PFRS for SMEs

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You are about to take PFRS for SMEs, today, February 23, 2019! 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. Expenses are recognised in comprehensive income (ie profit or loss or other comprehensive income)
2. The accrual basis of accounting that underlies financial information prepared in accordance with the IFRS for SMEs:
3. Items of dissimilar nature or function:
4. 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:
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. The qualitative characteristic ‘prudence’ implies that in preparing financial statements management should
7. 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:
8. 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.
9. An entity that is not publicly accountable must make an explicit and unreserved statement of compliance with the IFRS for SMEs:
10. How many measurement bases does the IFRS for SMEs specify for the measurement of assets?
11. Which of the following is not an element for which there is a concept in Section 2?
12. Which of the following satisfies the definition of a liability?
13. Which qualitative characteristics are fundamental to general purpose financial information?
14. 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?
15. Assets to be sold, consumed or realised as part of the entity’s normal operating cycle are:
16. In accordance with the IFRS for SMEs, in presenting a statement of financial position, an entity:
17. 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:
18. Which of the descriptions below best describes the qualitative characteristic ‘reliability’?
19. Which of the following entities is not a going concern?
20. The objective of general purpose financial statements prepared in accordance with the IFRS for SMEs is:

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