Quiz
IAS and IFRS
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Perguntas do quiz (13)
1Which 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?
- AIAS 1 Presentation of Financial Statements
- BIAS 7 Statement of Cash Flows
- CIAS 27 Separate Financial Statements
2[blank_start]IAS 2 Inventories[blank_end] covers the valuation of inventories, which must be stated at the [blank_start]lower[blank_end] of cost and Net Realisable Value (NRV).
Cost is defined as "all costs of [blank_start]purchase[blank_end], costs of [blank_start]conversion[blank_end] and other costs incurred in bringing inventories to their present [blank_start]location[blank_end] and [blank_start]condition[blank_end]".
Net Realisable Value (NRV) is the expected [blank_start]selling[blank_end] price in ordinary business transactions, [blank_start]less[blank_end] any remaining costs to complete and [blank_start]sell[blank_end]. For example, the remaining costs to completion may include marketing and distribution costs, or remaining costs of conversion for inventory that is [blank_start]WIP[blank_end].- AIAS 2 Inventories
- Blower
- Cpurchase
- Dconversion
- Elocation
- Fcondition
- Gselling
- HWIP
- Iless
- Jsell
3IFRS 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).
- AVerdadeiro
- BFalso
4Advise what IAS 8 relates to. Select all that apply
- AAccounting Policies
- BIntangible Assets
- CThe format and content of a Statement of Cash Flows
- DExcepting 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.
- EStatement of Cash Flows
- FCriteria for selecting and changing accounting policies
- GThe accounting treatment and disclosure of any changes in accounting policies
- HChanging accounting estimates and correcting errors that arise from changes in accounting policies
- IThe criteria for recognising and measuring intangible assets
- JThe required disclosures for intangible assets
5IAS 7 Statement of Cash Flows relates to Statements of Cash Flows. Which of the following IS NOT TRUE about this standard?
- AAll financial statements are required to include a Statement of Cash Flows
- BThe Statement of Cash Flows should show the generation and use of cash in the accounting period
- CThe Statement of Cash Flows should show the generation and use of cash equivalents in the accounting period
- DIAS 7 covers the format of a Statement of Cash Flows
- EIAS 7 covers the content of a Statement of Cash Flows
6Complete the following:
[blank_start]IAS[blank_end] [blank_start]1[blank_end] Presentation of Financial Statements
[blank_start]IAS[blank_end] [blank_start]2[blank_end] Inventories
[blank_start]IFRS[blank_end] [blank_start]3[blank_end] Business Combinations
[blank_start]IAS[blank_end] [blank_start]7[blank_end] Statement of Cash Flows
[blank_start]IAS[blank_end] [blank_start]8[blank_end] Accounting Policies- AIAS
- BIFRS
- C1
- D2
- E3
- F7
- G8
- HIAS
- IIFRS
- J1
- K2
- L3
- M7
- N8
- OIAS
- PIFRS
- Q1
- R2
- S3
- T7
- U8
- VIAS
- WIFRS
- X1
- Y2
- Z3
- AA7
- AB8
- ACIAS
- ADIFRS
- AE1
- AF2
- AG3
- AH7
- AI8
7Under 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.
- AVerdadeiro
- BFalso
8Which of the following statements are true?
- AIAS 8 Accounting Policies covers the accounting treatment of events after the reporting period
- BAn 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
- CWhen 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
- DWhen 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
- EAn adjusting event is an event which provides additional evidence of conditions that existed at the end of the reporting period
- FNot all events after the reporting period are adjusting events. Some are non-adjusting events
9[blank_start]IAS 12[blank_end] Income Taxes covers the accounting treatment for income taxes, both domestic and foreign. These taxes are usually based on the [blank_start]profit[blank_end] the business makes.
Current tax, i.e. tax not yet paid/received, is an [blank_start]asset[blank_end] if it is owed to us by the government and a [blank_start]liability[blank_end] if we owe it to the government.
We would need to recognise a deferred tax liability or deferred tax asset if there is a [blank_start]temporary difference[blank_end]. This would occur when the carrying amount in the Statement of Financial Position is [blank_start]not the same[blank_end] as the actual tax asset or tax liability owed.- AIAS 12
- BIAS 10
- CIAS 14
- Dprofit
- Erevenue
- Fnumber of goods
- Gasset
- Hintangible
- Iincome
- Jliability
- Kequity
- Lexpense
- Mtemporary difference
- Nbig problem
- Odiscrepancy of uncertain origin
- Pnot the same
- Qthe same
10IFRS 15 Revenue from Contracts With Customers covers how and when revenue will be recognised.
- AVerdadeiro
- BFalso
11According to IFRS 15 Revenue From Contracts With Customers, revenue is defined as 'income arising in the course of an entity's ordinary activities'.
- AVerdadeiro
- BFalso
12Which of the following does IFRS 15 Revenue from Contracts with Customers cover?
- AWhat revenue is / how to define revenue
- BWhat income is / how to define income
- CWhat a customer is / how to define a customer
- DWhen revenue should be recognised
13[blank_start]IAS[blank_end] [blank_start]16[blank_end] Property, Plant and [blank_start]Equipment[blank_end] covers the recognition of [blank_start]assets[blank_end], the [blank_start]depreciation[blank_end] charges to be recognised for those [blank_start]assets[blank_end] and the determination of the [blank_start]carrying[blank_end] amounts of those [blank_start]assets[blank_end]. According to [blank_start]IAS[blank_end] [blank_start]16[blank_end] Property, Plant and [blank_start]Equipment[blank_end], the depreciable amount of a tangible, non-current asset should be allocated on a [blank_start]systematic[blank_end] basis over its [blank_start]useful[blank_end] [blank_start]life[blank_end]. The depreciable amount of the [blank_start]asset[blank_end] is its [blank_start]cost[blank_end] less its [blank_start]residual[blank_end] value on disposal/sale.
- AIAS
- B16
- CEquipment
- Dassets
- Edepreciation
- Fassets
- Gcarrying
- Hassets
- IIAS
- J16
- KEquipment
- Luseful
- Mlife
- Nsystematic
- Oasset
- Pcost
- Qresidual
Informações
- Descrição
- Overview quiz on IASs and IFRSs relevant to the FSLC exam
- Autor
- Mae Kirkham
- Idioma
- English
- Visualizações
- 196
- Etiquetas
- Avaliação
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