PFRS for SMEs

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You are about to take PFRS for SMEs, today, March 20, 2019! 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. Rather than distributing its excess cash to its shareholders an entity acquired a rare painting. The painting is held for capital appreciation rather than for: (a) use in the production or supply of goods or services or for administrative purposes; or (b) sale in the ordinary course of business.. The IFRS for SMEs does not explicitly specify how to account for investments in paintings. How should the entity account for its investment in the  painting?
2. Items of dissimilar nature or function:
3. An entity that is not publicly accountable must make an explicit and unreserved statement of compliance with the IFRS for SMEs:
4. 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:
5. 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?
6. Assets to be sold, consumed or realised as part of the entity’s normal operating cycle are:
7. 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?
8. 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?
9. Which of the descriptions below best describes the qualitative characteristic ‘reliability’?
10. Liabilities that an entity expects to settle in its normal operating cycle are:
11. 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?
12. Materiality depends on:
13. The objective of general purpose financial statements prepared in accordance with the IFRS for SMEs is:
14. 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:
15. Which of the following entities is not a going concern?
16. 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?
17. Which of the following satisfies the definition of a liability?
18. Which of the following is not an element for which there is a concept in Section 2?
19. In accordance with the IFRS for SMEs, an entity must present additional line items in a statement of financial position when:
20. Expenses are recognised in comprehensive income (ie profit or loss or other comprehensive income)

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