BAC200BC3

Types of intangible assets

• Internally generated

• Purchased

• None of the above

• Both

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 👀

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

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

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

• True

• False

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

Which principle deals with Leases?

• IFRS 16

• IAS 16

• IAS 38

• IFRS 15

Name the presentation errors in this consolidated statement of financial position of Fire Limited Group

How many BAC 200 tutors are there?

• 5

• 6

• 3

• 4

From this day forward I will attend…