This quiz works best with JavaScript enabled. Home > Accounting > Financial Reporting > Financial Reporting – Quiz 29 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Financial Reporting Quiz 29 (6 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which ONE of the following is NOT an objective of the IFRS Foundation? A) Through the IASB, develop a single set of globally accepted International Financial ReportingStandards (IFRSs). B) Promote the use and rigorous application of International Financial Reporting Standards (IFRSs). C) Ensure International Financial Reporting Standards (IFRSs) focus primarily on the needs of global, multi-national organisation. D) Bring about the convergence of national accounting standards and IFRSs. Show Answer Correct Answer: C) Ensure International Financial Reporting Standards (IFRSs) focus primarily on the needs of global, multi-national organisation. 2. Under PFRS for Small Entities, Retirement Benefit Obligation is computed under A) Defined Contribution Plan. B) Defined Benefit Plan. C) Accrual Approach. D) Any of Defined Benefit Plan or Accrual Approach. Show Answer Correct Answer: C) Accrual Approach. 3. The debit side of a trial balance totals $ 50 more than the credit side. Which one of the following could this be due to? A) A purchase of goods for $ 50 being omitted from the payables control account. B) A sale of goods for $ 50 being omitted from the receivables control account. C) An invoice of $ 25 for electricity being credited to the electricity account. D) A receipt for $ 50 from a customer being omitted from the cash book. Show Answer Correct Answer: A) A purchase of goods for $ 50 being omitted from the payables control account. 4. An auditor determines that a company's financial statements are prepared in accordance with applicable accounting standards except with respect to inventory reporting. This exception is most likely to result in an audit opinion that is: A) Adverse. B) Qualified. C) Unqualified. D) None of above. Show Answer Correct Answer: B) Qualified. 5. Financial reports are prepared in rupiah = monetary units A) Correct. B) Salah. Show Answer Correct Answer: A) Correct. 6. Accounting information is prepared based on standards = comparability A) Correct. B) Salah. Show Answer Correct Answer: A) Correct. ← PreviousRelated QuizzesAccounting QuizzesFinancial Reporting Quiz 1Financial Reporting Quiz 2Financial Reporting Quiz 3Financial Reporting Quiz 4Financial Reporting Quiz 5Financial Reporting Quiz 6Financial Reporting Quiz 7Financial Reporting Quiz 8Financial Reporting Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books