
CFAS REVIEWER PT.2

Quiz
•
Other
•
University
•
Hard
Raia M.
FREE Resource
54 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The presentation and disclosure requirement achieves all of the following, except
a. An effective communication tool
b. More relevant and faithfully represented financial information
c. Understandability and comparability of information
d. Financial position, financial performance and cash flows
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
It is the sorting of assets, liabilities, equity, income and expenses with similar characteristics.
a. Classification
b. Summarization
c. Interpretation
d. Recognition
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
All of the following can considered appropriate classification, except
a. Current and noncurrent assets
b. Current and noncurrent liabilities
c. Ordinary shares and preference shares
d. Offsetting asset and liability
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Income and expenses are classified as
a. Profit or loss and other comprehensive income
b. Profit loss and retained earnings
c. Retained earnings and other comprehensive income
d. Ordinary and extraordinary
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the new term to describe the income statement or statement of profit or loss together with the statement showing other comprehensive income.
a. Income statement
b. Statement of comprehensive income
c. Statement of other comprehensive income
d. Statement of financial performance
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Financial capital is defined as
a. Net assets in monetary terms.
b. Net assets in terms of physical productive capacity.
c. Legal capital.
d. Share capital issued and outstanding.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The physical capital maintenance concept requires the adoption of which measurement basis?
a. Historical cost
b. Current cost
c. Fair value
d. Present value
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