PAS 8

PAS 8

University

69 Qs

quiz-placeholder

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PAS 8

PAS 8

Assessment

Quiz

Business

University

Easy

Created by

bigthefun@nekosan.uk Premsofc

Used 11+ times

FREE Resource

69 questions

Show all answers

1.

MULTIPLE SELECT QUESTION

45 sec • 4 pts

Accounting policies are
Specific principles, bases, conventions, rules and practices applied by an entity in preparing and presenting financial statements.
Essential for a proper understanding of the information contains in the financial statements.
An entity is required to outline all significant accounting policies applied in preparing financial statements.
The entity shall select and apply the same accounting policies in order to achieve comparability of financial statements.

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

It is an adjustment of the carrying amount of an asset or a liability that results from new information or new developments and are not corrections of errors.

Accounting policies

Change in accounting policies

Accounting estimates

Change in accounting estimate

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Changes in accounting estimates result from new information or new developments and are therefore, corrections of errors.
True
False

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

It is essential for the proper understanding of the information included in the financial statements.
Accounting policies
Accounting estimates

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

An entity is required to outline all significant accounting policies applied in preparing financial statements.
True
False

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The entity may select and choose not to apply the same accounting policies in order to achieve comparability of financial statements.
True
False

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

IFRS, IAS, IFRIC and SIC interpretations are standards and Interpretations issued by the
International Accounting Standards Board
Accounting Standards Council

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