PFRS for SMEs

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You are about to take PFRS for SMEs, today, August 19, 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. When the classification of items in its financial statements is changed, the entity:
2. In accordance with the IFRS for SMEs, an entity must present additional line items in a statement of financial position when:
3. 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?
4. 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?
5. Which qualitative characteristics are fundamental to general purpose financial information?
6. Which of the following satisfies the definition of a liability?
7. The objective of general purpose financial statements prepared in accordance with the IFRS for SMEs is:
8. Which of the following is not an element for which there is a concept in Section 2?
9. The qualitative characteristic ‘prudence’ implies that in preparing financial statements management should
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. The accrual basis of accounting that underlies financial information prepared in accordance with the IFRS for SMEs:
12. Section 4 Statement of Financial Position of the IFRS for SMEs:
13. Materiality depends on:
14. Expenses are recognised in comprehensive income (ie profit or loss or other comprehensive income)
15. In accordance with the IFRS for SMEs, in presenting a statement of financial position, an entity:
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. An entity that is not publicly accountable must make an explicit and unreserved statement of compliance with the IFRS for SMEs:
18. Which of the following entities is not a going concern?
19. An entity made an unusually high profit for the year ended 31 December 20X7 because it negotiated a significantly lower cost price for its main raw material at a time when the selling price of its products was rising sharply. Management does not want to make public the unusually high profit because they believe that knowledge of the entity’s profitability would result in their customers seeking to negotiate lower selling prices when purchasing goods from the entity. Consequently, management would like to decrease profit for the year by recognising a provision for unforeseen possible expenses.
20. 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?

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