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1. In preparing the accounts of Oscar Ltd (Oscar) for the financial year ended 30 June 20X7, the following items were considered. In accordance with IAS 1 Presentation of Financial Statements, IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors and IAS 10 Events after the Reporting Period, which of the following items would be included in the determination of profit after income tax?
Select which three options are correct.
2. In accordance with IAS 1 Presentation of Financial Statements, which one of the following statements is correct?
3. In accordance with IAS 1 Presentation of Financial Statements, which one of the following items must be separately presented in the statement of financial position?
4. Which of the following is not a component of a complete set of financial statements?
5. The IASB requires all entities which comply with IFRS to produce interim financial statements. True or False?
6. An entity which complies with IFRS may depart from the requirements of an international standard:
7. Items of financial information are material if:
8. The information which must be provided so as to properly identify each component of a set of financial statements does not include:
9. Which of the following would generally not be classified as a current asset?
10. Standard IAS1 does not prescribe a format for each of the primary financial statements. True or False?
11. The main financial performance statement is:
12. The main purpose of the statement of changes in equity is:
13. The notes to the financial statements should provide information:
14. Certain items of income and expense must be excluded when calculating an entity’s profit or loss. True or False?
15. An entity must present an analysis of expenses by function (e.g. cost of sales, distribution costs and administrative expenses). True or False?