KINGFISH FAR ACCOUNTING

When presenting DISCONTINUED OPERATIONS, the single amount on the face of the STATEMENT OF COMPREHENSIVE INCOME that an entity presents consists of which of the following?

• the total of the post tax profit or loss of discontinued operations

• the post tax gain or loss from the measurement of the fair value less cost to sell, or on disposal , the asset or disposal group constituting the discontinued operations

• the prior year pre tax amount related to the discontinued operations

• A and B

  the total of the post tax and post tax gain

• A and C

  the total of the post tax and the prior year pre tax

which of the following is an example of an element of financial statement as per CONCEPTUAL FRAMEWORK

• INVENTORIES

• RISK MANAGEMENT POLICY

• SUSTAINABILITY REPORTING

• CAPITAL MANAGEMENT

• ALL OF THE ABOVE

ABC COMPANY is planning to adopt IFRS in the future. Which of the following is the PRIMARY AUTHORITY whose resources and publications the company should track in order to adopt IFRS in the future and where could they find this information?

• COMMITTEE OF EUROPEAN SECURITIES REGULATIONS

• INTERNATIONAL ACCOUNTING STATEMENT BOARD

• EUROPEAN FINANCIAL REPORTING ADVISORY GROUP

• INTERNATIONAL ACCOUNTING STANDARDS BOARD

Which of the following is NOT example of REQUIRED DISCLOSURE under IAS 1?

• Entity A is a joint stock company registered under the Laws of Luxemburg on 20 April 20x0

• Entity B had 50 and 60 employees of 31 December 20x2 and 20x3 respectively

• Entity C and its subsidiaries are primarly engaged in the retail and distribution of consumer goods

Which of the following statements is FALSE about IAS 16 and 18 treatment of DERECOGNITION?

• the two rules from IAS 18 for determining the date of disposal are entity has transferred to the buyer for significant risks and rewards of ownership of the assets, and the cost incurred or to be incurred in respect of the transaction can be measured reliably

• gain and losses on derecognition are taken to the income statement being the difference between the assets carrying value and the net disposal process, if any

• IAS 16 stresses the gains on disposal of assets should not be classified as revenue

ABM COmpany owns the Pagcor Bldg. an office block in UCNHS. The group uses HALF of the block for its own administrative department and lets out the other HALF.

• it is an investment property

• it is a property plant and equipment

• it is an item of inventory

• if the two halves could be disposed separately-by sale or leased out under finance lease-the should be owner occuppied property because the part occuppied is not significant

Which of the following is/are TRUE about the consensus regarding IFRIC 1?

• if the restated asset is measured using cost model, a change in the decommissioning restoration is similar liability restated to cash flow

• the account deducted the cost of the asset shall not exceed its carrying amount.

• the adjusted depreciation amount of the asset is depreciation over the useful life.

• A and B

  A-if the restated asset is measured using cost, B- the account deducted the cost of the asset

• A and C

  A- if the restated asset is measure using cost model, C- the adjusted depreciation amount of the asset

The accounting treatment of REVALUATION follows the principle that____________________.

• any of revaluation surplus is realized and forms part of earnings

• any revaluation surplus is realized but does not form part of earnings

• any revaluation surplus is not realized but does form part of earnings

• any revaluation surplus is neither realized nor form part of earnings

A complete set of FINANCIAL STATEMENT, except:

• balance sheet

• income statement

• statement of projected cash flows

• notes containing additional information of FS

an EXAMPLE of FINANCING ACTIVITY is:

• buying office supplies

• obtaining long term loan

• buying office equipment

• selling inventory

• buying land