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1.Which of the following criticisms does NOT apply to historical cost accounts during a period of rising prices?
A They contain mixed values; some items are at current values, some at out of date values
B They are difficult to verify as transactions could have happened many years ago
C They understate assets and overstate profit
D They overstate gearing in the statement of financial position
2.Dempsey’s year end is 30 September 2014. Dempsey commenced the development stage of a project to produce a new pharmaceutical drug on 1 January 2014.
Expenditure of $40,000 per month was incurred until the project was completed on 30 June 2014 when the drug went into immediate production.
The directors became confident of the project’s success on 1 March 2014. The drug has an estimated life span of five years; time apportionment is used by Dempsey where applicable.
What amount will Dempsey charge to profit or loss for development costs, including any amortisation, for the year ended 30 September 2014?
A $12,000
B $98,667
C $48,000
D $88,000
