IMACT03- REVIEW FOR FINALS

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

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

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

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

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

TRUE OR FALSE:

An entity can qualify as an SME if its accountant is a CPA.

• TRUE

• FALSE

• NONE

TRUE OR FALSE:

An SME does not prepare a trial balance.

• TRUE

• FALSE

• NONE

TRUE OR FALSE:

The basic accounting concepts of prudence or conservatism, stable monetary assumption, and

going concern do not apply to SMEs.

• TRUE

• FALSE

• NONE

TRUE OR FALSE:

The FVOCI classification is not permitted under the PFRS for SMEs.

• TRUE

• FALSE

• NONE

A complete set of financial statements does not include

• Statement Of Financial Position

• Statement Of Profit Or Loss

• Statement Of Retained Earnings

• Notes

• None Of The Above