WorksheetsACCA Q2
Total questions: 15
Worksheet time: 8mins
Tax accounting and financial accounting mainly differ with regard to….
Cash
Warranties
Inventory
Depreciation
Which of the following are NOT characteristics of a lease contract
The right to use an asset is transferred to the lessee
The contract expires if the asset breaks or becomes obsolete
The lessee pays a consideration the the lessor, for the right of using the asset.
The right of the lessee of using the asset doesn’t have a determined time duration
An impairment may be reversed if it’s original cause ceases to exist (only Goodwill impairment can’t be reversed)
Right
Wrong
The deferred tax Assets account includes the income taxes the entity still has to pay for the previous financial year
Right
Wrong
After introducing IFRS 16, the amount of assets in the company BS for most companies is…
Increased
Decreased
Stayed the same
IFRS 16 didn’t impact BS accounts, just expences
Most financial liabilities are measured at fair value, expect for derivatives, which are measured at amm
ortised costs
True
False
The subsequent measurement of financial assets depends on how the owner plans to use them
True
False
All other things being equal, applying IFRS 16 decreases the EBITDA
True
False
The application of IFRS 16 haas impacted the BS of companies working in the sector of …
Aviation
Retail
Fintec
Textile and Apparel
Which of the following is a characteristic of a defined contribution pension plan?
The employer has to make fixed contribution to a third part
The employer bears the actual risk
If the contributions to the fund are not sufficient to pay all the employee’s entitlement, the employer is required to make further contributions
If the pension fund goes bankrupt, the employer is required to fulfill the employee’s entitlements on his own
Property, plant and equipment (PPT) require an annual impairment test under IFRS 16
False
True
Deferred Tax assets and liabilities arise when there is a temporary difference between tax and financial accounting
False
True
If impairment changes are significant, es. For a major economic downturn, they must recognize in full the period they are identified, rather than be distributed over multiple periods.
True
False
The right-of-use assets account and the lease-liability account always have to mach
False
True
When an auditor issues a qualified opinion, it means that the financial statements are fairly stated, except for a specific issue that is mentioned in the audits report.
True
False
