Session 1 and 2 Assessment

Session 1 and 2 Assessment

University

70 Qs

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Session 1 and 2 Assessment

Session 1 and 2 Assessment

Assessment

Quiz

Business

University

Practice Problem

Medium

Created by

John Servidad

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70 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A complete set of financial statements includes the following components, except

Statement of financial position, statement of comprehensive income and statement of cash flows.
Statement of changes in equity
Notes, comprising a summary of significant accounting policies and other explanatory information
Reports and statements such as environmental reports and value added statements.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the objective of financial statements?

To provide information about the financial position, financial performance and changes in financial position of an entity that is useful to a wide range of users in making economic decisions.
To prepare and present a statement of financial position, statement of comprehensive income, statement of cash flows and statement of changes in equity.
To prepare and present relevant, reliable, comparable and understandable information to investors and creditors.
To prepare and present financial statements in accordance with all applicable PFRS and Interpretations.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

To meet the objective of providing information about financial position, financial performance and cash flows of an entity, financial statements should provide information about all of the following, except

Assets, liabilities and equity
Income and expenses, including gains and losses
Contributions by and distribution to owners in their capacity as owners.
Nature of the entity's business activities

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following statements is incorrect concerning fair presentation of financial statements?

Fair presentation requires the faithful representation of the effects of transactions and other events.
Financial statements shall present fairly the financial position, financial performance and cash flows of an entity.
In virtually all circumstances, a fair presentation is achieved by compliance with applicable PFRS.
An entity whose financial statements comply with PFRS shall not make an explicit and unreserved statement of such compliance in the notes.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Technically, offsetting in financial statements is accomplished when

The allowance for doubtful accounts is deducted from accounts receivable.
The accumulated depreciation is deducted from property, plant and equipment.
The total liabilities are deducted from total assets to arrive at net assets.
Gains or losses from disposal of noncurrent assets are reported by deducting from the proceeds the carrying amount of the assets and the related disposal cost.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Materiality depends on

The nature of the omission or misstatement.
The size of the omission or misstatement.
The size and nature of the omission or misstatement judged in the surrounding circumstances.
The judgement of management.

7.

DROPDOWN QUESTION

1 min • 1 pt

Financial statements include a statement of financial position, a statement of comprehensive income, a statement of changes in equity and a statement of cash flows. Which of the following is also included as a component of financial statements? (a)  

A statement of retained earnings
Accounting policies
An auditor's report
A directors' report

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