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Ответы на тесты International Financial Reporting Standards.d

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Бесплатные ответы на тесты по предмету «International Financial Reporting Standards.d» — Синергия и МТИ

Вопрос 1Ответ открыт бесплатно

The sources of regulation which comprise the regulatory framework for financial reporting does not include:

  1. Stock exchange regulations
  2. Accounting standards
  3. Legislation
  4. Principle amount✓ Правильный ответ
✓ Правильный ответ

Principle amount

Вопрос 2

The abbreviation "GAAP" stands for:

  1. Generally accepted accounting practice
  2. Generally accepted accounting principles
  3. Globally accepted accounting principles
  4. Globally accepted accounting practice
Вопрос 3

Standards issued by the International Accounting Standards Board (IASB) are known as

  1. Financial Reporting Standards (FRSs)
  2. International Financial Reporting Standards (IFRSs)
  3. International Accounting Standards (IASs)
  4. International Financial Standards (IFSs)
Вопрос 4

The body to which the International Accounting Standards Board is responsible is:

  1. The Monitoring Board
  2. The IFRS Advisory Council
  3. The IFRS Interpretations Committee
  4. The IFRS Foundation
Вопрос 5

One of the main advantages of standardisation in financial reporting is:

  1. The production of prudent financial statements
  2. Increased flexibility in financial reporting
  3. The use of creative accounting practices
  4. Comparability between accounting periods and between entities
Вопрос 6Ответ открыт бесплатно

IFRS1 First-time Adoption of International Financial Reporting Standards defines the date of transition to IFRS as:

  1. The date at the end of the first IFRS reporting period
  2. The date at the start of the first IFRS reporting period
  3. The date at the start of the earliest period for which comparatives are provided in the first IFRS financial statements✓ Правильный ответ
  4. The date at the end of the earliest period for which comparatives are provided in the first IFRS financial statements
✓ Правильный ответ

The date at the start of the earliest period for which comparatives are provided in the first IFRS financial statements

Вопрос 7

The role of the IFRS Advisory Council is to:

  1. Appoint members to the IASB
  2. Inform the IASB of the Council's views on standard-setting projects
  3. Supervise the work of the IASB
  4. Interpret the application of international standards
Вопрос 8

The word "entity" as used by the IASB refers to:

  1. Companies only
  2. Corporations only
  3. Profit-oriented organisations only
  4. Not-for-profit organisations only
Вопрос 9

An entity prepares its first IFRS financial statements for the year to 30 September 2016. These financial statements provide comparative figures for the previous year. The date of transition to IFRS is:

  1. 1 October 2014
  2. 1 October 2015
  3. 30 September 2015
  4. 30 September 2016
Вопрос 10Ответ открыт бесплатно

An entity prepares its first IFRS financial statements for the year to 30 September 2016. These financial statements provide comparative figures for the previous year. The accounting policies used when preparing the comparative information for the year to 30 September 2015 must comply with IFRS as at:

  1. 30 September 2016
  2. 1 October 2015
  3. 1 October 2014
  4. 30 September 2015✓ Правильный ответ
✓ Правильный ответ

30 September 2015

Вопрос 11

Which of the following is not a component of a complete set of financial statements?

  1. A management commentary
  2. A statement of changes in equity
  3. A statement of cash flows
  4. A set of notes
Вопрос 12

An entity which complies with IFRS may depart from the requirements of an international standard:

  1. If compliance would produce misleading information
  2. If compliance costs would be excessive
  3. Can never departs from requirements
  4. Whenever it wishes to do so
Вопрос 13Ответ открыт бесплатно

Items of financial information are material if:

  1. They are insignificant
  2. They could not influence the economic decisions made by the users of financial statements
  3. They are aggregated with other items
  4. They could influence the economic decisions made by the users of financial statements✓ Правильный ответ
✓ Правильный ответ

They could influence the economic decisions made by the users of financial statements

Вопрос 14

The information which must be provided so as to properly identify each component of a set of financial statements does not include:

  1. The country in which the entity operates
  2. The level of rounding used
  3. The presentation currency used
  4. The name of the reporting entity
Вопрос 15

Which of the following would generally not be classified as a current asset?

  1. An asset intended for consumption within the entity's normal operating cycle
  2. An asset held for long-term use within the entity
  3. An asset held for the purpose of being traded
  4. A cash equivalent
Вопрос 16Ответ открыт бесплатно

The main financial performance statement is:

  1. The statement of cash flows
  2. The statement of financial position
  3. The statement of changes in equity
  4. The statement of profit or loss and other comprehensive income✓ Правильный ответ
✓ Правильный ответ

The statement of profit or loss and other comprehensive income

Вопрос 17

The main purpose of the statement of changes in equity is:

  1. To show an entity's total equity at the end of an accounting period
  2. To show how each component of an entity's equity has altered during an accounting period
  3. To show an entity's assets, liabilities and equity at the end of an accounting period
  4. To show an entity's income, expenses and profit for an accounting period
Вопрос 18

The notes to the financial statements should not provide information:

  1. About the entity's accounting policies
  2. As required by international standards, if not presented elsewhere in the financial statements
  3. Which is relevant to an understanding of the financial statements
  4. About owner personal belongings
Вопрос 19

Which of the following would qualify as a small or medium-sized entity in accordance with the criteria specified in the IFRS for SMEs?

  1. A company which is listed on the Stock Exchange
  2. An unlisted manufacturing company which is not managed by its shareholders
  3. An insurance company
  4. A small owner-managed business
Вопрос 20Ответ открыт бесплатно

The IFRS for SMEs states that the qualitative characteristics of financial information are:

  1. Materiality, faithful representation, consistency and prudence
  2. Assets, liabilities, equity, income and expenses
  3. Understandability, relevance, reliability and comparability✓ Правильный ответ
  4. Comparability, verifiability, timeliness and understandability
✓ Правильный ответ

Understandability, relevance, reliability and comparability

Вопрос 21

The term "accounting policies" does not refers to:

  1. The accounting concepts and conventions adopted by an entity
  2. The accounting principles applied by an entity
  3. The measurement bases used by an entity
  4. Criminal law
Вопрос 22

An entity may change one of its accounting policies:

  1. If this would result in the provision of reliable and more relevant information
  2. Whenever it wishes to do so
  3. If this would reduce the cost of preparing the financial statements
  4. It can never change
Вопрос 23Ответ открыт бесплатно

A change in accounting policy which does not result from the initial application of an international standard must normally be accounted for:

  1. Prospectively unless it is impracticable to do so
  2. Prospectively
  3. Retrospectively✓ Правильный ответ
  4. Passively
✓ Правильный ответ

Retrospectively

Вопрос 24

For all changes in accounting policy, the entity concerned must disclose:

  1. The fact that the change has been accounted for in accordance with transitional provisions specified in the applicable standard
  2. The title of the international standard that has caused the change to occur
  3. The reasons which suggest that the change will provide reliable and more relevant information
  4. The nature of the change
Вопрос 25

A change in an accounting estimate should be accounted for:

  1. Prospectively
  2. Retrospectively unless it is impracticable to do so
  3. Retrospectively
  4. Passively
Вопрос 26Ответ открыт бесплатно

Prior period errors are not caused by:

  1. Mathematical errors
  2. Mistakes in applying accounting policies
  3. Fraud
  4. Owners✓ Правильный ответ
✓ Правильный ответ

Owners

Вопрос 27

A material prior period error should be corrected:

  1. Retrospectively
  2. Prospectively
  3. Prospectively unless it is impracticable to do so
  4. Passively
Вопрос 28

An entity's financial statements provide comparative figures for the previous five accounting periods. If the entity accounts for an item retrospectively, then:

  1. The entity may choose whether or not to restate comparative figures
  2. Comparative figures for the previous five accounting periods are not restated in any circumstances
  3. Comparative figures are restated for the prior accounting period but never for the four previous accounting periods
  4. Comparative figures for all of the previous five accounting periods may need to be restated
Вопрос 29

Which of the following is a change of accounting policy?

  1. Changing from the cost model to the revaluation model when measuring items of property, plant and equipment
  2. Correcting an error found in the previous year's financial statements
  3. Changing the depreciation method used in relation to a depreciable non-current asset
  4. Revising the residual value of a depreciable non-current asset
Вопрос 30Ответ открыт бесплатно

When preparing its financial statements for 2016, a company discovers an error in the 2015 financial statements. The 2015 revenue figure should have been £102m but was erroneously reported as £100m. This difference is regarded as material. The comparative figure for revenue shown in the 2016 financial statements should be:

  1. Either £100m or £102m as the company sees fit
  2. £100m (but the error should then be explained in the notes to the financial statements)
  3. £100m
  4. £102m✓ Правильный ответ
✓ Правильный ответ

£102m

Вопрос 31

Generally accepted accounting principles

  1. are fundamental truths or axioms that can be derived from laws of nature.
  2. derive their authority from legal court proceedings.
  3. derive their credibility and authority from general recognition and acceptance by the accounting profession.
  4. have been specified in detail in the FASB conceptual framework.
Вопрос 32

A soundly developed conceptual framework of concepts and objectives should not have:

  1. increase financial statement users' understanding of and confidence in financial reporting.
  2. enhance comparability among companies' financial statements.
  3. allow new and emerging practical problems to be more quickly solved.
  4. Mistakes in income statement
Вопрос 33Ответ открыт бесплатно

Which of the following is not true concerning a conceptual framework in accounting?

  1. It should be a basis for standard-setting.
  2. It should allow practical problems to be solved more quickly by reference to it.
  3. It should be based on fundamental truths that are derived from the laws of nature.✓ Правильный ответ
  4. It should be accurate.
✓ Правильный ответ

It should be based on fundamental truths that are derived from the laws of nature.

Вопрос 34

What is a purpose of having a conceptual framework?

  1. To enable the profession to more quickly solve emerging practical problems.
  2. To provide a foundation from which to build more useful standards.
  3. To provide wrong details
  4. To enable the profession to more quickly solve emerging practical problems and to provide a foundation from which to build more useful standards.
Вопрос 35

Which of the following is not a benefit associated with the FASB Conceptual Framework Project?

  1. A conceptual framework should increase financial statement users' understanding of and confidence in financial reporting.
  2. Practical problems should be more quickly solvable by reference to an existing conceptual framework.
  3. A coherent set of accounting standards and rules should result.
  4. Business entities will need far less assistance from accountants because the financial reporting process will be quite easy to apply.
Вопрос 36Ответ открыт бесплатно

In the conceptual framework for financial reporting, what provides "the why"--the purpose of accounting?

  1. Recognition, measurement, and disclosure concepts such as assumptions, principles, and constraints
  2. Qualitative characteristics of accounting information
  3. Elements of financial statements
  4. Objective of financial reporting✓ Правильный ответ
✓ Правильный ответ

Objective of financial reporting

Вопрос 37

The underlying theme of the conceptual framework is

  1. decision usefulness.
  2. understandability.
  3. faithful representation.
  4. comparability.
Вопрос 38

The objective of general-purpose financial reporting is not to provide financial information about a reporting entity to each of the following except

  1. potential equity investors.
  2. potential lenders.
  3. present investors.
  4. Families
Вопрос 39

What is the primary objective of financial reporting as indicated in the conceptual framework?

  1. Provide information that is useful to those making investing and credit decisions.
  2. Provide information that is useful to management.
  3. Provide information about those investing in the entity.
  4. Provide information that is useful for government
Вопрос 40Ответ открыт бесплатно

If the LIFO inventory method was used last period, it should be used for the current and following periods because of

  1. consistency.✓ Правильный ответ
  2. materiality.
  3. timeliness.
  4. verifiability.
✓ Правильный ответ

consistency.

Вопрос 41

What is the following is a characteristic describing the primary quality of relevance?

  1. Predictive value.
  2. Materiality.
  3. Verifiability.
  4. Understandability
Вопрос 42

Which of the following is a fundamental quality of useful accounting information?

  1. Comparability.
  2. Relevance.
  3. Neutrality.
  4. Materiality.
Вопрос 43Ответ открыт бесплатно

Which of the following is a primary quality of useful accounting information?

  1. Conservatism.
  2. Comparability.
  3. Faithful representation.✓ Правильный ответ
  4. Consistency.
✓ Правильный ответ

Faithful representation.

Вопрос 44

What is meant by comparability when discussing financial accounting information?

  1. Information has predictive or confirmatory value.
  2. Information is reasonably free from error.
  3. Information that is measured and reported in a similar fashion across companies.
  4. Information is timely.
Вопрос 45

What is meant by consistency when discussing financial accounting information?

  1. Information that is measured and reported in a similar fashion across points in time.
  2. Information is timely.
  3. Information is measured similarly across the industry.
  4. Information is verifiable.
Вопрос 46Ответ открыт бесплатно

Which of the following is an ingredient of relevance?

  1. Verifiability.
  2. Neutrality.
  3. Timeliness.
  4. Materiality.✓ Правильный ответ
✓ Правильный ответ

Materiality.

Вопрос 47

Which of the following is an ingredient of faithful representation? Predictive value.

  1. Predictive value.
  2. Materiality.
  3. Neutrality.
  4. Confirmatory value.
Вопрос 48

Changing the method of inventory valuation should be reported in the financial statements under what qualitative characteristic of accounting information?

  1. Consistency.
  2. Verifiability.
  3. Timeliness.
  4. Comparability.
Вопрос 49

Company A issuing its annual financial reports within one month of the end of the year is an example of which enhancing quality of accounting information?

  1. Comparability.
  2. Timeliness.
  3. Understandability.
  4. Verifiability.
Вопрос 50Ответ открыт бесплатно

What is the quality of information that is capable of making a difference in a decision?

  1. Faithful representation.
  2. Materiality.
  3. Timeliness.
  4. Relevance.✓ Правильный ответ
✓ Правильный ответ

Relevance.

Вопрос 51

Neutrality is an ingredient of which fundamental quality of information?

  1. Faithful representation.
  2. Comparability.
  3. Relevance.
  4. Understandability.
Вопрос 52

If the FIFO inventory method was used last period, it should be used for the current and following periods because of

  1. relevance.
  2. neutrality.
  3. understandability.
  4. consistency.
Вопрос 53Ответ открыт бесплатно

The pervasive criterion by which accounting information can be judged is that of

  1. decision usefulness.✓ Правильный ответ
  2. freedom from bias.
  3. timeliness.
  4. comparability.
✓ Правильный ответ

decision usefulness.

Вопрос 54

The two fundamental qualities that make accounting information useful for decision making are

  1. comparability and timeliness.
  2. materiality and neutrality.
  3. relevance and faithful representation.
  4. faithful representation and comparability.
Вопрос 55

Accounting information is considered to be relevant when it

  1. can be depended on to represent the economic conditions and events that it is intended to represent.
  2. is capable of making a difference in a decision.
  3. is understandable by reasonably informed users of accounting information.
  4. is verifiable and neutral.
Вопрос 56Ответ открыт бесплатно

The quality of information that means the numbers and descriptions match what really existed or happened is

  1. relevance.
  2. faithful representation.✓ Правильный ответ
  3. completeness.
  4. neutrality.
✓ Правильный ответ

faithful representation.

Вопрос 57

Which of the following does not relate to relevance?

  1. Materiality
  2. Predictive value
  3. Confirmatory value
  4. Neutrality
Вопрос 58

Neutrality means that information

  1. provides benefits which are at least equal to the costs of its preparation.
  2. can be compared with similar information about an enterprise at other points in time.
  3. would have no impact on a decision maker.
  4. cannot favor one set of interested parties over another.
Вопрос 59

The characteristic that is demonstrated when a high degree of consensus can be secured among independent measurers using the same measurement methods is

  1. relevance.
  2. faithful representation.
  3. verifiability.
  4. neutrality.
Вопрос 60Ответ открыт бесплатно

Financial information demonstrates consistency when

  1. firms in the same industry use different accounting methods to account for the same type of transaction.
  2. a company changes its estimate of the salvage value of a fixed asset.
  3. a company fails to adjust its financial statements for changes in the value of the measuring unit.
  4. practices and policies are repeated✓ Правильный ответ
✓ Правильный ответ

practices and policies are repeated

Вопрос 61

Financial information exhibits the characteristic of consistency when

  1. expenses are reported as charges against revenue in the period in which they are paid.
  2. a company applies the same accounting treatment to similar events, from period to period.
  3. extraordinary gains and losses are not included on the income statement.
  4. accounting procedures are adopted which give a consistent rate of net income.
Вопрос 62

In classifying the elements of financial statements, the primary distinction between revenues and gains is

  1. the materiality of the amounts involved.
  2. the likelihood that the transactions involved will recur in the future.
  3. the nature of the activities that gave rise to the transactions involved.
  4. the costs versus the benefits of the alternative methods of disclosing the transactions involved.
Вопрос 63Ответ открыт бесплатно

A decrease in net assets arising from peripheral or incidental transactions is called a(n)

  1. capital expenditure.
  2. cost.
  3. loss.✓ Правильный ответ
  4. expense.
✓ Правильный ответ

loss.

Вопрос 64

Which of the following elements of financial statements is not a component of comprehensive income?

  1. Revenues
  2. Distributions to owners
  3. Losses
  4. Expenses
Вопрос 65

According to the FASB conceptual framework, which of the following elements describes transactions or events that affect a company during a period of time?

  1. Assets.
  2. Expenses.
  3. Equity.
  4. Liabilities.
Вопрос 66Ответ открыт бесплатно

Which of the following is not a basic element of financial statements?

  1. Assets.
  2. Balance sheet.✓ Правильный ответ
  3. Losses.
  4. Revenue.
✓ Правильный ответ

Balance sheet.

Вопрос 67

Which of the following basic elements of financial statements is more associated with the balance sheet than the income statement?

  1. Equity.
  2. Revenue.
  3. Gains.
  4. Expenses.
Вопрос 68

Issuance of common stock for cash affects which basic element of financial statements?

  1. Revenues.
  2. Losses.
  3. Liabilities.
  4. Equity.
Вопрос 69

Which basic element of financial statements arises from peripheral or incidental transactions?

  1. Assets.
  2. Liabilities.
  3. Gains.
  4. Expenses.
Вопрос 70Ответ открыт бесплатно

The elements of financial statements include investments by owners. These are increases in an entity's net assets not resulting from owners'

  1. transfers of assets to the entity.
  2. rendering services to the entity.
  3. satisfaction of liabilities of the entity.
  4. personal property✓ Правильный ответ
✓ Правильный ответ

personal property

Вопрос 71

Which of the following is not a basic assumption underlying the financial accounting structure?

  1. Economic entity assumption.
  2. Going concern assumption.
  3. Periodicity assumption.
  4. Historical cost assumption.
Вопрос 72

Which basic assumption is illustrated when a firm reports financial results on an annual basis?

  1. Economic entity assumption.
  2. Going concern assumption.
  3. Periodicity assumption.
  4. Monetary unit assumption.
Вопрос 73Ответ открыт бесплатно

Which basic assumption may not be followed when a firm in bankruptcy reports financial results?

  1. Economic entity assumption.
  2. Going concern assumption.✓ Правильный ответ
  3. Periodicity assumption.
  4. Monetary unit assumption.
✓ Правильный ответ

Going concern assumption.

Вопрос 74

Which accounting assumption or principle is being violated if a company provides financial reports only when it introduces a new product?

  1. Economic entity.
  2. Periodicity.
  3. Revenue recognition.
  4. Full disclosure.
Вопрос 75

Which of the following basic accounting assumptions is threatened by the existence of severe inflation in the economy?

  1. Monetary unit assumption.
  2. Periodicity assumption.
  3. Going-concern assumption.
  4. Economic entity assumption.
Вопрос 76Ответ открыт бесплатно

Under current GAAP, inflation is ignored in accounting due to the

  1. economic entity assumption.
  2. going concern assumption.
  3. monetary unit assumption.✓ Правильный ответ
  4. periodicity assumption.
✓ Правильный ответ

monetary unit assumption.

Вопрос 77

The economic entity assumption

  1. is inapplicable to unincorporated businesses.
  2. recognizes the legal aspects of business organizations.
  3. requires periodic income measurement.
  4. is applicable to all forms of business organizations.
Вопрос 78

Preparation of consolidated financial statements when a parent-subsidiary relationship exists is an example of the

  1. economic entity assumption.
  2. relevance characteristic.
  3. comparability characteristic.
  4. neutrality characteristic.
Вопрос 79

During the lifetime of an entity, accountants produce financial statements at arbitrary points in time in accordance with which basic accounting concept?

  1. Cost constraint
  2. Periodicity assumption
  3. Conservatism constraint
  4. Expense recognition principle
Вопрос 80Ответ открыт бесплатно

What accounting concept justifies the usage of depreciation and amortization policies?

  1. Going concern assumption✓ Правильный ответ
  2. Fair value principle
  3. Full disclosure principle
  4. Monetary unit assumption
✓ Правильный ответ

Going concern assumption

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