Odyssey 5 - Easy

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• yes

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Financial Liabilities, except those that are classified as FVPL, are initially measured at fair value plus transaction costs.

• True

• False

PAS 1 requires an entity to provide additional disclosures when it uses the nature of expense method

• True

• False

Unless there is evidence to the contrary, investment in equity securities measured at FVOCI is presented in the statement of financial position as current asset.

• True

• False

Which of the following is not a major characteristic of a plant asset?

• Possesses physical substance

• Acquired for resale

• Acquired for use

• Yields services over a number of years

The purchase cost of inventories includes all of the following, except

• Purchase price

• Import duties and non-refundable taxes

• Freight cost incurred in bringing the inventory to its intended location

• Value added taxes paid by a VAT- registered payer

The total balance of the accounts receivable of Entity X is 100, net of 5 credit balance in the account of Customer A. The adjusted balance of accounts receivable is 95

• True

• False

Amortized cost liabilities are subsequently measured at the present value of the cash outflows from the instrument.

• True

• False

Total Comprehensive income includes which of the following?

• Unrealized loss on FVOCI securities

• Unrealized loss on FVPL securities

• Profit or loss during the period

• All of these

PAS 1 does not require the presentation of which of the following financial statements?

• Balance sheet

• Notes

• Income Statement

• All of these are required