓✓Leasehold interests
Class 14 ------- ✔ CORRECT ANSWER ✓✓Patents, franchises, licenses for a limited period
Class 17 ------- ✔ CORRECT ANSWER ✓✓Roads, parking lots, sidewalks, storage areas
