PFRS for Small and Medium-sized Entities

Welcome to your PFRS for Small and Medium-sized Entities Quiz!

Please answer the questions and submit it at the end of the quiz. This quiz has the following properties

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  • Mode:  Multiple Choices
  • Number of questions to take (from many in the database): 25 items
  • Order: Ramdon questions
  • Scoring: 1 point each, zero-based rating!
  • Retake: Yes

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[ Concepts and Pervasive Principles ]
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.
[ Statement of Financial Position ]
Liabilities that an entity expects to settle in its normal operating cycle are:
[ Financial Statement Presentation ]
An entity that is not publicly accountable must make an explicit and unreserved statement of compliance with the IFRS for SMEs:
[ Concepts and Pervasive Principles ]
How many measurement bases does the IFRS for SMEs specify for the measurement of assets?
[ Small and Medium-sized Entities ]
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?
[ Concepts and Pervasive Principles ]
Expenses are recognised in comprehensive income (ie profit or loss or other comprehensive income)
[ Financial Statement Presentation ]
Materiality depends on:
[ Concepts and Pervasive Principles ]
The accrual basis of accounting that underlies financial information prepared in accordance with the IFRS for SMEs:
[ Financial Statement Presentation ]
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:
[ Financial Statement Presentation ]
Items of dissimilar nature or function:
[ Concepts and Pervasive Principles ]
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?
[ Financial Statement Presentation ]
When the classification of items in its financial statements is changed, the entity:
[ Concepts and Pervasive Principles ]
The qualitative characteristic ‘prudence’ implies that in preparing financial statements management should
[ Concepts and Pervasive Principles ]
The objective of general purpose financial statements prepared in accordance with the IFRS for SMEs is:
[ Financial Statement Presentation ]
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:
[ Concepts and Pervasive Principles ]
Which of the following satisfies the definition of a liability?
[ Concepts and Pervasive Principles ]
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?
[ Concepts and Pervasive Principles ]
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:
[ Statement of Financial Position ]
Section 4 Statement of Financial Position of the IFRS for SMEs:
[ Financial Statement Presentation ]
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:
[ Small and Medium-sized Entities ]
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?
[ Financial Statement Presentation ]
Which of the following entities is not a going concern?
[ Concepts and Pervasive Principles ]
Which of the descriptions below best describes the qualitative characteristic ‘reliability’?
[ Small and Medium-sized Entities ]
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?
[ Concepts and Pervasive Principles ]
Which qualitative characteristics are fundamental to general purpose financial information?

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