FAR5 Pre-Q Week 1

MFRS 107 asserts that :

The statement of cash flows shall report cash flows during the period classified by

• overhead, investing, and financing activities
  

• operating, investing, and financing activities
  

According to MFRS 102, cost formulas used to assigned costs to inventories are as follows, EXCEPT :

• a. Weighted Average Methods.

  
  

• b. First In First Out (FIFO).

  
  

• c. Specific Identification Method.

  
  

• d. Last In First Out (LIFO)

  
  

The Conceptual Framework of Financial Reporting identifies these enhancing qualitative characteristics, EXCEPT:

• Timeliness

• Underestimation
  

• Verifiability
  

• Consistency
  

"free from bias & should not be governed by economic consequences of the reporting entity" Based on the Conceptual Framework for Financial Reporting, the above refers to :

• Going Concern
  

• Faithful Representation
  

"A lease is a contract, or part of a contract, that conveys the right to control the use of an identified asset for a period of time in exchange for consideration"

Which standard applies for the above?

• MFRS 17

• MFRS 16

• MFRS 116

• MFRS 117

The applicable accounting standards for Earnings Per Share is :

• MFRS 136

• MFRS 13

• MFRS 133

• MFRS 33

"The systematic allocation of the depreciable amount of an intangible asset over its useful life." The above refers to...

• Impairment
  
  

• Amalmagation
  

• Depreciation
  

• Amortization

To ensure that assets are not carried in the balance sheet at amounts higher than their recoverable amounts.

The above is the objective of :

• MFRS 138

• MFRS 132

• MFRS 136

• MFRS 137

The Financial Reporting Foundation (FRF) serves as overseeing body of the operations and activities of the Malaysian Accounting Standard Board (MASB). The functions of FRF includes

• To issue new accounting standards as approved accounting standards
  

• To issue statements of principles for financial reporting
  

• To review, revise or adopt as approved accounting standards, existing accounting standards
  

• To review the performance of standard-setting body
  

The requirements of Companies Act 2016 includes

• The entity to keep proper accounting and other records so as to explain transactions and enable true and fair

  profit or loss and balance sheets to be prepared form time to time
  

• The entity must set reasonable internal control to safeguard assets and proper authorization on transactions
  

• Financial statements of entity must comply with approved accounting standards issued by MASB
  

• All of the above