Global MCQ Practice

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

Financial Reporting Quiz 13 (30 MCQs)

Quiz Instructions

Select an option to see the correct answer instantly.

1. Samuel is studying for his accounting exam. He comes across a term that describes the financial statement that reports the financial position of a company at a specific date. Can you help him identify the term?
2. The accounting concept which states that income is recognized when earned regardless of when collected and expense is recognized when incurred regardless of when paid.
3. When producing information for external parties, you must be guided by financial accounting standards. The relevant areas of accounting science in this case are:
4. In the current Covid pandemic conditions, financial reports must reflect a healthy financial condition. Which of the following do you think can be said to be a healthy financial reporting condition?
5. Under PFRS for Small Entities, Biological Assets are recognized using which model:
6. The Chart of Accounts is the list of accounts a business uses in its operation
7. Accountants who work as independent auditors are:
8. Has full discretion in developing and pursuing the technical agenda for setting accounting standards in the Philippines.
9. Neutrality of information in the financial statements most closely contributes to which qualitative characteristic?
10. What is Mydeco's market-to-book ratio at the end of 2019?
11. In case of ..... Loans, interest income is booked on Net Carrying amount, i.e., Gross Carrying amount less Loss allowance:
12. SCOPE(Basic Framework discusses)
13. In which part of the structure's ISA is the explanation of the purpose and scope of the ISA?
14. Journal entry of Cash purchase would be
15. That a business may only report activities on financial statements that are specifically related to company operations, not those activities that affect the owner personally, is known as which of the following?
16. Which of the following best describes the purpose of disclosure notes in the financial statements?
17. An activity that aims to summarize the company's financial transactions which have been classified in general ledger estimates into the Trial Balance is called.....
18. The Audit Oversight Board (AOB) is established under Part 111A of the Securities Commission Act 1993.
19. Which ONE of the following statements describes faithful representation, a qualitative characteristic of faithful representation?
20. Which of the following is not a basic accounting concept is.....
21. What are the Financial Statement Assertions covered by FR-21?
22. Which of the following are TRUE of partnerships?1. The partners' individual exposure to debt is limited.2.Financial statements for the partnership by law must be produced and made public.3.A partnership is not a separate legal entity from the partners themselves.
23. Which module could not generate a report
24. Which of the following is an appropriate method of computing free cash flow to the firm?
25. Which is one of the elements of a financial report that describes a company's profit/loss position, namely?
26. PURPOSE OF THE CONCEPTUAL FRAMEWORK (used as a reference):
27. The income statement is best used to evaluate a company's:
28. In which of the following transaction, sale of loan portfolio is not treated as true sale and are not derecognised from books of accounts:
29. The financial statements of DN Properties have reflected a rate earned on average total assets for the past three years of 11.2%, 12.1%, and 13.4%. Industry statistics show that businesses similar to DN Properties typically have a rate earned on average total assets between 11.0% and 15.0%. Based on the given information, which statement is correct?
30. Parker Industries has a debt ratio of 48.2%. The industry average for companies similar to Parker is 43.5%. This means that Parker likely:
🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books