Are you ready for the international financial reporting standards quiz? This quiz entails your understanding of Statement of Cash Flows, which inventory cost methods are allowed or not allowed, the two main criteria for an item to be seen as an asset, and how you determine whether an entity meets the criteria of an intangible asset. This great quiz will See moregive you insight into International Financial Reporting Standards.
A liability
A component of cash and cash equivalents
An I-O-U
A great way to boost the economy
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FIFO (First-In, First-Out)
LIFO (Last-In, First-Out)
Weighted Average
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When it can be reliably measured
When it is controlled by the entity
When it is probable that economic benefits will flow to the entity from the asset
When it has a residual value
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Control, marketability, materiality
Completion of development, control, tasty
Control, identifiability, future economic benefits
Profitable, satisfying, pretty
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Impairment loss
Revaluation loss
Tough loss
Bad debt loss
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True
False
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True
False
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True
False
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True
False
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