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FA chapter 4 quick check

meli ssa 10 preguntas 5,0 (1 valoración)

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Preguntas del test (10)

  1. 1Which statement is true?
    1. AChairman’s letters are part of a financial statement
    2. BCorporate annual reports are part of a financial statement.
    3. CManagement discussions and analysis are part of notes to the accounts.
    4. DFinancial statements are part of corporate annual reports.
  2. 2Corporate annual reports typically appear in this order:
    1. ACorporate information, other statements and disclosures, analysis and commentaries,
      and financial statements
    2. BFinancial statements, analysis and commentaries, other statements and disclosures, and
      corporate information
    3. CCorporate information, analysis and commentaries, other statements and disclosures,
      and financial statements
    4. D. Financial statements, other statement and disclosures, analysis and commentaries, and
      corporate information
  3. 3The first item in the analysis and commentaries section of an annual report is typically:
    1. AManagement analysis and discussions
    2. BChairman’s message/letter to shareholders
    3. CAuditor’s report on the company’s financial position and performance
    4. DSegment performance
  4. 4Who is responsible for the preparation of financial statements?
    1. AAuditor
    2. B. Management
    3. CChief Financial Officer (CFO) and the accounting staf
    4. DChairman of the Board
  5. 5Materiality means:
    1. AThe amount in question had the potential to result in a different decision had it been
      known to financial statement users.
    2. BThe amount in question is greater than 10% of total assets
    3. CThe amount in question is greater than 10% of revenue
    4. DThe amount in question would have resulted in a different decision had it been known to
      financial statement users.
  6. 6IAS 1 does not require the following item to be displayed on the statement of financial position:
    1. AProvisions
    2. BCash and cash equivalents
    3. CAccumulated depreciation
    4. D. Intangible assets
  7. 7Which of the following is correct?
    1. AA statement of financial position contains information about how components of equity
      change during a period
    2. BAn entity is not allowed to aggregate its revenue into one single line on the Income
      Statement
    3. CEntities 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.
    4. DOther comprehensive income items may turn a “loss” on the Income Statement into a
      “profit” on the statement of comprehensive income.
  8. 8An 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:
    1. A$25,000
    2. B. $37,000
    3. C. $47,000
    4. D. $97,000
  9. 9All of the following may explain changes in equity from one period to another, except for:
    1. A. Additional share issuance during the period
    2. BPayment of dividend during the period
    3. CIncrease in the entity’s share price during the year
    4. DTotal comprehensive income
  10. 10Which of the following statements best describes notes to the financial statements?
    1. AThey are part of a complete set of financial statements
    2. BThey are used to explain how the company has performed during the financial year.
    3. C. They provide a breakdown of all the numbers that appear on financial statements.
    4. DThe 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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Test sobre FA chapter 4 quick check, creado por meli ssa el 17/02/2019.
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