PFRS for SMEs

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You are about to take PFRS for SMEs, today, July 17, 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. Which of the descriptions below best describes the qualitative characteristic ‘reliability’?
2. Assets to be sold, consumed or realised as part of the entity’s normal operating cycle are:
3. 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?
4. Which of the following entities is not a going concern?
5. 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?
6. 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:
7. The qualitative characteristic ‘prudence’ implies that in preparing financial statements management should
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. 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.
10. The accrual basis of accounting that underlies financial information prepared in accordance with the IFRS for SMEs:
11. 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:
12. In accordance with the IFRS for SMEs, an entity must present additional line items in a statement of financial position when:
13. Materiality depends on:
14. Expenses are recognised in comprehensive income (ie profit or loss or other comprehensive income)
15. Liabilities that an entity expects to settle in its normal operating cycle are:
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. Which of the following is not an element for which there is a concept in Section 2?
18. When there is much variability in the duration of the entity’s normal operating cycle, the operating cycle is measured at:
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. Items of dissimilar nature or function:

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