PFRS for SMEs

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You are about to take PFRS for SMEs, today, November 19, 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 descriptions below best describes the qualitative characteristic ‘reliability’?
2) 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:
3) The accrual basis of accounting that underlies financial information prepared in accordance with the IFRS for SMEs:
4) How many measurement bases does the IFRS for SMEs specify for the measurement of assets?
5) An entity that is not publicly accountable must make an explicit and unreserved statement of compliance with the IFRS for SMEs:
6) Liabilities that an entity expects to settle in its 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) In accordance with the IFRS for SMEs, an entity must present additional line items in a statement of financial position when:
9) Items of dissimilar nature or function:
10) The qualitative characteristic ‘prudence’ implies that in preparing financial statements management should
11) 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:
12) Materiality depends on:
13) Which of the following satisfies the definition of a liability?
14) The objective of general purpose financial statements prepared in accordance with the IFRS for SMEs is:
15) 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?
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) When there is much variability in the duration of the entity’s normal operating cycle, the operating cycle is measured at:
18) 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?
19) Materiality depends on:
20) When the classification of items in its financial statements is changed, the entity:

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