Global MCQ Practice

🌐 Total MCQ
🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books

Financial Reporting Quiz 26 (20 MCQs)

Quiz Instructions

Select an option to see the correct answer instantly.

1. Customers/consumers need information regarding:
2. Small shareholder means a shareholder holding shares of .....
3. Companies Bill 2015 has been approved by parliament to replace 1965 in its entity. However there are some conflict has been removed on Companies Bill 2015 such as:i) Definition of subsidiaries is now aligned to that approved accounting standard for accounting purposes. ii) Fifth Schedule iii) Ninth schedule iv) Companies Ordinances
4. Which of the following statements about accounting concepts and the characteristics of financialinformation are correct?1. The concept of accruals requires transactions to be reflected in the financial statements once thecash or its equivalent is received or paid.2. Information is material if its omission or misstatement could influence the economic decisions ofusers taken on the basis of the financial statements.3. Based on faithful representation, it may sometimes be necessary to exclude material informationfrom financial statements due to difficulties establishing an accurate figure.
5. A company has its transitional statements to start using IFRS as standard, what do they have to do?
6. Audit committee is meant for ..... of the company.
7. The final basis change will cause a 50 M USD decrease in reserve. Which lines in Income Statement (Profit and Loss) will be affected?
8. Can you generate a duplicate Commission Inbox with the same Reseller and Date Range inputs?
9. Useful for making predictions and providing useful information to users
10. The owner records the taking of private = economic entity
11. The amount your business owes to creditors
12. Which of the following is not a qualitative characteristic of financial statements?
13. Using the straight-line method of depreciation for reporting purposes andaccelerated depreciation for tax purposes would most likely result in a:
14. For a right to meet the definition of an asset, it needs to be likely that the right will produce economic benefits for the entity
15. The following are accounting standards prepared by the Financial Accounting Standards Board, except
16. Which of the following components of the cash flow statement may be prepared under the indirect method under both IFRS and US GAAP?
17. In order to carry out accounting records, each transaction must be expressed in units of money. This statement is part of
18. In which of the following measurement transaction cost is not adjusted in the fair value of asset:
19. Cooperation between two or more oil and gas companies carried out with the aim of cultivating and developing their geologically close areas, is a form of cooperation:
20. Revenue earned but not yet collected is an example of which of the following?
🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books