FAR 5 Pre Lecture Assessment

MFRS 107 asserts that :

The statement of cash flows shall report cash flows during the period classified by............

• overhead, investing, and financing activities

• operating, investing, and financing activities

• operating, investing, and fixed activities

• operating, intellectual, and financing activities

According to MFRS 102, cost formulas used to assigned costs to inventories are as follows, EXCEPT :

• Weighted Average Methods

• Last In First Out (LIFO)

• First In First Out (FIFO)

• Specific Identification Method

The Conceptual Framework of Financial Reporting identifies these enhancing qualitative characteristics, EXCEPT:

• Verifiability

• Timeliness

• Consistency

• Underestimation

"free from bias & should not be governed by economic consequences of the reporting entity"

Based on the Conceptual Framework for Financial Reporting, the above refers to :

• Timeliness

• 
  Expenses

• 
  Faithful Representation

• 
  Going Concern

"A lease is a contract, or part of a contract, that conveys the right to control the use of an identified asset for a period of time in exchange for consideration"

Which standard applies for the above?

• MFRS 116

• MFRS 17

• MFRS 117

• MFRS 16

The applicable accounting standards for Earnings Per Share is :

• MFRS 13

• MFRS 33

• MFRS 133

• MFRS 136

"The systematic allocation of the depreciable amount of an intangible asset over its useful life."

The above refers to...

• Depreciation

• Amortization

• 
  Impairment

• Amalmagation

To ensure that assets are not carried in the balance sheet at amounts higher than their recoverable amounts.

The above is the objective of :

• MFRS 138

• MFRS 137

• MFRS 132

• MFRS 136

The Financial Reporting Foundation (FRF) serves as overseeing body of the operations and activities of the Malaysian Accounting Standard Board (MASB). The functions of FRF includes :

• To review the performance of standard-setting body

• To issue new accounting standards as approved accounting standards

• To issue statements of principles for financial reporting

• To review, revise or adopt as approved accounting standards, existing accounting standards

The requirements of Companies Act 2016 includes

• The entity must set reasonable internal control to safeguard assets and proper authorization on transactions

• Financial statements of entity must comply with approved accounting standards issued by MASB

• The entity to keep proper accounting and other records so as to explain transactions and enable true and fair profit or loss and balance sheets to be prepared form time to time

• All of the above