ILM Finance Quiz

What is not an example of an asset?

• cash

• computer

• unpaid invoice

• tax owed to HMRC

What does the I EBITDA stand for?

• Interest

• Igloo

• Income

• Inflow

Which of the below are regulatory bodies?

• CLC

• ICO

• FRC

• ONS

What are the potential consequences of non compliance?

• Fraud

• Reputational Damage

• Higher Staff Turnover

• Lower Profit Margins

Which is not a qualitative characteristic?

• Relevance

• Specific

• Prudence

• Reliability

What supermarket was referred to in reference to a profit scandal?

• Aldi

• Morrisons

• Tesco

• Asda

What is a qualifying parameter for an external audit to be required?

• Turnover <£10.2 million

• Turnover <£15.2 million

• Turnover <£5.2 million

• Turnover >£10.2 million

What is MHM's financial year end?

• February

• April

• January

• December

Which one of these is not an example of a financial statement?

• Statement of Cashflows

• Statement of Comprehensive Income

• Statement of Financial Position

• Statement of Assets and Liabilities

What is the accounting standard adopted by MHM in 2015?

• FRS102

• FRS103

• FRS101

• FRS104