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IAS-1

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IAS-1

Tishadz November 23, 2020

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Question 1 of 15

1. Question
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.
- a. the loss from a major fire that closed the plant during April 20X7
- b. a reassessment of the useful life of plant and equipment in December 20X6
- c. a major currency realignment on 11 July 20X7 that affected the amount of Oscar’s foreign currency receivables
- d. a change in accounting estimate related to the determination of the bad debts write-off for the 20X6 financial statements
Correct

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Question 2 of 15

2. Question
2. In accordance with IAS 1 Presentation of Financial Statements, which one of the following statements is correct?
- A. Assets and liabilities must be presented broadly in the order of their liquidity.
- B. Assets and liabilities can be offset if they result from the same transaction or event.
- C. Intangible assets must be presented separately in the statement of financial position.
- D. Even if less than 12 months, the length of an entity’s operating cycle must be disclosed.
Correct

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Question 3 of 15

3. Question
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?
- A. net assets
- B. non-financial assets
- C. asset revaluation surplus
- D. issued capital and reserves
Correct

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Question 4 of 15

4. Question
4. Which of the following is not a component of a complete set of financial statements?
- a. A set of notes
- b. A statement of changes in equity
- c. A management commentary
- d. A statement of cash flows
Correct

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Question 5 of 15

5. Question
5. The IASB requires all entities which comply with IFRS to produce interim financial statements. True or False?
- a. True
- b. False
Correct

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Question 6 of 15

6. Question
6. An entity which complies with IFRS may depart from the requirements of an international standard:
- a. Whenever it wishes to do so
- b. compliance would produce misleading information
- c. If compliance costs would be excessive
- d. Never
Correct

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Question 7 of 15

7. Question
7. Items of financial information are material if:
- a. They are aggregated with other items
- b. They could influence the economic decisions made by the users of financial statements
- c. They could not influence the economic decisions made by the users of financial statements
- d .They are insignificant
Correct

Incorrect
Question 8 of 15

8. Question
8. information which must be provided so as to properly identify each component of a set of financial statements does not include:
- a. The level of rounding used
- b. The name of the reporting entity
- c. The country in which the entity operates
- d. The presentation currency used
Correct

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Question 9 of 15

9. Question
9. Which of the following would generally not be classified as a current asset?
- a. A cash equivalent
- b. An asset intended for consumption within the entity's normal operating cycle
- c. An asset held for long-term use within the entity
- d. An asset held for the purpose of being traded
Correct

Incorrect
Question 10 of 15

10. Question
10. Standard IAS1 does not prescribe a format for each of the primary financial statements. True or False?
- a. True
- b. False
Correct

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Question 11 of 15

11. Question
11. The main financial performance statement is:
- a. The statement of changes in equity
- b. The statement of financial position
- c. The statement of profit or loss and other comprehensive income
- d. The statement of cash flows
Correct

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Question 12 of 15

12. Question
12. The main purpose of the statement of changes in equity is:
- a. To show an entity's assets, liabilities and equity at the end of an accounting period
- b. To show an entity's total equity at the end of an accounting period
- c. To show an entity's income, expenses and profit for an accounting period
- d. To show how each component of an entity's equity has altered during an accounting period
Correct

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Question 13 of 15

13. Question
13. The notes to the financial statements should provide information:
- a. About the entity's accounting policies
- b. Which is relevant to an understanding of the financial statements
- c. As required by international standards, if not presented elsewhere in the financial statements
- d. All of the above
Correct

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Question 14 of 15

14. Question
14. Certain items of income and expense must be excluded when calculating an entity’s profit or loss. True or False?
- a. True
- b. False
Correct

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Question 15 of 15

15. Question
15. An entity must present an analysis of expenses by function (e.g. cost of sales, distribution costs and administrative expenses). True or False?
- a. True
- b. False
Correct

Incorrect

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