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Financial Reporting Quiz 18 (20 MCQs)

Quiz Instructions

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1. An entity granted a share appreciation right to the CEO on January 1, 2022. After a 3-year service, the employee is entitled to receive a cash equal to the appreciation in share price over the market value on January 1, 2022. The market value on January 1, 2020 is the predetermined price for the purpose of determining the compensation. The share option right has the following terms:Service period-January 1, 2022-December 31, 2024Number of shares-100, 000Exercise date-January 1, 2025The quoted prices of the entity's share are:January 1, 2022-150December 31, 2022-155December 31, 2023-152December 31, 2024-160What is the journal entry on December 31, 2022
2. Which of the following statements about contingent assets and contingent liabilities are correct? 1 A contingent asset should be disclosed by note if an inflow of economics benefits is probable.2 A contingen liability should be disclosed by note if it is probable that a transfer of economic benefits to settle it will be required, with no provision being made. 3 No disclosure is required for a contingent liability if it isnot probable that a transfer of economic benefits to settle it will be required.4 No disclosure is required for either a contingent liability or a contingent asset if the likelihood of a payment or receipt is remote.
3. The Eckland Company would like to determine gross profit for the past quarter. Per the general ledger, sales are equal to $ 853, 500, beginning inventory is equal to $ 350, 000, net purchases are equal to $ 146, 000, and estimated ending inventory has been calculated to be $ 46, 500. Based on this information, what is the Eckland Company's gross profit?
4. If there is a single casual vacancy at a place of woman director then casual vacancy shall be filled by .....
5. PAS 34 Interim Financial Reporting requires listed entities to provide interim financial reports.
6. Your year begins and ends any other months besides January and December
7. All purpose journal that records any business transaction
8. On being appointed as director, he shall file Form ..... with Company.
9. Which of the following sources of information used by analysts is found outside a company's annual report?
10. During 2020 PT AP recorded revenue of Rp. 235 billion at a cost of Rp. 195 billion, how much profit?
11. The financial statements most frequently provided include all of the following except the
12. The business entity concept is only applicable to sole proprietors.
13. Adjusting entries are necessary because accounts are allowed to become inaccurate between financial statement dates.
14. Criticism & suggestions on International Standards
15. Which type of adjustment occurs when cash is not collected or paid, but the related income or expense is reportable in the current period?
16. Which of the following expenses is recognized immediately in the interim period and not allocated to the other interim periods?
17. The IASB revised the Conceptual Framework because the previous version is
18. Which of the following uses the "Full PFRSs" ?
19. Statements or documents that summarize the results of your business operation and provide a picture of its financial position.
20. Which of the following is the foundation of the Conceptual Framework?
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