PFRS for SMEs

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You are about to take PFRS for SMEs, today, October 20, 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 there is much variability in the duration of the entity’s normal operating cycle, the operating cycle is measured at:
2. 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?
3. In accordance with the IFRS for SMEs, in presenting a statement of financial position, an entity:
4. Which qualitative characteristics are fundamental to general purpose financial information?
5. Section 4 Statement of Financial Position of the IFRS for SMEs:
6. Liabilities that an entity expects to settle in its normal operating cycle are:
7. How many measurement bases does the IFRS for SMEs specify for the measurement of assets?
8. The objective of general purpose financial statements prepared in accordance with the IFRS for SMEs is:
9. Which of the following entities is not a going concern?
10. 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.
11. Materiality depends on:
12. Materiality depends on:
13. The accrual basis of accounting that underlies financial information prepared in accordance with the IFRS for SMEs:
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. Expenses are recognised in comprehensive income (ie profit or loss or other comprehensive income)
16. 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:
17. Which of the descriptions below best describes the qualitative characteristic ‘reliability’?
18. Which of the following is not an element for which there is a concept in Section 2?
19. 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:
20. Which of the following satisfies the definition of a liability?

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