June 10 Quizzzer Part 2 Pas 1

JUNE 10 QUIZZER PART 2 PAS 1
1. The application of PFRSs, with additional disclosure, when necessary, is presumed

to result in
financial statements that achieve a fair presentation
2. According to PAS 1, an entity shall make an explicit and unreserved statement of
compliance
with the PFRSs in the notes only if the entity complies with all the requirements of PFRSs.
3. PAS1 encourages, but does not require, the presentation of the preceding year's
financial
statements as comparative information to the current year's financial statements.
4. According to PAS 1, assets and liabilities or income and expenses are offset, unless
separate
presentation is required or permitted by a PFRS.
5. According to PAS 1, PFRSs apply to financial statements as well as to other
information presented
in an annual report, a regulatory filing, or another document.
6. According to PAS 1, the line item "Cash and cash equivalents" should always be
presented first in
the statement of financial position.
7. PAS 1 does not prescribe an order or format of presenting items in the financial
statements.
8. An entity may omit the notes when presenting general purpose financial statements.
9. If profit or loss is P100 while other comprehensive income is P20, total comprehensive
income
must be P130.
10. PAS 1 encourages, but does requires the disclosure of an entity's domicile and legal
form, its
country of incorporation and the address of its registered office and a description of the
nature
of its operations and its principal activities.
11. Financial statements include a statement of financial position, a statement of

comprehensive income and a statement of changes in equity. According to the
Preface to international financial reporting standards, which TWO of the following are
also included within the financial statements?
I. A statement of cash flows

II Accounting policies
III. An auditor’s report
IV. A directors' report
a. I and II b. I and III c. II and III d. III and IV
12. Which of the following is (are) among the limitations of financial accounting and
financial statements?
I. Use of estimates
II. Historical in nature
III. Some information that are not quantifiable but may be significant to statement users
in
forming economic decisions are not given recognition.
a. I only b. I and II only c. II and III only d. I, II and III
13. Which of the following statements about financial statements is incorrect?
a. They show the results of the stewardship of management of the resources entrusted
to it by
the capital providers
b. They are the primary responsibility of the external auditor after audit
c. They are prepared at least annually and are directed to the common information
needs of a
wide range of statement users
d. They provide information about the financial position, performance and cash flows
of an
enterprise that is useful to a wide range of users in making economic decisions
14. According to PAS1 Presentation of financial statements, which TWO of the following
must be included in an entity's statement of financial position?
A Cash and cash equivalents

B Property, plant and equipment analyzed by class
C Share capital and reserves analyzed by class
D Deferred tax
a. A and B b. A and D c. B and C d. B and D
15. In which section of the statement of financial position should cash that is restricted
to the settlement of a liability due 18 months after the reporting period be presented,
according to PAS1 Presentation of financial statements? (select one answer)
a. Current assets
b. Equity
c. Non-current liabilities
d. Non-current assets
16. In which section of the statement of financial position should employment taxes that
are due for settlement in 15 months' time be presented, according to PAS1 Presentation
of financial statements? (select one answer)
a. Current liabilities b. Current assets c. Non-current liabilities d. Non-current assets
17. Which information is normally not included in the “notes to financial statements”?
a. A statement of compliance with GAAP

b. A statement of measurement basis for the financial statements and accounting
policies applied
c. Supporting information for line items presented and aggregated
d. A Statement of cash flows
18. Part of the notes to financial statements are events after the reporting period which
pertain to those events, both favorable and unfavorable that occur
a. After balance sheet date

b. After issuance of the statements
c. Between the balance sheet date and the date when the financial statements are
authorized for
issue
d. After the balance sheet date but prior to issuance of financial statements
WEEK 1B QUIZZER ANSWERS PAS 1
1. T
2. T
3. F
4. F
5. F
6. F
7. T
8. F
9. F
10. F
11. A
12. D
13. B
14. A
15. D
16. C
17. D
18. C

June 10 Quizzzer Part 2 Pas 1

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JUNE 10 QUIZZER PART 2 PAS 1

1. The application of PFRSs, with additional disclosure, when necessary, is presumed

11. Financial statements include a statement of financial position, a statement of

I. A statement of cash flows

a. I and II b. I and III c. II and III d. III and IV

a. I only b. I and II only c. II and III only d. I, II and III

13. Which of the following statements about financial statements is incorrect?

A Cash and cash equivalents

a. A and B b. A and D c. B and C d. B and D

a. Current liabilities b. Current assets c. Non-current liabilities d. Non-current assets

a. A statement of compliance with GAAP

a. After balance sheet date

WEEK 1B QUIZZER ANSWERS PAS 1

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