ACCC272: IAS 8
Authored by Tiaan Redelinghuys
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12 questions
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1.
MULTIPLE CHOICE QUESTION
45 sec • 10 pts
The R2000 understatement of inventory in 2012 constitutes…
An error
A change in estimate
A change in accounting policy
2.
MULTIPLE CHOICE QUESTION
45 sec • 10 pts
The journal which best depicts the correction of error journal in FY2013 is…
Dr. C.O.S. (p/l) R2000
Cr. RE (SCE) R2000
Dr. Inventory R2000
Cr. Retained earnings (SCE) R2000
Dr. Inventory R2000
Cr. C.O.S. (p/l) R2000
3.
MULTIPLE CHOICE QUESTION
45 sec • 20 pts
Which financial year(s) would be disclosed in the correction of error note?
2012 and 2013
2012 only
2013 only
4.
MULTIPLE CHOICE QUESTION
45 sec • 20 pts
What would the restated profit/loss for the year for 2012 be after correcting the error?
(R1640) loss
R2360 profit
It would remain unchanged, i.e. R360 profit
5.
MULTIPLE CHOICE QUESTION
45 sec • 10 pts
What would the profit for the year in 2013 be after correcting the error?
It will remain unchanged, i.e. R2720 profit
R4720 profit
R720 profit
6.
MULTIPLE CHOICE QUESTION
45 sec • 10 pts
This prior period error will be corrected by…
Decreasing the o/b of retained earnings with R2000
Increasing the o/b of retained earnings with R2000
7.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
The term “restated profit for the year” will be used for the profit for the year line in the statement of changes in equity for both FY2012 and FY2013 profits.
True
False
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