
F7 MID TERM EXAM - SOK CHEA

Quiz
•
Financial Education
•
University
•
Medium
chea sok
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10 questions
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1.
MULTIPLE CHOICE QUESTION
10 mins • 10 pts
1. Which of the following gives the best description of the objective of financial statements
as set out by the International Accounting Standards Board’s (The Board’s) Conceptual
Framework for Financial Reporting?
A To provide all information about the reporting entity that users need.
B To fairly present the financial position, performance and changes in financial position
of an enterprise.
C To provide information about the value of the reporting entity to the users.
D To provide financial information about the reporting entity that is useful to users in
making decisions relating to providing resources to the entity.
2.
MULTIPLE CHOICE QUESTION
10 mins • 10 pts
2.The International Accounting Standards Board’s Conceptual Framework for Financial
Reporting defines a liability as:
A an amount owed to another entity
B a present obligation of the entity to transfer an economic resource as a result of past
events
C expenditure that has been incurred but not yet charged to the statement of profit or
loss
D an obligation that may arise in the future
3.
MULTIPLE SELECT QUESTION
10 mins • 10 pts
3.The International Accounting Standards Board’s Conceptual Framework for Financial
Reporting identifies qualitative characteristics of financial statements.
Which TWO of the following characteristics are NOT fundamental qualitative
characteristics according to the IASB’s The Conceptual Framework for Financial
Reporting?
A Relevance
B Reliability
C Faithful representation
D Comparability
4.
MULTIPLE CHOICE QUESTION
10 mins • 10 pts
4.What is an Asset?
A Decreases in assets or increases in liabilities, that result in decreases in equity, other than those relating to distributions to holders of equity claims
B A present economic resource controlled by the entity as a result of past events
C The residual interest in the assets of the entity after deducting all its liabilities.
D A present obligation of the entity to transfer an economic resource as a result of past events
5.
MULTIPLE CHOICE QUESTION
10 mins • 10 pts
5. Z entered into a five year lease agreement on 1 November 20X2, paying $10,975 per
annum, commencing on 31 October 20X3. The present value of the lease payments was
$45,000 and the interest rate implicit in the lease was 7%.
What is the amount to be shown within non‐current liabilities at 31 October 20X3?
A $26,200
B $28,802
C $37,175
D $36,407
6.
FILL IN THE BLANK QUESTION
10 mins • 10 pts
6.The following trial balance extract relates to a property which is owned by Veeton as at
1 April 20X4.
Property at cost (20 year original life) DEBIT $ 12,000,000
Accumulated depreciation as at 1 April 20X4 CREDIT $ 3,600,000
On 1 October 20X4, following a sustained increase in property prices, Veeton revalued its
property to $10.8 million.
What will be the depreciation charge in Veeton’s statement of profit or loss for the year
ended 31 March 20X5?
7.
FILL IN THE BLANK QUESTION
10 mins • 10 pts
7.Goodwill have carry value $10000. company test impairment find out that value in use $8000, and net selling price $9000.
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