What are the limitations to Faithful Representation? (two options)
Inherent uncertainties and estimates
Assumptions
Substance over form
250-300
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Thu Phương
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1.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
What are the limitations to Faithful Representation? (two options)
Inherent uncertainties and estimates
Assumptions
Substance over form
Inherent uncertainties and estimates
Assumptions
Substance over form
2.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
Which of the following statements about research and development expenditure are correct according to IAS38 Intangible Assets? (Two options)
If certain conditions are met, an enterprise may decide to capitalise development expenditure
Research expenditure, other than capital expenditure on research facilities, must be written off as incurred.
Capitalised development expenditure must be amortised over a period not exceeding 5 years.
Capitalised development expenditure must be disclosed in the statement of financial position under intangible non-current assets.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If information is complex should it be included in the accounts?
Yes if relevant
No - it limits understandability
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Daily sales and purchases, employee costs and general overheads comprise:
Operating acitivities
Investing activities
Financing activities
Component of cash and cash equivalents
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The statement of financial position of Pinto at 31 March 2017 showed property, plant and equipment with a carrying amount of $1,860,000. At 31 March 2018 it had increased to $2,880,000. During the year to 31 March 2018 plant with a carrying amount of $240,000 was sold at a loss of $90,000, depreciation of $280,000 was charged and $100,000 was added to the revaluation surplus in respect of property, plant and equipment. What amount should appear under ‘investing activities’ in the statement of cash flows of Pinto for the year ended 31 March 2018 as cash paid to acquire property, plant and equipment?
$1,350,000
$1,640,000
$1,260,000
$1,440,000
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
According to IAS 12 Income taxes, is the following statement in relation to deferred tax liabilities true or false? “Deferred tax assets are the amounts of income taxes recoverable in future periods in respect of deductible temporary differences.”
True
False
7.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
Which two of the following are included in a complete set of financial statements, according to IAS 1 Presentation of financial statements?
Summarised statements of financial position for the last five years
A statement of changes in equity
A statement of cash flows
A statement by the board of directors of compliance with local legislation
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