PFRS for SMEs

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You are about to take PFRS for SMEs, today, September 26th 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) The qualitative characteristic ‘prudence’ implies that in preparing financial statements management should
2) In accordance with the IFRS for SMEs, in presenting a statement of financial position, an entity:
3) Section 4 Statement of Financial Position of the IFRS for SMEs:
4) Which qualitative characteristics are fundamental to general purpose financial information?
5) The accrual basis of accounting that underlies financial information prepared in accordance with the IFRS for SMEs:
6) Liabilities that an entity expects to settle in its 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) 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:
10) 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:
11) Expenses are recognised in comprehensive income (ie profit or loss or other comprehensive income)
12) Assets to be sold, consumed or realised as part of the entity’s normal operating cycle are:
13) When the classification of items in its financial statements is changed, the entity:
14) How many measurement bases does the IFRS for SMEs specify for the measurement of assets?
15) Which of the descriptions below best describes the qualitative characteristic ‘reliability’?
16) 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:
17) Which of the following is not an element for which there is a concept in Section 2?
18) 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?
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) Items of dissimilar nature or function:

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