Eric And Scott's Ifrs Quiz (financial Statements)
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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.
- 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.
- 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.
- 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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