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Financial Reporting Quiz 18 (30 MCQs)

Quiz Instructions

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1. 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
2. The following are accounting standards prepared by the Financial Accounting Standards Board, except
3. Which of the following components of the cash flow statement may be prepared under the indirect method under both IFRS and US GAAP?
4. In order to carry out accounting records, each transaction must be expressed in units of money. This statement is part of
5. In which of the following measurement transaction cost is not adjusted in the fair value of asset:
6. 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:
7. Revenue earned but not yet collected is an example of which of the following?
8. A report of the final balances of all asset, liability, and owner's equity accounts at the end of an accounting period
9. Accounting is all about
10. Qualitative characteristics of information
11. Generally, company condition reports are routinely reported to the board of directors every?
12. Jabroni's Meat Market recorded a final net income of $ 75, 000. The correct closing entry to record net income in the Retained Earnings account is:
13. Harmonization and Convergence
14. What is the Return on Investments for 9M 2022 on P&C Re?ROI=(Net Return on Investment/Cost of Investment)*100%*Time effectAnnualization1st Q (12/3 =4) 2nd Q (12/6=2) 3rd Q (12/9=1, 3333) 4th Q (12/12=1)
15. It involves the process of preparation, presentation and submission of General Purpose Financial Statements and other reports.
16. That a financial report must be able to produce the same results when carried out by another person using the same method is referred to as.....
17. Relevance and faithful representation are two fundamental qualities that make accounting information useful for decision making
18. The change in income tax rate under CREATE Act is an adjusting subsequent event in 2020.
19. The SEC issued the SRC Rule 68 as amended.
20. In order to assess a company's ability to fulfill its long-term obligations, an analyst would most likely examine:
21. If equity equals $ 100, 000, which of the following is true?
22. GWM Sports Complex has equity per share of $ 95 for the current year. The equity per share for the past two years was $ 128 and $ 112, respectively. Which statement would most likely explain the change in equity per share over the past three years?
23. Information is neutral if it .....
24. Disqualification of a director is specified in section .....
25. Significant financial reporting issues facing global financial reporting and efficient capital allocation include all of the following except
26. Which of the following countries adapted the requirements of IFRS for SMEs?
27. Mr Andi separates company assets and personal property. This concept is called.....
28. According to the Conceptual Framework for Financial Reporting, which of the following is not an enhancing qualitative characteristic of information in financial statements?
29. The initial measurement of goodwill is most likely affected by:
30. The non-controlling (minority) interest in consolidated subsidiaries is presentedon the balance sheet:
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