BAC200BC3

BAC200BC3

University

10 Qs

quiz-placeholder

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BAC200BC3

BAC200BC3

Assessment

Quiz

Other

University

Practice Problem

Medium

Created by

Rutendo Samakande

Used 2+ times

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10 questions

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1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Types of intangible assets

Internally generated

Purchased

None of the above

Both

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What is the difference between “As at” and “For the year ended”?

As at - at a specific point in time

For the year ended - transactions that occurred during a specific time period

“As at” is used in the SPLOCI and “for the year ended” is used in the SFP

6 , 9 same difference 👀

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What do you write before you prepare a note?

Nothing

Name of the assets we will have in the note

Name of the entity & Notes to the financial statements for the year ended

Date at the beginning of the financial year

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

An investor controls an invested when:

They have power over the Investee

They have rights to variable returns

They have the ability to use their power over the investee to affect the amount of variable returns

All of the above

5.

MULTIPLE CHOICE QUESTION

20 sec • Ungraded

Dividends are adjusting events and should be adjusted in the financial statements?

True

False

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is wrong with the following definition:

Provision - There is a present obligation arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits

There is no present obligation
The settlement is not expected to result in an outflow of resources
The obligation did not arise from past events
The definition is correct

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Which principle deals with Leases?

IFRS 16

IAS 16

IAS 38

IFRS 15

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