Question Chapter 18 & 19  Part - 2

Question Chapter 18 & 19 Part - 2

Professional Development

8 Qs

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Question Chapter 18 & 19  Part - 2

Question Chapter 18 & 19 Part - 2

Assessment

Quiz

Other

Professional Development

Practice Problem

Hard

Created by

Rabie Kaakaty

Used 1+ times

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8 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following Is an example of a non-adjusting event?

Sale of inventory for less than its carrying value shortly after the reporting period

Amounts received in respect of an insurance claim being negotiated at the period end

Destruction of a machine by fire after the reporting period

Bankruptcy of a major customer with a balance owing at the period end

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

when a public shareholding company changes an accounting policy voluntarily , it has to:

Inform shareholders prior to taking the decision

Account for it retrospectively

Treat the effect of the changes as an extraordinary item

Treat it prospectively and adjust the effect of the changes in the current period and future periods

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An entity wishes to accelerate its depreciation policy because of changes in the useful life of the asset. How should the change be dealt with?

By retrospective restatement

By retrospective application

By prospective application

By disclosure of an error

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An entity has a subsidiary that operates in a country where the exchange rate fluctuates constantly, and there are seasonal variations in the income and expenditure patterns. Which of the following rate of exchange would probably be used to translate the foreign subsidiary’s statement of comprehensive income?

Year-end spot rate

Average for the year

Average of the quarter-end rates

Average rates for each individual month of the year

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Exchange Difference is:

The difference between two different currencies

The difference calculated from reporting the same number of units of a foreign currency, in the presentation currency, at different exchange rates

The average difference between the exchange rate at the beginning and end of a period

None of the above

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The Closing Rate is:

The average rate used in the year a firm closes down

The spot exchange rate at the balance sheet date

The exchange rate at which all assets and liabilities are stated

None of the above

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

5% of your assets are held in Euros. Your currency loses 1% of its value against the Euro before the financial statements are approved. You need to:

Adjust the financial statements

Leave the financial statements, but note the details

Issue interim financial statements to update the situation

Ignore it

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