The carrying amount of the non-current assets is also called as__________.

A.Lower of carrying amount and fair value less costs of disposal

B.Lower of carrying amount and value in use

C.Higher of value in use and fair value less costs of disposal

D.Higher of carrying amount and recoverable amount

(b) Describe the audit work to be performed in respect of the carrying amount of the following items in the

balance sheet of GVF as at 30 September 2005:

(i) goat herd; (4 marks)

Panther Co owns 80% of Tiger Co. An extract from the companies' individual statements of financial position as at 30 June 20X8 shows the following: Panther Co Tiger Co $'000 $,000 Property, plant and equipment (carrying amount) 370 285 On 1 July 20X7, Panther Co sold a piece of equipment which had a carrying amount of $70,000 to Tiger Co for $150,000. The equipment had an estimated remaining life of five years when sold. What is the carrying amount of property, plant and equipment in the consolidated statement of financial position of Panther Co as at 30 June 20X8？

A、$591,000

B、$575,000

C、$671,000

D、$534,000

The statement of financial position of Pinto Co at 31 March 20X7 showed property, plant and equipment with a carrying amount of $1,860,000. At 31 March 20X8 it had increased to $2,880,000.During the year to 31 March 20X8 plant with a carrying amount of $240,000 was sold at a loss of $90,000, depreciation of $280,000 was charged and $100,000 was added to the revaluation surplus in respect of property, plant and equipment.What amount should appear under 'investing activities' in the statement of cash flows of Pinto Co for the year ended 31 March 20X8 as cash paid to acquire property, plant and equipment？

A、$1,640,000

B、$1,440,000

C、$1,260,000

D、$1,350,000

A.Its current market value less costs of disposal

B.The lower of carrying amount and value in use

C.The higher of fair value less costs of disposal and value in use

D.The higher of carrying amount and market value

(c) Briefly describe the principal audit work to be performed in respect of the carrying amount of the following

items in the balance sheet:

(i) development expenditure on the Fox model; (3 marks)

(d) Briefly describe the principal audit work to be performed in respect of the carrying amount of the following

items in the balance sheet:

(i) trade receivables; and (3 marks)