IAS 1: PRESENTATION OF FINANCIAL STATEMENTS

IAS 1: PRESENTATION OF FINANCIAL STATEMENTS

University

12 Qs

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IAS 1: PRESENTATION OF FINANCIAL STATEMENTS

IAS 1: PRESENTATION OF FINANCIAL STATEMENTS

Assessment

Quiz

Education, Other

University

Practice Problem

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Created by

Anh Phuong

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12 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

IAS 1 uses terminology is suitable for

A. Profit-oriented entities
B. Public sector business entities
C. Entities operating in not-for-profit sector
D. A and B
E. All of the above

2.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Which of the following does not comprise a set of financial statements?

Statement of financial position at the end of period
Statement of profit or loss and other comprehensive income
Changes in equity and cash flow for the period
Report of the entity’s sources of funding
Comparative information in respect of the preceding period and notes

3.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

According to IAS 1, current assets are those that:

A. Cash and cash equivalents (unless tied).
B. Holds mainly for commercial purposes and is expected to exercise within 12 months.
C. Expected to occur during the unit's normal operating cycle.
D. All of the above

4.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

According to IAS 1, an entity will classify a liability as short-term when:

A. The entity expects to settle this liability in a normal business cycle
B. The entity does not have the right to unconditionally delay the payment of the liability for at least 12 months from the end of the reporting period
C. Only A is correct
D. A and B are both correct

5.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Which of the following about comprehensive income is correct?

Profit or loss is equal to comprehensive income plus total other comprehensive income.
Comprehensive income is equal to profit or loss plus total other comprehensive income.
Total other comprehensive income is equal to comprehensive income plus profit or loss.
Comprehensive income is equal to profit or loss plus total other comprehensive income plus extraordinary items.

6.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

What is the impact of an additional share issue on the statement of changes in equity?

It increases the share capital balance
It decreases the share capital balance
It increases the retained earnings balance
It decreases the retained earnings balance

7.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Which of the following items appear in a company’s statement of cash flows ?

Surplus on revaluation of non-current assets
Proceeds of issue of shares
Proposed dividend
The revaluation of non-current assets

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