You are about to take PFRS for SMEs, today, July 23rd 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) Materiality depends on:
2) When there is much variability in the duration of the entity’s normal operating cycle, the operating cycle is measured at:
3) 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:
4) An entity that is not publicly accountable must make an explicit and unreserved statement of compliance with the IFRS for SMEs:
5) In accordance with the IFRS for SMEs, an entity must present additional line items in a statement of financial position when:
6) The accrual basis of accounting that underlies financial information prepared in accordance with the IFRS for SMEs:
7) Which of the following is not an element for which there is a concept in Section 2?
8) Materiality depends on:
9) The objective of general purpose financial statements prepared in accordance with the IFRS for SMEs is:
10) Section 4 Statement of Financial Position of the IFRS for SMEs:
11) 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?
12) Which qualitative characteristics are fundamental to general purpose financial information?
13) Expenses are recognised in comprehensive income (ie profit or loss or other comprehensive income)
14) 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?
15) Which of the following entities is not a going concern?
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) When the classification of items in its financial statements is changed, the entity:
18) 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:
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) How many measurement bases does the IFRS for SMEs specify for the measurement of assets?

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