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This document appears to be a list of questions and answers related to accounting standards. It includes questions about:
- Items that would be included on an income statement such as revenues, costs, expenses, profits
- Compliance requirements for private entities using PFRS for SMEs accounting standards
- Effects of not preparing interim financial reports on compliance with full PFRS standards
- Initial measurement of financial assets and liabilities
- Accounting method used for defined benefit pension plans
- Treatment of changes to accounting policies
- Examples of accounts that would be included in various financial statement line items
This document appears to be a list of questions and answers related to accounting standards. It includes questions about:
- Items that would be included on an income statement such as revenues, costs, expenses, profits
- Compliance requirements for private entities using PFRS for SMEs accounting standards
- Effects of not preparing interim financial reports on compliance with full PFRS standards
- Initial measurement of financial assets and liabilities
- Accounting method used for defined benefit pension plans
- Treatment of changes to accounting policies
- Examples of accounts that would be included in various financial statement line items
This document appears to be a list of questions and answers related to accounting standards. It includes questions about:
- Items that would be included on an income statement such as revenues, costs, expenses, profits
- Compliance requirements for private entities using PFRS for SMEs accounting standards
- Effects of not preparing interim financial reports on compliance with full PFRS standards
- Initial measurement of financial assets and liabilities
- Accounting method used for defined benefit pension plans
- Treatment of changes to accounting policies
- Examples of accounts that would be included in various financial statement line items
p. R.evenues, cost ofgoods sold, and advertising expense
b. Finance costs, tax expense, and income c. Operating expense, non-operating expenses, ancl extraordinary itenry d. Gross profit, operaling profits, and nct profit 19. An entity that is not publicly accountable rnust make an explicit and unreserved statement of compliance with the PIjltS lbr SMEs: A a. lf the entity ccmplies with-all the requirements of PFI{S for SMEs. b. II'the entity complies with the vast majority of the requirements of PFRS tbr SMEs. c. If the entity complies with the national G,AAP based on PF RS for SMEs with sorne specific differences. d. lf the entity complies \.vith full PFR.Ss. 20. lf an entity does not prepare interirn financial reports, then B a. 1'he year-end financial statements (FS) are deemed nol to comply with PFRS b:' The year-end FS compliance with PFRS is nct affected c. 1-he year-end FS will not be acceptable under local legislation _ d. Interim financial reports should be included in the year-end F'S i /r. 'nt what amount is a financial asset or financial liability meisured on initial recognition? A" - a. Fair value" For items that are not measured at fair value through profit or loss, transaction costs are also included in the initial measurernent b. The consideration paid (received) for the llnancial asse't (financial liability) 9. Acquisition costs, which is the consideration paid plus any directly atffibutable costs d. Zero 22. Which of the following methods is used in PFRS to account for define<1 benefit pension plans? ll a. NCA - Local Government b. NCn - National Covcrnmenl A ..a: Projected-unit-credit method. b. Benefif-years-of-servicemethod D a. Property, plant and equiprnent b. Land and buildings B a. On a prospective basis. -b. On a retrospective basis. B q. Personal services h. Selling expenses c. Subsidy lncome Local Government d. Subsidy
A The Cost (Or An Amount Substituted For Cost) of The Asset Less Its Residual Value B The Amount at Which The Asset Is Recognized in The Statement of Financial Position
A The Lower of Its Carrying Amount and Its Recoverable Amount B The Higher of Its Carrying Amount and Its Recoverable Amount C The Lower of Its Carrying Amount
The Correct Answer Is "The Amount in The Statement of Financial Position After Accumulated Depreciation and Impairment Losses". IAS16 para 6 Defines The Carrying Amount
The Oakes Company Has A Loan Due For Repayment in Six Months' Time, But Oakes Has The Option To Refinance For Repayment Two Years Later. Oakes Plans To Refinance This Loan
Donald John Trump Is The 45th and Current President of The United States, in Office Since January 20, 2017. Before Entering Politics, He Was A Businessman and Television Personality
A An Excess of Equity Over Current Assets B Resources To Meet Financial Commitments As They Fall Due C The Residual Interest in The Assets of The Entity After Deducting All Its Liabilities
George Herbert Walker Bush Is An American Politician Who Was The 41st President of The United States From 1989 To 1993 and The 43rd Vice President of The United States From 1981 To 1989
A An Excess of Equity Over Current Assets B Resources To Meet Financial Commitments As They Fall Due C The Residual Interest in The Assets of The Entity After Deducting All Its Liabilities