Question 1

AASB 101/IAS 1 Presentation of Financial Statements requires that a financial report:

Accepted Answer

A)  does not need to include the reporting period or date. 
B)  must include the name of the entity. 
C)  always be prepared as if the company is not a going concern. 
D)  be prepared on the cash basis of accounting. 
A)  does not need to include the reporting period or date. 
B)  must include the name of the entity. 
C)  always be prepared as if the company is not a going concern. 
D)  be prepared on the cash basis of accounting.

Question 2

Assets and liabilities, and income and expenses are not to be offset unless:

Accepted Answer

A)  they are financial assets and liabilities. 
B)  they are in respect of borrowing and lending activities such as interest revenue and interest expense. 
C)  required or permitted by an Australian accounting standard. 
D)  the auditors approve the offset. 
A)  they are financial assets and liabilities. 
B)  they are in respect of borrowing and lending activities such as interest revenue and interest expense. 
C)  required or permitted by an Australian accounting standard. 
D)  the auditors approve the offset.

Question 3

According to AASB 101/IAS 1 Presentation of Financial Statements, a required format for the presentation of the statement of profit or loss and other comprehensive income is:

Accepted Answer

A)  prescribed by the Corporations Act. 
B)  not prescribed and no guidance is provided in the standard for a suitable format. 
C)  not prescribed but guidance is provided in the standard for a suitable format. 
D)  prescribed by the standard and further details are found in the Corporations Act. 
A)  prescribed by the Corporations Act. 
B)  not prescribed and no guidance is provided in the standard for a suitable format. 
C)  not prescribed but guidance is provided in the standard for a suitable format. 
D)  prescribed by the standard and further details are found in the Corporations Act.

Question 4

AASB 101/IAS 1 Presentation of Financial Statements requires entities to use the current/non-current method of classifying assets and liabilities in the statement of financial position.

Accepted Answer

A) True 
 B)False

Question 5

Extraordinary items of income and expense:

Accepted Answer

A)  must be disclosed in the statement of profit or loss and other comprehensive income. 
B)  were previously disclosed together with the entity's normal trading activities. 
C)  must be disclosed in the notes to the financial statements. 
D)  are prohibited from being disclosed either in the statement of profit or loss and other comprehensive income or in the notes. 
A)  must be disclosed in the statement of profit or loss and other comprehensive income. 
B)  were previously disclosed together with the entity's normal trading activities. 
C)  must be disclosed in the notes to the financial statements. 
D)  are prohibited from being disclosed either in the statement of profit or loss and other comprehensive income or in the notes.

Question 6

AASB 101/IAS 1 Presentation of Financial Statements requires disclosure of which of the following for each class of share capital?

Accepted Answer

A)  Par value per share. 
B)  The number of shares authorised. 
C)  The rights, preferences and restrictions attached to that class. 
D)  All of the above. 
A)  Par value per share. 
B)  The number of shares authorised. 
C)  The rights, preferences and restrictions attached to that class. 
D)  All of the above.

Question 7

A statement of changes in equity provides details of the changes in an entity's net assets.

Accepted Answer

A) True 
 B)False

Question 8

AASB 101/IAS 1 Presentation of Financial Statements requires each class of share capital to be separately disclosed on the face of the statement of financial position.

Accepted Answer

A) True 
 B)False

Question 9

AASB 101/IAS 1 Presentation of Financial Statements requires a single statement approach be adopted in the preparation of the statement of profit or loss and other comprehensive income.

Accepted Answer

A) True 
 B)False

Question 10

The amount of dividends recognised as distributions to shareholders must be disclosed in the statement of changes in equity.

Accepted Answer

A) True 
 B)False

AASB 101/IAS 1 Presentation of Financial Statements requires that a financial report:

Assets and liabilities, and income and expenses are not to be offset unless:

According to AASB 101/IAS 1 Presentation of Financial Statements, a required format for the presentation of the statement of profit or loss and other comprehensive income is:

AASB 101/IAS 1 Presentation of Financial Statements requires entities to use the current/non-current method of classifying assets and liabilities in the statement of financial position.

Extraordinary items of income and expense:

AASB 101/IAS 1 Presentation of Financial Statements requires disclosure of which of the following for each class of share capital?

A statement of changes in equity provides details of the changes in an entity's net assets.

AASB 101/IAS 1 Presentation of Financial Statements requires each class of share capital to be separately disclosed on the face of the statement of financial position.

AASB 101/IAS 1 Presentation of Financial Statements requires a single statement approach be adopted in the preparation of the statement of profit or loss and other comprehensive income.

The amount of dividends recognised as distributions to shareholders must be disclosed in the statement of changes in equity.

Nature and Regulation of Companies

Financing Company Operations

Business Combinations

Disclosure: Legal Requirements and Accounting Polices

Disclosure: Statement of Cash Flows

Foreign Currency Transactions and Forward Exchange Contracts

Translation of Financial Statements Into a Presentation Currency

Consolidation: Controlled Entities

Consolidation: Wholly Owned Subsidiaries

Consolidation: Intragroup Transactions

Consolidation: Non-Controlling Interest

Consolidation: Other Issues

Associates and Joint Ventures

Joint Arrangements

Insolvency and Liquidation

Accounting for Company Income Tax

Property, Plant Equipment

Filters

Exam 5: Disclosure: Presentation of Financial Statements

AASB 101/IAS 1 Presentation of Financial Statements requires that a financial report:

Assets and liabilities, and income and expenses are not to be offset unless:

According to AASB 101/IAS 1 Presentation of Financial Statements, a required format for the presentation of the statement of profit or loss and other comprehensive income is:

AASB 101/IAS 1 Presentation of Financial Statements requires entities to use the current/non-current method of classifying assets and liabilities in the statement of financial position.

Extraordinary items of income and expense:

AASB 101/IAS 1 Presentation of Financial Statements requires disclosure of which of the following for each class of share capital?

A statement of changes in equity provides details of the changes in an entity's net assets.

AASB 101/IAS 1 Presentation of Financial Statements requires each class of share capital to be separately disclosed on the face of the statement of financial position.

AASB 101/IAS 1 Presentation of Financial Statements requires a single statement approach be adopted in the preparation of the statement of profit or loss and other comprehensive income.

The amount of dividends recognised as distributions to shareholders must be disclosed in the statement of changes in equity.

Nature and Regulation of Companies

Financing Company Operations

Business Combinations

Disclosure: Legal Requirements and Accounting Polices

Disclosure: Statement of Cash Flows

Foreign Currency Transactions and Forward Exchange Contracts

Translation of Financial Statements Into a Presentation Currency

Consolidation: Controlled Entities

Consolidation: Wholly Owned Subsidiaries

Consolidation: Intragroup Transactions

Consolidation: Non-Controlling Interest

Consolidation: Other Issues

Associates and Joint Ventures

Joint Arrangements

Insolvency and Liquidation

Accounting for Company Income Tax

Property, Plant Equipment

Filters