ACCA Q2

ACCA Q2

University

15 Qs

quiz-placeholder

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ACCA Q2

ACCA Q2

Assessment

Quiz

Others

University

Easy

Created by

qhsdv42c9j apple_user

Used 2+ times

FREE Resource

15 questions

Show all answers

1.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

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

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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