You are about to take PFRS for SMEs, today, December 11, 2018! 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. In accordance with the IFRS for SMEs, in presenting a statement of financial position, an entity:
2. 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:
3. Which of the descriptions below best describes the qualitative characteristic ‘reliability’?
4. Which of the following satisfies the definition of a liability?
5. Items of dissimilar nature or function:
6. Materiality depends on:
7. The objective of general purpose financial statements prepared in accordance with the IFRS for SMEs is:
8. How many measurement bases does the IFRS for SMEs specify for the measurement of assets?
9. When there is much variability in the duration of the entity’s normal operating cycle, the operating cycle is measured at:
10. 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?
11. Assets to be sold, consumed or realised as part of the entity’s normal operating cycle are:
12. Liabilities that an entity expects to settle in its normal operating cycle are:
13. An entity that is not publicly accountable must make an explicit and unreserved statement of compliance with the IFRS for SMEs:
14. Materiality depends on:
15. Section 4 Statement of Financial Position of the IFRS for SMEs:
16. 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:
17. 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:
18. The qualitative characteristic ‘prudence’ implies that in preparing financial statements management should
19. 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:
20. Expenses are recognised in comprehensive income (ie profit or loss or other comprehensive income)

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