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WorksheetsMSMEs Financial Reporting Standards
Total questions: 10
Worksheet time: 3mins
Financial Statements of corporation with total assets of Php 600,000 needs to be audited by an independent certified public accountant.
True
False
Finance Lease is allowed under PFRS for Small Entities
True
False
Under PFRS for Small Entities, Inventories are subsequently measured using
Cost
Lower of Cost or Market Value
Lower of Cost or Cost of Estimated Selling Price less cost to complete and Sell
Lower of Cost or Net Realizable Value
If a reliable measure of fair value is no longer available without undue cost or effort, an item of Investment Property will be
Transferred to PPE under PFRS for Small Entities
Transferred to Inventories under PFRS for SMEs
Converted from Cost Model to Fair Value Model under PFRS for SMEs
Converted from Fair Model to Cost Model under PFRS for Small Entities
Under PFRS for Small Entities, MSMEs must only adopt Taxes Payable Method
True
False
The change in income tax rate under CREATE Act is an adjusting subsequent event in 2020.
True
False
Under PFRS for Small Entities, Retirement Benefit Obligation is computed under
Defined Contribution Plan
Defined Benefit Plan
Accrual Approach
Any of Defined Benefit Plan or Accrual Approach
Under PFRS for Small Entities, Biological Assets are recognized using which model:
Cost or Fair Value Model
Fair Value or Current Market Price Model
Cost or Current Market Price Model
Cost or Market Value Model
Under PFRS for Small Entities, any changes in accounting estimates are accounted for
Retroactively by adjusting opening balance of retained earnings
Retroactively by adjusting ending balance of retained earnings
Prospectively by including it in Profit or Loss
Prospectively but need to restate the financial statements
One of the notable differences between PFRS for SMEs and PFRS for Small Entities is that
PFRS for SMEs includes Other Comprehensive Income while PFRS for Small Entities does not have other comprehensive incomes.
True
False
