PAS 1_Quiz

It refers to comparability of financial statements of the same entity but from one period to another

• Intra-comparability

• Inter-comparability

• Intro-comparability

• Internal-comparability

They are the structured representation of an entity’s financial position and results of its operation.

• Financial Statements

• Financial Reports

• Statement of Financial Position

• Income Statement

Which of the following does not belong to the group?

• Qualitative Information

• Going concern

• Offsetting

• Comparative information

This is a way of presenting Statement of Financial Position where in current and non-current assets current and non-current liabilities were distinguish.

• Classified Presentation

• Unclassified Presentation

• Mix Presentation

• Distinguish Presentation

This refers to the replacement of an existing debt with a new different terms or a revised payment schedule.

• Refinancing

• Replacement

• Aggregation

• Offsetting

Statement of Profit or Loss and Other Comprehensive Income can be presented in two different ways, how is the one in the image being presented?

• Single Statement

• Two Statements

• Two Statements

• Dual Statement

What method of presenting Expenses was used on the image above?

• Function of Expense Method

• Nature of Expense Method

• Revenue Method

• Expense Method

If profit or loss is 100 pesos while other comprehensive income is 20 pesos, total comprehensive income must be 80 pesos

• False

• True

An entity may omit the notes when presenting general purpose financial statements

• False

• True

The objective of PAS 1 is:

• To ensure comparability by prescribing the basis for presentation of general purpose financial statements

• To ensure the faithful representation of information presented in the financial statements

• To ensure the relevance of information presented in the financial statements

• To prescribe the recognition and measurement principles applicable to assets, liabilities, income an expenses.