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FA Chapter 4 Quiz

meli ssa 10 Fragen 4,0 (1 Bewertung)

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Fragen in diesem Quiz (10)

  1. 1An entity shall present:
    1. AThe statement of changes in equity following the statement of financial position
    2. BThe statement of comprehensive income first and the statement of changes in equity last.
    3. C. If presented in two-statement format, the Income Statement immediately followed by the
      statement of comprehensive income
    4. DThe statement of financial position more prominently than the other statements.
  2. 2In accordance with IAS 1, which of the following statements is correct?
    1. AFor the purpose of classifying assets and liabilities into current and non-current components, the entity’s operating cycle can be more than 12 months
    2. B. Intangible assets must be presented separately in the statement of financial position.
    3. CAssets and liabilities can be offset if they arise from the same transaction or event.
    4. DAssets and liabilities must be presented in the order of decreasing liquidity.
  3. 3Which of the following entities appears not to be a going concern?
    1. ACompany M’s management is unable to extend its long-term loan, and, given its losses
      in recent years, it is unlikely that it will be able to raise funds through other means to
      pay for the loan
    2. BCompany K’s management intends to liquidate the entity
    3. CCompany L’s management is being forced to cease the entity’s operations due to a major
      change in government policies.
    4. D. None of the three companies is likely to be a going concern
  4. 4When the classification of items in its financial statements is changed, the entity:
    1. AMust not reclassify the comparative amounts unless absolutely necessary.
    2. BMust reclassify comparative amounts, unless it is impractical to do so.
    3. CHas an unrestricted choice whether to reclassify the comparative amount or not.
    4. D. Must preserve consistency in reporting, and no new reclassification should be allowed.
  5. 5The information which must be provided so as to properly identify each component of
    a set of financial statements does not include:
    1. AThe name of the reporting entity
    2. BThe presentation currency and level of rounding used.
    3. CThe country in which the entity operates.
    4. DThe date of the end of the reporting period or the period covered by the financial
      statements.
  6. 6Items of dissimilar nature or function:
    1. A. Must be presented separately if they are material.
    2. BMay be aggregated if accompanied by a note to the account explaining the breakdown
    3. CMust always be presented separately in financial statements
    4. DMust be aggregated until they are material.
  7. 7Materiality depends on:
    1. AThe nature of the omission or misstatement
    2. BThe size of the omission or misstatement
    3. C. Both the nature and size of the omission or misstatement.
    4. DThe higher of 10% of total assets and 10% of total revenue.
  8. 8An entity must disclose comparative information for:
    1. AOnly the immediate past financial period.
    2. BOnly for material items on the financial statements
    3. CThe previous comparable period for all amounts reported in the financial statements
    4. DThe previous comparable period for all amounts reported in the financial statements, as
      well as any narrative and descriptive information
  9. 9An entity’s equity may decrease during a financial period because:
    1. AOther comprehensive income was lower than net profit.
    2. BThere was a new share issuance
    3. CTotal comprehensive income was higher than net profit.
    4. D. Prior-period errors resulted from overstatement of the previous year’s profits.
  10. 10The notes to the accounts can be used for the following, except for:
    1. AExplaining why a certain accounting standard was not followed.
    2. BProviding disclosures of items not shown on the face of financial statements.
    3. CProviding additional breakdown of line items on the face of financial statements.
    4. DExplaining the accounting policies used.

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Beschreibung
Quiz am FA Chapter 4 Quiz, erstellt von meli ssa am 17/02/2019.
Sprache
English
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