16857355
Pregunta 1
Pregunta
An entity shall present:
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The statement of changes in equity following the statement of financial position
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The statement of comprehensive income first and the statement of changes in equity last.
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. If presented in two-statement format, the Income Statement immediately followed by the statement of comprehensive income
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The statement of financial position more prominently than the other statements.
Pregunta 2
Pregunta
In accordance with IAS 1, which of the following statements is correct?
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For the purpose of classifying assets and liabilities into current and non-current components, the entity’s operating cycle can be more than 12 months
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. Intangible assets must be presented separately in the statement of financial position.
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Assets and liabilities can be offset if they arise from the same transaction or event.
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Assets and liabilities must be presented in the order of decreasing liquidity.
Pregunta 3
Pregunta
Which of the following entities appears not to be a going concern?
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Company M’s management is unable to extend its long-term loan, and, given its losses in recent years, it is unlikely that it will be able to raise funds through other means to pay for the loan
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Company K’s management intends to liquidate the entity
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Company L’s management is being forced to cease the entity’s operations due to a major change in government policies.
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. None of the three companies is likely to be a going concern
Pregunta 4
Pregunta
When the classification of items in its financial statements is changed, the entity:
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Must not reclassify the comparative amounts unless absolutely necessary.
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Must reclassify comparative amounts, unless it is impractical to do so.
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Has an unrestricted choice whether to reclassify the comparative amount or not.
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. Must preserve consistency in reporting, and no new reclassification should be allowed.
Pregunta 5
Pregunta
The information which must be provided so as to properly identify each component of
a set of financial statements does not include:
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The name of the reporting entity
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The presentation currency and level of rounding used.
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The country in which the entity operates.
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The date of the end of the reporting period or the period covered by the financial statements.
Pregunta 6
Pregunta
Items of dissimilar nature or function:
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. Must be presented separately if they are material.
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May be aggregated if accompanied by a note to the account explaining the breakdown
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Must always be presented separately in financial statements
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Must be aggregated until they are material.
Pregunta 7
Pregunta
Materiality depends on:
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The nature of the omission or misstatement
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The size of the omission or misstatement
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. Both the nature and size of the omission or misstatement.
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The higher of 10% of total assets and 10% of total revenue.
Pregunta 8
Pregunta
An entity must disclose comparative information for:
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Only the immediate past financial period.
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Only for material items on the financial statements
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The previous comparable period for all amounts reported in the financial statements
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The previous comparable period for all amounts reported in the financial statements, as well as any narrative and descriptive information
Pregunta 9
Pregunta
An entity’s equity may decrease during a financial period because:
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Other comprehensive income was lower than net profit.
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There was a new share issuance
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Total comprehensive income was higher than net profit.
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. Prior-period errors resulted from overstatement of the previous year’s profits.
Pregunta 10
Pregunta
The notes to the accounts can be used for the following, except for:
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Explaining why a certain accounting standard was not followed.
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Providing disclosures of items not shown on the face of financial statements.
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Providing additional breakdown of line items on the face of financial statements.
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Explaining the accounting policies used.
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