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Frage 1
Frage
Which statement is true?
Antworten
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Chairman’s letters are part of a financial statement
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Corporate annual reports are part of a financial statement.
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Management discussions and analysis are part of notes to the accounts.
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Financial statements are part of corporate annual reports.
Frage 2
Frage
Corporate annual reports typically appear in this order:
Antworten
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Corporate information, other statements and disclosures, analysis and commentaries, and financial statements
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Financial statements, analysis and commentaries, other statements and disclosures, and corporate information
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Corporate information, analysis and commentaries, other statements and disclosures, and financial statements
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. Financial statements, other statement and disclosures, analysis and commentaries, and corporate information
Frage 3
Frage
The first item in the analysis and commentaries section of an annual report is typically:
Antworten
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Management analysis and discussions
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Chairman’s message/letter to shareholders
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Auditor’s report on the company’s financial position and performance
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Segment performance
Frage 4
Frage
Who is responsible for the preparation of financial statements?
Antworten
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Auditor
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. Management
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Chief Financial Officer (CFO) and the accounting staf
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Chairman of the Board
Frage 5
Frage
Materiality means:
Antworten
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The amount in question had the potential to result in a different decision had it been known to financial statement users.
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The amount in question is greater than 10% of total assets
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The amount in question is greater than 10% of revenue
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The amount in question would have resulted in a different decision had it been known to financial statement users.
Frage 6
Frage
IAS 1 does not require the following item to be displayed on the statement of financial position:
Antworten
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Provisions
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Cash and cash equivalents
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Accumulated depreciation
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. Intangible assets
Frage 7
Frage
Which of the following is correct?
Antworten
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A statement of financial position contains information about how components of equity change during a period
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An entity is not allowed to aggregate its revenue into one single line on the Income Statement
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Entities must present their statement of comprehensive income, followed by the statement of financial position, statement of changes in equity, and, lastly, statement of cash flows.
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Other comprehensive income items may turn a “loss” on the Income Statement into a “profit” on the statement of comprehensive income.
Frage 8
Frage
An entity has the following balances: Cash $15,000, Inventory $10,000, Receivables
$22,000, PPE $50,000, and Intangible assets $40,000. Its total current assets are:
Antworten
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$25,000
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. $37,000
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. $47,000
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. $97,000
Frage 9
Frage
All of the following may explain changes in equity from one period to another, except for:
Antworten
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. Additional share issuance during the period
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Payment of dividend during the period
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Increase in the entity’s share price during the year
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Total comprehensive income
Frage 10
Frage
Which of the following statements best describes notes to the financial statements?
Antworten
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They are part of a complete set of financial statements
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They are used to explain how the company has performed during the financial year.
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. They provide a breakdown of all the numbers that appear on financial statements.
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The more important numbers are shown on the financial statements and the less important ones are shown in the notes to the financial statements.
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