A complete set of financial statements does not include

Statement Of Financial Position

Which of the following entities may apply the PFRS for SMES?

Small and Medium-Sized Entities (SMES)

Non-Publicly Accountable Entities (NPAES)

The objective of PAS 1 Presentation of Financial Statements is

To provide the basic principles in the presentation of general purpose financial statements to improve comparability.

To provide the basic principles in the presentation of general and special purpose financial statements to improve comparability.

To provide the basic principles in the presentation of general purpose financial statements to improve consistency.

For an SME, revenue shall arise on all of the following transactions and events except:

Sale of goods or rendering of services.

Construction contracts in which the entity is the contractor.

Use by others of entity assets yielding interest, royalties or dividends.

As used in accounting parlance, PFRS stands for

Philippine Financial Reporting Standards

Philippine Financial Reportorial Standards

Philippine Financial Recording Standards

It is an integral part of the financial statements that provides information regarding the basis of preparation of the financial statements.

Statement Of Financial Position

Statement Of Comprehensive Income

Which of the following transaction shows a correct effect on equity?

Issuance of shares - Decrease in Equity

Retirement of shares- Increase in Equity

ABC Co. enters into a contract with XYZ, Inc. to deliver 2 apples, 3 mangoes, and 5 potatoes for a total consideration of ₱100. In accounting for the contract, which of the following is probably not true?

No revenue is recognized until all of the 2 apples, 3 mangoes and 5 potatoes are delivered even though the 2 apples were delivered first before the mangoes and potatoes.

ABC Co. identifies three performance obligations in the contract.

ABC Co. allocates the ₱100 transaction price over the promises to deliver the apples, mangoes and potatoes on the basis of relative stand-alone selling prices of those goods.

The allocation of the transaction price may result to the identification of a discount.

According to PFRS 5, gains and losses on remeasurement of assets held for sale are

Recognized In Other Comprehensive Income

Recognized Only On Impairment Losses

An SME shall measure a provision by

The best estimate of the amount settle the obligation at the reporting date.

How does an SME account for events after the reporting period that provide evidence of conditions that existed at the end of the reporting period?

B. As adjusting events after the end of the reporting period.

A. Disclosure only in the notes.

The biological assets of an SME is measured using

A. The fair value model for those biological assets for which fair value is readily determinable without undue cost or effort

B. The biological assets classification is not applicable to SMEs

C. The cost model for those biological assets for which fair value is not readily determinable without undue cost or effort.

An entity’s functional currency is

the currency of the primary economic environment in which the entity operates.

the currency in which the entity uses in presenting its financial statements.

the currency required by regulatory agencies to be used in financial statements filed by the entity.

If an SME declares dividends to holders of its equity instruments after the end of the reporting period, the SME

A. May present the dividends declared as a segregated component of retained earnings at the end of the reporting period

B. May recognize those dividends as a liability at the end of the reporting period.

C. Shall not recognize those dividends as a liability at the end of the reporting period

Relationships between a parent and its subsidiaries

It shall be disclosed by an SME irrespective of whether there have been related party transactions.

It is not disclosed by an SME because an SME cannot be a parent. If the SME is a subsidiary, itis required to use the full PFRSs as these are the required standards for use by the SME’s parent.

It shall be disclosed by an SME only if there have been related party transactions.

For an SME, an impairment loss recognized for goodwill

shall not be reversed in a subsequent period.

shall be reversed in a subsequent period.

shall be reversed in a subsequent period but limited only to the amount of loss previously recognized

shall not be reversed in a subsequent period in profit or loss but may be reversed through other comprehensive income

IMACT03- REVIEW FOR FINALS

Quiz

•

Business, Other, Fun

•

KG

•

Practice Problem

•

Hard

Ron Medina

Used 1+ times

FREE Resource

65 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

State whether each of the following item is to be recognized IMMEDIATELY in its
entirety in the interim period or to be SPREAD OUT over the interim periods:
Depreciation

Spread Out

Immediately

Not Sure

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

State whether each of the following item is to be recognized IMMEDIATELY in its
entirety in the interim period or to be SPREAD OUT over the interim periods:
Temporary decline in the fair value of an investment in equity securities.

Spread Out

Immediately

Not Sure

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

State whether each of the following item is to be recognized IMMEDIATELY in its
entirety in the interim period or to be SPREAD OUT over the interim periods:
Dividend Income

Spread Out

Immediately

Not Sure

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

State whether each of the following item is to be recognized IMMEDIATELY in its
entirety in the interim period or to be SPREAD OUT over the interim periods:
Property Tax For The Year

Spread Out

Immediately

Not Sure

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

State whether each of the following item is to be recognized IMMEDIATELY in its
entirety in the interim period or to be SPREAD OUT over the interim periods:
Significant but temporary increase in the fair value of investment in equity securities measured at fair value through other comprehensive income.

Spread Out

Immediately

Not Sure

6.

MULTIPLE CHOICE QUESTION

20 sec • 3 pts

TRUE OR FALSE:
An entity can qualify as an SME if its accountant is a CPA.

TRUE

FALSE

NONE

7.

MULTIPLE CHOICE QUESTION

20 sec • 3 pts

TRUE OR FALSE:
An SME does not prepare a trial balance.

TRUE

FALSE

NONE

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IMACT03- REVIEW FOR FINALS

65 questions

State whether each of the following item is to be recognized IMMEDIATELY in its
entirety in the interim period or to be SPREAD OUT over the interim periods:
Depreciation

State whether each of the following item is to be recognized IMMEDIATELY in its
entirety in the interim period or to be SPREAD OUT over the interim periods:
Temporary decline in the fair value of an investment in equity securities.

State whether each of the following item is to be recognized IMMEDIATELY in its
entirety in the interim period or to be SPREAD OUT over the interim periods:
Dividend Income

State whether each of the following item is to be recognized IMMEDIATELY in its
entirety in the interim period or to be SPREAD OUT over the interim periods:
Property Tax For The Year

TRUE OR FALSE:
An entity can qualify as an SME if its accountant is a CPA.

TRUE OR FALSE:
An SME does not prepare a trial balance.

TRUE OR FALSE:
The basic accounting concepts of prudence or conservatism, stable monetary assumption, and
going concern do not apply to SMEs.

TRUE OR FALSE:
The FVOCI classification is not permitted under the PFRS for SMEs.

A complete set of financial statements does not include

Create a free account and access millions of resources

Similar Resources on Wayground

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IMACT03- REVIEW FOR FINALS

65 questions

State whether each of the following item is to be recognized IMMEDIATELY in itsentirety in the interim period or to be SPREAD OUT over the interim periods: Depreciation

State whether each of the following item is to be recognized IMMEDIATELY in itsentirety in the interim period or to be SPREAD OUT over the interim periods: Temporary decline in the fair value of an investment in equity securities.

State whether each of the following item is to be recognized IMMEDIATELY in itsentirety in the interim period or to be SPREAD OUT over the interim periods: Dividend Income

State whether each of the following item is to be recognized IMMEDIATELY in itsentirety in the interim period or to be SPREAD OUT over the interim periods: Property Tax For The Year

TRUE OR FALSE: An entity can qualify as an SME if its accountant is a CPA.

TRUE OR FALSE: An SME does not prepare a trial balance.

TRUE OR FALSE: The basic accounting concepts of prudence or conservatism, stable monetary assumption, andgoing concern do not apply to SMEs.

TRUE OR FALSE: The FVOCI classification is not permitted under the PFRS for SMEs.

A complete set of financial statements does not include

Create a free account and access millions of resources

Similar Resources on Wayground

Popular Resources on Wayground

Discover more resources for Business

State whether each of the following item is to be recognized IMMEDIATELY in its
entirety in the interim period or to be SPREAD OUT over the interim periods:
Depreciation

State whether each of the following item is to be recognized IMMEDIATELY in its
entirety in the interim period or to be SPREAD OUT over the interim periods:
Temporary decline in the fair value of an investment in equity securities.

State whether each of the following item is to be recognized IMMEDIATELY in its
entirety in the interim period or to be SPREAD OUT over the interim periods:
Dividend Income

State whether each of the following item is to be recognized IMMEDIATELY in its
entirety in the interim period or to be SPREAD OUT over the interim periods:
Property Tax For The Year

TRUE OR FALSE:
An entity can qualify as an SME if its accountant is a CPA.

TRUE OR FALSE:
An SME does not prepare a trial balance.

TRUE OR FALSE:
The basic accounting concepts of prudence or conservatism, stable monetary assumption, and
going concern do not apply to SMEs.

TRUE OR FALSE:
The FVOCI classification is not permitted under the PFRS for SMEs.