PFRS for SMEs

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You are about to take PFRS for SMEs, today, September 22nd 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) 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?
2) 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?
3) Materiality depends on:
4) An entity that is not publicly accountable must make an explicit and unreserved statement of compliance with the IFRS for SMEs:
5) Items of dissimilar nature or function:
6) The objective of general purpose financial statements prepared in accordance with the IFRS for SMEs is:
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) When the classification of items in its financial statements is changed, the entity:
9) Which of the following satisfies the definition of a liability?
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) 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:
12) Materiality depends on:
13) The accrual basis of accounting that underlies financial information prepared in accordance with the IFRS for SMEs:
14) 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?
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) Which qualitative characteristics are fundamental to general purpose financial information?
17) In accordance with the IFRS for SMEs, in presenting a statement of financial position, an entity:
18) Which of the descriptions below best describes the qualitative characteristic ‘reliability’?
19) 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:
20) 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:

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