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Financial Reporting Quiz 17 (30 MCQs)

Quiz Instructions

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1. Which of the following is not a basic assumption underlying the financial accounting structure?
2. Which of the following is the current value measurement bases?
3. Interpretations committee was established when?
4. Unearned revenue is a(n) ..... account.
5. Which statement tells you about the assets, liabilities and equity of the business?
6. An activity that aims to group a company's financial transactions in general ledger estimates is called.....
7. Accounting is concerned with those facts which be measured in monetary terms.Based on the above statement, which concept should be best applied for?
8. Which of the following is not included in Tier II capital:
9. In the interest of timeliness and cost considerations, less information may be provided at interim dates. This is most likely an application of the concept of
10. The company prepares an interim report = going concern
11. Under IFRS, income includes increases in economic benefits from:
12. Green Glory Corp., a garden supply wholesaler, reported cost of goods sold for the year of $ 80 million. Total assets increased by $ 55 million, including an increase of $ 5 million in inventory. Total liabilities increased by $ 45 million, including an increase of $ 2 million in accounts payable. The cash paid by the company to its suppliers is most likely closest to:
13. When preparing interim financial reports in accordance with PAS 34, financial statement users are presumed to have access to the most recent annual financial report of the entity.
14. What is the first document financing reporting Malaysia before independence?
15. Deferred credits will appear on the balance sheet under which heading/classification?
16. Companies Act 2016 creates two independent bodies which are Financial Reporting Foundation and Malaysian Accounting Standards Board.
17. The framework attempts to develop a set of interrelated concepts, which serve to structure and explain existing financial reporting practices.
18. Customers/consumers need information regarding:
19. Small shareholder means a shareholder holding shares of .....
20. 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
21. 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.
22. A company has its transitional statements to start using IFRS as standard, what do they have to do?
23. Audit committee is meant for ..... of the company.
24. The final basis change will cause a 50 M USD decrease in reserve. Which lines in Income Statement (Profit and Loss) will be affected?
25. Can you generate a duplicate Commission Inbox with the same Reseller and Date Range inputs?
26. Useful for making predictions and providing useful information to users
27. The owner records the taking of private = economic entity
28. The amount your business owes to creditors
29. Which of the following is not a qualitative characteristic of financial statements?
30. Using the straight-line method of depreciation for reporting purposes andaccelerated depreciation for tax purposes would most likely result in a:
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