International Financial Reporting Standards Quiz! Trivia

10 Questions | By Ebell1 | Updated: Mar 20, 2022 | Attempts: 1035

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International Financial Reporting Standards Quiz! Trivia - Quiz

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 give you insight into International Financial Reporting Standards.

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 two key criteria for an item of property, plant, and equipment to be recognized as an asset?
- 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?
- 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.

IFRS requires comprehensive income to be presented in one statement of comprehensive income or two separate statements.
- A.
  
  True
- B.
  
  False
8.

In relation to income statement presentation, IFRS does define certain key measures.
- A.
  
  True
- B.
  
  False
9.

Under IFRS, extraordinary items are reported on the income statement.
- A.
  
  True
- B.
  
  False
10.

Under IFRS, disclosure of the components of cash and cash equivalents are required in the notes to the financial statements.
- A.
  
  True
- B.
  
  False