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.
General purpose financial statements
Consolidated financial statements
Separate general purpose financial statements of entities
Condensed interim financial statements
A liability
A component of cash and cash equivalents
An I-O-U
A great way to boost the economy
FIFO (First-In, First-Out)
LIFO (Last-In, First-Out)
Weighted Average
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
Control, marketability, materiality
Completion of development, control, tasty
Control, identifiability, future economic benefits
Profitable, satisfying, pretty
Impairment loss
Revaluation loss
Tough loss
Bad debt loss
True
False
True
False
True
False
True
False
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