VIP Exclusive
Certificate in International Financial Reporting (CertIFR) VIP Practice Exam
Certificate in International Financial Reporting — This exam mirrors the ACCA Certificate in International Financial Reporting (CertIFR), a computer-based exam of 75 multiple-choice questions sat over 2 hours with a 60% pass mark, testing candidates' knowledge and application of IFRS Standards as issued by the IASB.
31
Questions
120m
Time Limit
60.00%
To Pass
Question 1 of 31👑 VIP
Orion Manufacturing acquired a piece of heavy machinery on 1 January 20X1 for $2,400,000. The machinery has an estimated useful life of 10 years and a residual value of $200,000. On 1 January 20X4, following a detailed review, the entity revises the remaining useful life to 5 years (from that date) and the residual value to $50,000. Under IAS 16, what is the depreciation charge for the year ended 31 December 20X4?
Questions 2–31 and full explanations are VIP-exclusive.