PFRS for SMEs

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You are about to take PFRS for SMEs, today, March 29th 2017! At the end of this quiz, you will be able to find out how many questions you answered correctly and your rank. You will also be receiving your quiz results in your e-mail.

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1) Fair presentation requires a faithful representation of the effect of transactions, other events and conditions in accordance with the definitions and recognition criteria for assets, liabilities, income and expenses set out in Section 2.

Fair presentation, in accordance with the IFRS for SMEs, is presumed to result from:
2) Recognition criteria determine when to recognise an item. Measurement is determining the monetary amounts at which to measure an item. Uncertainties about the extent of future cash flows:
3) Which of the following entities must not describe its financial statements as being in compliance with the IFRS for SMEs even if it is required by law to prepare its financial statements in accordance with the IFRS for SMEs?
4) Expenses are recognised in comprehensive income (ie profit or loss or other comprehensive income)
5) In which of the following situations can an entity that does not have public accountability claim compliance with the IFRS for SMEs in its financial statements?
6) In which of the following situations can an entity that does not have public accountability claim compliance with the IFRS for SMEs in its financial statements?
7) Materiality depends on:
8) An entity that is not publicly accountable must make an explicit and unreserved statement of compliance with the IFRS for SMEs:
9) In accordance with the IFRS for SMEs, an entity must present additional line items in a statement of financial position when:
10) Items of dissimilar nature or function:
11) Materiality depends on:
12) One of the criteria that must be satisfied for a liability to be recognised in an entity’s financial statements is that it must be probable that future economic benefits will flow from the entity. Which of the following statements is true?
13) The qualitative characteristic ‘prudence’ implies that in preparing financial statements management should
14) The accrual basis of accounting that underlies financial information prepared in accordance with the IFRS for SMEs:
15) Which of the following entities must not describe its financial statements as being in compliance with the IFRS for SMEs even if it is required by law to prepare its financial statements in accordance with the IFRS for SMEs?
16) In which of the following situations can an entity that does not have public accountability claim compliance with the IFRS for SMEs in its financial statements:
17) If the changes to the equity of an entity during the periods for which financial statements are presented arise only from profit or loss, payment of dividends, corrections of prior period errors, and changes in accounting policy:
18) Liabilities that an entity expects to settle in its normal operating cycle are:
19) The objective of general purpose financial statements prepared in accordance with the IFRS for SMEs is:
20) When the classification of items in its financial statements is changed, the entity:

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