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- 1. Multiple Choice
Can you see this question?
yes
no
- 2. Multiple Choice
Financial Liabilities, except those that are classified as FVPL, are initially measured at fair value plus transaction costs.
True
False
- 3. Multiple Choice
PAS 1 requires an entity to provide additional disclosures when it uses the nature of expense method
True
False
- 4. Multiple Choice
Unless there is evidence to the contrary, investment in equity securities measured at FVOCI is presented in the statement of financial position as current asset.
True
False
- 5. Multiple Choice
Which of the following is not a major characteristic of a plant asset?
Possesses physical substance
Acquired for resale
Acquired for use
Yields services over a number of years
- 6. Multiple Choice
The purchase cost of inventories includes all of the following, except
Purchase price
Import duties and non-refundable taxes
Freight cost incurred in bringing the inventory to its intended location
Value added taxes paid by a VAT- registered payer
- 7. Multiple Choice
The total balance of the accounts receivable of Entity X is 100, net of 5 credit balance in the account of Customer A. The adjusted balance of accounts receivable is 95
True
False
- 8. Multiple Choice
Amortized cost liabilities are subsequently measured at the present value of the cash outflows from the instrument.
True
False
- 9. Multiple Choice
Total Comprehensive income includes which of the following?
Unrealized loss on FVOCI securities
Unrealized loss on FVPL securities
Profit or loss during the period
All of these
- 10. Multiple Choice
PAS 1 does not require the presentation of which of the following financial statements?
Balance sheet
Notes
Income Statement
All of these are required
- 11. Multiple Choice
General purpose financial statements cater to what type of needs of users?
Common needs
Specific needs
a and b
loving and caring needs
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