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Financial Reporting Quiz 12 (30 MCQs)

Quiz Instructions

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1. PAS 34 shall be applied by
2. A company that is about to be liquidated does not record depreciation = expense recognition
3. International accounting standards are used as a result of:
4. Reports how much cash your business took in and where the cash went
5. Sipadan Enterprise is allowed to change its depreciation method in order to increase its profit and still considered neutral.
6. Spare parts and servicing equipment are usually accounted for as:
7. The final basis change will cause a 50 M USD decrease in reserve. How will the Basis Change affect Profit and Loss?
8. 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
9. 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.
10. 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?
11. If there is a single casual vacancy at a place of woman director then casual vacancy shall be filled by .....
12. PAS 34 Interim Financial Reporting requires listed entities to provide interim financial reports.
13. Your year begins and ends any other months besides January and December
14. All purpose journal that records any business transaction
15. On being appointed as director, he shall file Form ..... with Company.
16. Which of the following sources of information used by analysts is found outside a company's annual report?
17. During 2020 PT AP recorded revenue of Rp. 235 billion at a cost of Rp. 195 billion, how much profit?
18. The financial statements most frequently provided include all of the following except the
19. The business entity concept is only applicable to sole proprietors.
20. Adjusting entries are necessary because accounts are allowed to become inaccurate between financial statement dates.
21. Criticism & suggestions on International Standards
22. Which type of adjustment occurs when cash is not collected or paid, but the related income or expense is reportable in the current period?
23. Which of the following expenses is recognized immediately in the interim period and not allocated to the other interim periods?
24. The IASB revised the Conceptual Framework because the previous version is
25. Which of the following uses the "Full PFRSs" ?
26. Statements or documents that summarize the results of your business operation and provide a picture of its financial position.
27. Which of the following is the foundation of the Conceptual Framework?
28. Financial Accounting Framework means a set of accounting principles, standards, interpretations, and pronouncements that must be adopted in the preparation and submission of the annual financial statements of a particular class of entities.
29. Adjusting entries are necessary to
30. William's trial balance at 30 September 20X5includes the following balances:Trade receivable $ 75, 943Receivables allowances $ 4, 751 How should these balances be reported in william'sstatements of financial position as at 30 September 20X5?
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