Question Chapter 18 & 19 Part 1

Which one of the following is not required to be presented as minimum Information on the face of a financial position?

• investment property

• Due to banks

• Contingent liabilities

• Accounts receivable

Which of the following is not a requirement In the financial statements under IAS 1?

• Name of the entity

• Whether accounts cover a single entity or a group

• Chairman’s commentary on performance

• Presentation currency

Under IAS 1, how often should financial statements be prepared?

 

• At least annually

• No more than annually

• As often as the company requires

• Monthly

Under IAS 1,which of the following must be disclosed on the face of the statement of financial position?

• Biological Assets

• Provisions

• Non-controlling interests

• All of the above

Which of the following is not a minimum item on the face of the statement of comprehensive Income?

• Revenue

• Finance costs

• Deferred tax

• Total comprehensive Income

Which of the following is true?

• IAS 1 stipulates the order in which items should be presented

• AS 1 stipulates that material Items that are different in nature must be presented separately

• IAS 1 s stipulates that material items may be aggregated

• None Of the above

When Is offsetting premised under IAS 1?

• Always

• Never

• When required or permitted under an IFRS

• When approved by the board of directors

What Is the term used to describe the time between the acquisition of assets for processing and their realization In cash or cash equivalent?

• Processing cycle

• Turnover

• Operating cycle

• Turnaround

Which of the following is not a requirement of a current liability?

• Expected to be settled in the entity’s operating cycle

• Held primarily for trading

• Expected to be settled within 12 months of reporting period

• Entry holds an unconditional right to defer settlement for over 12 months of reporting period

When a company issues shares for more than their nominal amount the excess is called:

• Share excess

• Share premium

• Share markup

• Par Value