Liabilities and Cashflows

Liabilities and Cashflows

Professional Development

6 Qs

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Liabilities and Cashflows

Liabilities and Cashflows

Assessment

Quiz

Business

Professional Development

Medium

Used 1+ times

FREE Resource

6 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Which statement is the odd one out? Revenue is recognised over time if one of the following criteria is met?

The entity's performance creates or enhances an asset that the customer controls as the asset is created

The entity's performance does not create an asset with an alternative use to the entity, and the entity has an enforceable right to payment for performance completed to date

The customer makes a payment to the entity at any point before, during or after the agreed length of contract

The customer simultaneously receives and consumes all the benefits provided by the entity as the entity performs

2.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Derives from an entity's actions such as an established pattern of past practice, or where the entity has created a valid expectation. This is the definition of

A Provision

A Contingent Liability

A Legal Obligation

A Constructive Obligation

3.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Is a Contingent Asset ever recognised in the Financial Statements?

Yes

No

4.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Which of the following is not an adjusting event under IAS 10?

Trade receivables where a customer has become insolvent

Discovery of fraud or errors that show the Financial Statements are incorrect

Major purchase of assets

Inventories where NRV falls below cost price

5.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Should a decrease in inventories be added or deducted from the profit before tax when calculating the net cash from operating activities?

Added

Deducted

6.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Should an increase in trade receivables be added or deducted from the profit before tax when calculating net cash from operating activities?

Added

Deducted