Eric And Scott's Ifrs Quiz (Financial Statements)

10 Questions | Total Attempts: 645
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Reinforcement of key principles learned throughout the course related to the impact of IFRS on the structure, content, and presentation of financial statements.

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Questions and Answers
  • 1. 
    The requirements of IAS 1 apply to all of the following types of financial statements except:
    • A. 

      General purpose financial statements

    • B. 

      Consolidated financial statements

    • C. 

      Separate general purpose financial statements of entities

    • D. 

      Condensed interim financial statements

  • 2. 
    IAS 7: Statement of Cash Flows, states that bank overdrafts that form an integral part of an entity's cash management are included as:
    • A. 

      A liability

    • B. 

      A component of cash and cash equivalents

    • C. 

      An I-O-U

    • D. 

      A great way to boost the economy

  • 3. 
    IAS 2: Inventories, does not allow which of the following inventory cost methods:
    • A. 

      FIFO (First-In, First-Out)

    • B. 

      LIFO (Last-In, First-Out)

    • C. 

      Weighted Average

  • 4. 
    Under IAS 16: Property, Plant and Equipment, what are the the two key criteria for an item of property, plant and equipment to be recognized as an asset?
    Discuss
    • A. 

      When it can be reliably measured

    • B. 

      When it is controlled by the entity

    • C. 

      When it is probable that economic benefits will flow to the entity from the asset

    • D. 

      When it has a residual value

  • 5. 
    What 3 key elements are used to decide whether an item meets the criteria of an intangible asset?
    Discuss
    • A. 

      Control, marketability, materiality

    • B. 

      Completion of development, control, tasty

    • C. 

      Control, identifiability, future economic benefits

    • D. 

      Profitable, satisfying, pretty

  • 6. 
    Under IAS 36: Asset Impairment, the amount by which the carrying amount of an asset or a cash-generating unit exceeds its recoverable amount is called:
    • A. 

      Impairment loss

    • B. 

      Revaluation loss

    • C. 

      Tough loss

    • D. 

      Bad debt loss

  • 7. 
    True of False: IFRS requires comprehensive income to be presented in one statement of comprehensive income or two separate statements.
    • A. 

      True

    • B. 

      False

  • 8. 
    True or False: In relation to income statement presentation, IFRS does define certain key measures.
    • A. 

      True

    • B. 

      False

  • 9. 
    True or False: Under IFRS, extraordinary items are reported on the income statement.
    • A. 

      True

    • B. 

      False

  • 10. 
    True or False: Under IFRS, disclosure of the components of cash and cash equivalents are required in the notes to the financial statements.
    • A. 

      True

    • B. 

      False

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