Mae Kirkham
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Overview quiz on IASs and IFRSs relevant to the FSLC exam

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Mae Kirkham
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IAS and IFRS

Questão 1 de 13

1

Which accounting standard sets out the expected format, content and disclosures in a published Statement of Financial Position, Statement of Profit or Loss, and Statement of Changes in Equity?

Selecione uma das seguintes:

  • IAS 1 Presentation of Financial Statements

  • IAS 7 Statement of Cash Flows

  • IAS 27 Separate Financial Statements

Explicação

Questão 2 de 13

1

Preencha os espaços em branco para completar o texto.

covers the valuation of inventories, which must be stated at the of cost and Net Realisable Value (NRV).
Cost is defined as "all costs of , costs of and other costs incurred in bringing inventories to their present and ".
Net Realisable Value (NRV) is the expected price in ordinary business transactions, any remaining costs to complete and . For example, the remaining costs to completion may include marketing and distribution costs, or remaining costs of conversion for inventory that is .

Explicação

Questão 3 de 13

1

IFRS 3 Business Combinations outlines the accounting required when one business combines with another, such as during an acquisition or merger. A business combination is defined as when one or more entities (subsidiaries) gains some control of another (the parent).

Selecione uma das opções:

  • VERDADEIRO
  • FALSO

Explicação

Questão 4 de 13

1

Advise what IAS 8 relates to. Select all that apply

Selecione uma ou mais das seguintes:

  • Accounting Policies

  • Intangible Assets

  • The format and content of a Statement of Cash Flows

  • Excepting those for small companies, all financial statements must include a Statement of Cash Flows to show the generation and use of cash and cash equivalents, within the accounting period.

  • Statement of Cash Flows

  • Criteria for selecting and changing accounting policies

  • The accounting treatment and disclosure of any changes in accounting policies

  • Changing accounting estimates and correcting errors that arise from changes in accounting policies

  • The criteria for recognising and measuring intangible assets

  • The required disclosures for intangible assets

Explicação

Questão 5 de 13

1

IAS 7 Statement of Cash Flows relates to Statements of Cash Flows. Which of the following IS NOT TRUE about this standard?

Selecione uma das seguintes:

  • All financial statements are required to include a Statement of Cash Flows

  • The Statement of Cash Flows should show the generation and use of cash in the accounting period

  • The Statement of Cash Flows should show the generation and use of cash equivalents in the accounting period

  • IAS 7 covers the format of a Statement of Cash Flows

  • IAS 7 covers the content of a Statement of Cash Flows

Explicação

Questão 6 de 13

1

Selecione das listas do Menu para completar o texto.

Complete the following:
( IAS, IFRS ) ( 1, 2, 3, 7, 8 ) Presentation of Financial Statements
( IAS, IFRS ) ( 1, 2, 3, 7, 8 ) Inventories
( IAS, IFRS ) ( 1, 2, 3, 7, 8 ) Business Combinations
( IAS, IFRS ) ( 1, 2, 3, 7, 8 ) Statement of Cash Flows
( IAS, IFRS ) ( 1, 2, 3, 7, 8 ) Accounting Policies

Explicação

Questão 7 de 13

1

Under IAS 10 Events After The Reporting Period, an 'event after the reporting period' is a favourable or unfavourable event that occurs between the end of the reporting period and the date the financial statements are authorised for issue.

Selecione uma das opções:

  • VERDADEIRO
  • FALSO

Explicação

Questão 8 de 13

1

Which of the following statements are true?

Selecione uma ou mais das seguintes:

  • IAS 8 Accounting Policies covers the accounting treatment of events after the reporting period

  • An event after the reporting period is only a favourable event, which occurs between the end of the reporting period and the date that the financial statements are authorised for issue

  • When an unfavourable event occurs between the end of the reporting period and the date that the financial statements are authorised for issue, we create a contingent liability and deal with it in the next accounting period

  • When a favourable event occurs between the end of the reporting period and the date the financial statements are authorised for issue, we need to decide if it is an adjusting event

  • An adjusting event is an event which provides additional evidence of conditions that existed at the end of the reporting period

  • Not all events after the reporting period are adjusting events. Some are non-adjusting events

Explicação

Questão 9 de 13

1

Income Taxes covers the accounting treatment for income taxes, both domestic and foreign. These taxes are usually based on the the business makes.
Current tax, i.e. tax not yet paid/received, is an if it is owed to us by the government and a if we owe it to the government.
We would need to recognise a deferred tax liability or deferred tax asset if there is a . This would occur when the carrying amount in the Statement of Financial Position is as the actual tax asset or tax liability owed.

Arraste e solte para completar o texto.

    IAS 12
    IAS 10
    IAS 14
    profit
    revenue
    number of goods
    asset
    intangible
    income
    liability
    equity
    expense
    temporary difference
    big problem
    discrepancy of uncertain origin
    not the same
    the same

Explicação

Questão 10 de 13

1

IFRS 15 Revenue from Contracts With Customers covers how and when revenue will be recognised.

Selecione uma das opções:

  • VERDADEIRO
  • FALSO

Explicação

Questão 11 de 13

1

According to IFRS 15 Revenue From Contracts With Customers, revenue is defined as 'income arising in the course of an entity's ordinary activities'.

Selecione uma das opções:

  • VERDADEIRO
  • FALSO

Explicação

Questão 12 de 13

1

Which of the following does IFRS 15 Revenue from Contracts with Customers cover?

Selecione uma ou mais das seguintes:

  • What revenue is / how to define revenue

  • What income is / how to define income

  • What a customer is / how to define a customer

  • When revenue should be recognised

Explicação

Questão 13 de 13

1

Preencha os espaços em branco para completar o texto.

Property, Plant and covers the recognition of , the charges to be recognised for those and the determination of the amounts of those . According to Property, Plant and , the depreciable amount of a tangible, non-current asset should be allocated on a basis over its . The depreciable amount of the is its less its value on disposal/sale.

Explicação

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