Question 1

The requirements of IAS 1 apply to the following sets of financial statements:

Accepted Answer

A)  condensed financial statements 
B)  interim financial statements 
C)  general-purpose financial statements 
D)  special purpose financial statements. 
A)  condensed financial statements 
B)  interim financial statements 
C)  general-purpose financial statements 
D)  special purpose financial statements.

Question 2

Which of the following is NOT an example of an adjusting event under IAS 10?

Accepted Answer

A)  the settlement after reporting date but prior to the date that the financial statements are authorised for issue of a court case which had commenced prior to reporting date. 
B)  the sale of inventories after reporting date but prior to the date that the financial statements are authorised for issue for an amount below cost. 
C)  uninsured damage to a material item of machinery after reporting date but prior to the date that the financial statements are authorised for issue for an amount below cost. 
D)  receipt of advice after reporting date but prior to the date that the financial statements are authorised for issue that a material debtor has been placed in liquidation. 
A)  the settlement after reporting date but prior to the date that the financial statements are authorised for issue of a court case which had commenced prior to reporting date. 
B)  the sale of inventories after reporting date but prior to the date that the financial statements are authorised for issue for an amount below cost. 
C)  uninsured damage to a material item of machinery after reporting date but prior to the date that the financial statements are authorised for issue for an amount below cost. 
D)  receipt of advice after reporting date but prior to the date that the financial statements are authorised for issue that a material debtor has been placed in liquidation.

Question 3

The application of International Financial Reporting Standards with additional disclosure where necessary is presumed to result in financial statements that:

Accepted Answer

A)  will result in a fair presentation; 
B)  contain only material items; 
C)  are free from error and misstatement; 
D)  are unbiased. 
A)  will result in a fair presentation; 
B)  contain only material items; 
C)  are free from error and misstatement; 
D)  are unbiased.

Question 4

In relation to 'retained earnings', IAS 1 mandates the following disclosures:
I. Any changes during the reporting period.
II. The related tax adjustments in respect to any changes during the period.
III. The beginning balance.
IV. The balance at reporting date.

Accepted Answer

A)  I, II, III and IV; 
B)  II, III and IV only; 
C)  I, III and IV only; 
D)  III and IV only. 
A)  I, II, III and IV; 
B)  II, III and IV only; 
C)  I, III and IV only; 
D)  III and IV only.

Question 5

The following are normally presented in a statement of financial position as current items:

Accepted Answer

A)  deferred tax liabilities 
B)  accounts payable 
C)  deferred tax assets 
D)  goodwill. 
A)  deferred tax liabilities 
B)  accounts payable 
C)  deferred tax assets 
D)  goodwill.

Question 6

If a liability satisfies the following criterion it will be classified as non-current:

Accepted Answer

A)  due to be settled within twelve months of the balance date 
B)  expected to be settled in the entity's normal operating cycle 
C)  due to be settled more than twelve months after the statement of financial position date 
D)  it is held primarily for the purpose of being traded. 
A)  due to be settled within twelve months of the balance date 
B)  expected to be settled in the entity's normal operating cycle 
C)  due to be settled more than twelve months after the statement of financial position date 
D)  it is held primarily for the purpose of being traded.

Question 7

Under IAS 1 profit or loss attributable to non-controlling interests is prescribed for presentation in:

Accepted Answer

A)  an equity statement 
B)  a statement of financial position 
C)  a statement of profit or loss and other comprehensive income 
D)  a statement of cash flows. 
A)  an equity statement 
B)  a statement of financial position 
C)  a statement of profit or loss and other comprehensive income 
D)  a statement of cash flows.

Question 8

Which of the following items, if it exists, must be presented as a line item in the statement of financial position?

Accepted Answer

A)  Trade and other receivables 
B)  Revenue 
C)  Cost of sales 
D)  Share of profit of associates. 
A)  Trade and other receivables 
B)  Revenue 
C)  Cost of sales 
D)  Share of profit of associates.

Question 9

An entity is required to classify its assets and liabilities as current or non-current unless it is considered more relevant and provide more reliable information to present them according to their:

Accepted Answer

A)  value 
B)  liquidity 
C)  age 
D)  physical nature. 
A)  value 
B)  liquidity 
C)  age 
D)  physical nature.

The requirements of IAS 1 apply to the following sets of financial statements:

Which of the following is NOT an example of an adjusting event under IAS 10?

The application of International Financial Reporting Standards with additional disclosure where necessary is presumed to result in financial statements that:

In relation to 'retained earnings', IAS 1 mandates the following disclosures: I. Any changes during the reporting period. II. The related tax adjustments in respect to any changes during the period. III. The beginning balance. IV. The balance at reporting date.

The following are normally presented in a statement of financial position as current items:

If a liability satisfies the following criterion it will be classified as non-current:

Under IAS 1 profit or loss attributable to non-controlling interests is prescribed for presentation in:

Which of the following items, if it exists, must be presented as a line item in the statement of financial position?

An entity is required to classify its assets and liabilities as current or non-current unless it is considered more relevant and provide more reliable information to present them according to their:

The Conceptual Framework of the Iasb

Shareholders Equity: Share Capital and Reserves

Fair Value Measurement

Revenue

Provisions, Contingent Liabilities and Contingent Assets

Income Taxes

Financial Instruments

Share-Based Payments

Inventories

Employee Benefits

Property, Plant and Equipment

Leases

Intangible Assets

Business Combinations

Impairment of Assets

Accounting for Mineral Resources

Agriculture

Statement of Cash Flows

Earnings Per Share

Operating Segments

Operating Segments

Consolidation: Controlled Entities

Consolidation: Wholly Owned Subsidiaries

Consolidation: Intragroup Transactions

Consolidation: Non-Controlling Interest

Consolidation: Other Issues

Translation of the Financial Statements of Foreign Entities

Associates and Joint Ventures

Joint Arrangements

Filters

Exam 18: Financial Statement Presentation

The requirements of IAS 1 apply to the following sets of financial statements:

Which of the following is NOT an example of an adjusting event under IAS 10?

The application of International Financial Reporting Standards with additional disclosure where necessary is presumed to result in financial statements that:

In relation to 'retained earnings', IAS 1 mandates the following disclosures: I. Any changes during the reporting period. II. The related tax adjustments in respect to any changes during the period. III. The beginning balance. IV. The balance at reporting date.

The following are normally presented in a statement of financial position as current items:

If a liability satisfies the following criterion it will be classified as non-current:

Under IAS 1 profit or loss attributable to non-controlling interests is prescribed for presentation in:

Which of the following items, if it exists, must be presented as a line item in the statement of financial position?

An entity is required to classify its assets and liabilities as current or non-current unless it is considered more relevant and provide more reliable information to present them according to their:

The Conceptual Framework of the Iasb

Shareholders Equity: Share Capital and Reserves

Fair Value Measurement

Revenue

Provisions, Contingent Liabilities and Contingent Assets

Income Taxes

Financial Instruments

Share-Based Payments

Inventories

Employee Benefits

Property, Plant and Equipment

Leases

Intangible Assets

Business Combinations

Impairment of Assets

Accounting for Mineral Resources

Agriculture

Statement of Cash Flows

Earnings Per Share

Operating Segments

Operating Segments

Consolidation: Controlled Entities

Consolidation: Wholly Owned Subsidiaries

Consolidation: Intragroup Transactions

Consolidation: Non-Controlling Interest

Consolidation: Other Issues

Translation of the Financial Statements of Foreign Entities

Associates and Joint Ventures

Joint Arrangements

Filters