PFRS for SMEs

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You are about to take PFRS for SMEs, today, January 24, 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) 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) The objective of general purpose financial statements prepared in accordance with the IFRS for SMEs is:
3) Items of dissimilar nature or function:
4) 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:
5) Which of the descriptions below best describes the qualitative characteristic ‘reliability’?
6) Assets to be sold, consumed or realised as part of the entity’s normal operating cycle are:
7) 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?
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) How many measurement bases does the IFRS for SMEs specify for the measurement of assets?
10) 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?
11) Expenses are recognised in comprehensive income (ie profit or loss or other comprehensive income)
12) The accrual basis of accounting that underlies financial information prepared in accordance with the IFRS for SMEs:
13) In accordance with the IFRS for SMEs, in presenting a statement of financial position, an entity:
14) The qualitative characteristic ‘prudence’ implies that in preparing financial statements management should
15) 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:
16) 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?
17) 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:
18) Materiality depends on:
19) 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?
20) Materiality depends on:

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