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Question 1 / 10
The
requirements of IAS 1 apply to all of the following types of financial
statements except:

A. general purpose financial statements

B. consolidated financial statements

C. separate general purpose financial statements of entities

D. condensed interim financial statements

Question 2 / 10
IAS 7: Statement of Cash Flows, states that bank overdrafts that form an integral part of an entity's cash
management are included as:

A. a liability

B. a component of cash and cash equivalents

C. an I-O-U

D. a great way to boost the economy

Next
Question 3 / 10
IAS 2: Inventories, does not allow which of the following inventory cost methods:

A. FIFO (First-In, First-Out)

B. LIFO (Last-In, First-Out)

C. Weighted Average

Question 4 / 10
Under IAS 16: Property, Plant and Equipment, what are the the two key criteria for an item of property,
plant and equipment to be recognized as an asset?

A. when it can be reliably measured

B. when it is controlled by the entity

C. when it is probable that economic benefits will flow to the entity from the asset

D. when it has a residual value

Question 5 / 10
What 3 key elements are used to decide whether an item meets the criteria of an intangible asset?

A. control, marketability, materiality

B. completion of development, control, tasty

C. control, identifiability, future economic benefits

D. profitable, satisfying, pretty

Question 6 / 10
Under IAS 36: Asset Impairment, the amount by which the carrying amount of an asset or a cash-
generating unit exceeds its recoverable amount is called:

A. impairment loss

B. revaluation loss

C. tough loss

D. bad debt loss

Question 7 / 10
True of False: IFRS requires comprehensive income to be presented in one statement of comprehensive
income or two separate statements.

A. True

B. False

Next
Question 8 / 10
True or False: In relation to income statement presentation, IFRS does define certain key measures.

A. True

B. False

Question 9 / 10
True or False: Under IFRS, extraordinary items are reported on the income statement.

A. True

B. False

Question 10 / 10
True or False: Under IFRS, disclosure of the components of cash and cash equivalents are
required in the notes to the financial statements.

A. True

B. False