Tax accounting and financial accounting mainly differ with regard to….

ACCA Q2

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15 questions
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1.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
Cash
Warranties
Inventory
Depreciation
2.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
Which of the following are NOT characteristics of a lease contract
The right to use an asset is transferred to the lessee
The contract expires if the asset breaks or becomes obsolete
The lessee pays a consideration the the lessor, for the right of using the asset.
The right of the lessee of using the asset doesn’t have a determined time duration
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An impairment may be reversed if it’s original cause ceases to exist (only Goodwill impairment can’t be reversed)
Right
Wrong
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The deferred tax Assets account includes the income taxes the entity still has to pay for the previous financial year
Right
Wrong
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
After introducing IFRS 16, the amount of assets in the company BS for most companies is…
Increased
Decreased
Stayed the same
IFRS 16 didn’t impact BS accounts, just expences
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Most financial liabilities are measured at fair value, expect for derivatives, which are measured at amm
ortised costs
True
False
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The subsequent measurement of financial assets depends on how the owner plans to use them
True
False
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