PFRS for SMEs

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You are about to take PFRS for SMEs, today, January 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) Items of dissimilar nature or function:
2) 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?
3) Which of the following is not an element for which there is a concept in Section 2?
4) Assets to be sold, consumed or realised as part of the entity’s normal operating cycle are:
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) Liabilities that an entity expects to settle in its normal operating cycle are:
7) In accordance with the IFRS for SMEs, in presenting a statement of financial position, an entity:
8) 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:
9) The qualitative characteristic ‘prudence’ implies that in preparing financial statements management should
10) An entity that is not publicly accountable must make an explicit and unreserved statement of compliance with the IFRS for SMEs:
11) Which qualitative characteristics are fundamental to general purpose financial information?
12) Materiality depends on:
13) Which of the following satisfies the definition of a liability?
14) In accordance with the IFRS for SMEs, an entity must present additional line items in a statement of financial position when:
15) 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:
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) Section 4 Statement of Financial Position of the IFRS for SMEs:
18) The accrual basis of accounting that underlies financial information prepared in accordance with the IFRS for SMEs:
19) Materiality depends on:
20) 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?

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