PFRS for SMEs

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You are about to take PFRS for SMEs, today, April 8, 2020! 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. Items of dissimilar nature or function:
2. 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?
3. An entity that is not publicly accountable must make an explicit and unreserved statement of compliance with the IFRS for SMEs:
4. Materiality depends on:
5. Which of the descriptions below best describes the qualitative characteristic ‘reliability’?
6. Which qualitative characteristics are fundamental to general purpose financial information?
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. 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. 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?
10. How many measurement bases does the IFRS for SMEs specify for the measurement of assets?
11. 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?
12. In accordance with the IFRS for SMEs, an entity must present additional line items in a statement of financial position when:
13. Which of the following entities is not a going concern?
14. Materiality depends on:
15. 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?
16. When there is much variability in the duration of the entity’s normal operating cycle, the operating cycle is measured at:
17. Section 4 Statement of Financial Position of the IFRS for SMEs:
18. 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?
19. The qualitative characteristic ‘prudence’ implies that in preparing financial statements management should
20. When the classification of items in its financial statements is changed, the entity:

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