IAS 10 - Events after the Reporting Period

IAS 10 - Events after the Reporting Period

Assessment

Quiz

Business

12th Grade

Hard

Created by

Kim Thanh

Used 26+ times

FREE Resource

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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

According to IAS10, what information should an entity disclose in the notes to the financial statements?

All of them

Information received after the reporting period

The date when the financial statements were authorised for issue

Who gave the authorisation for issue

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

According to IAS10, which of the following lists is considered as a non-adjusting event after the reporting date?

Discovery of errors that show that the financial statements are incorrect

Commencing a court case arising out of events after the reporting date

The sale of inventories at a price lower than cost after the reporting date

The bankruptcy of a major customer that confirms that a year-end receivable balance is irrecoverable

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Company Lagia declared dividends to their shareholders on 31/3/20x. The date of the financial statements was approved for issue was on 20/2/20x1. Which of the below is correct under IAS10?

It is a non-adjusting event after the reporting date with disclosing information in the note

It is an adjusting event after the reporting date

It is an non-adjusting event after the reporting date without any disclosure

None of them

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Company Pender declared dividends to shareholders after the reporting date of the year ended on 31/12/20x0 but before the date of the financial statements were approved for issue. How should dividends be recognised in the financial statements on 31/12/20x0?

Liability(*)

(*) & (**)

Do nothing

Disclosing in the notes (**)

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The date that financial statements are authorised for issue may be given by:

All of them

The board of directors of the reporting entity

The procedures prescribed for the preparing and finalising of the financial statements

Statutory requirements

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The management of Amboo Corp. was required to submit the financial statements to the board of directors by 20/2/20x8. The board of directors reviewed and authorised them for issue on 01/3/20x8. The financial statements were then approved by supervisory board on 18/3/20x8. On 20/3/20x8 these reports were sent to shareholders and regulatory body. The authorized date for issue the financial statements was:

20/2/20x8

20/3/20x8

18/3/20x8

01/3/20x8

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Under IAS10, a non-adjusting event after the reporting period must be disclosed in the notes if it is:

Has influences on making decision of the financial statements’ users

Material

Cannot estimate its financial effect

All of them

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