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Nhà của tôi  Các khoá học của tôi  IA I - 21C1ACC50705505 - TRAN THI PHUONG THANH (OCT-DEC.21)  Topic 8. Accounting policies, estimates and errors
 Quizzes - IAS 8 + IAS 10

Bắt đầu vào lúc Thứ ba, 30 Tháng mười một 2021, 9:58 PM
State Finished
Kết thúc lúc Thứ ba, 30 Tháng mười một 2021, 10:01 PM
Thời gian thực hiện 2 phút 38 giây
Điểm 8,00 out of 10,00 (80%)

Câu Hỏi 1 Hoàn thành Đạt điểm 1,00 trên 1,00

Specific principles bases conventions rules and practices applied in presenting financial statements. This defines:

Select one:
a. accounting errors
b. Accounting estimates
c. Accounting policies
d. Prospective application
Câu Hỏi 2 Hoàn thành Đạt điểm 1,00 trên 1,00

Change in accounting policy does not include

Select one:
a. Change in useful life from 10 years to 7 years.
b. Change of method of valuation of inventory from weighted-average to FIFO.
c. Change from the practice (convention) of paying as Christmas bonus one month’s salary to staff before the end of the year to the
new practice of paying one-half month’s salary only.
d. Change of method of valuation of inventory from FIFO to weighted-average.

Câu Hỏi 3 Hoàn thành Đạt điểm 0,00 trên 1,00

When a public shareholding company changes an accounting policy voluntarily, it has to

Select one:
a. Account for it retrospectively.
b. Inform shareholders prior to taking the decision.
c. Treat the effect of the change as an extraordinary item.
d. Treat it prospectively and adjust the effect of the change in the current period and future periods.
Câu Hỏi 4 Hoàn thành Đạt điểm 1,00 trên 1,00

Adjustment of the carrying amount of an asset or a liability or the consumption of an asset. This defines:

Select one:
a. A change in accounting policies
b. Acconting policies
c. Misstatements
d. A change in accounting estimates

Câu Hỏi 5 Hoàn thành Đạt điểm 0,00 trên 1,00

Applying a new policy to transactions other events and conditions as if that policy had always been applied. This is:

Select one:
a. Change in accounting policies
b. Change in accounting estimate
c. Retrospective application
d. Retrospective restatement
Câu Hỏi 6 Hoàn thành Đạt điểm 1,00 trên 1,00

When it is difficult to distinguish between a change of estimate and a change in accounting policy, then an entity should

Select one:
a. Treat the entire change as a change in estimate with appropriate disclosure.
b. Apportion, on a reasonable basis, the relative amounts of change in estimate and the change in accounting policy and treat each
one accordingly.
c. Since this change is a mixture of two types of changes, it is best if it is ignored in the year of the change; the entity should then wait
for the following year to see how the change develops and then treat it accordingly.
d. Treat the entire change as a change in accounting policy.

Câu Hỏi 7 Hoàn thành Đạt điểm 1,00 trên 1,00

XYZ Inc. changes its method of valuation of inventories from weighted-average method to first-in, first-out (FIFO) method. XYZ Inc.
should account for this change as

Select one:
a. A change in accounting policy and account for it retrospectively.
b. A change in estimate and account for it prospectively.
c. Account for it as a correction of an error and account for it retrospectively.
d. A change in accounting policy and account for it prospectively.
Câu Hỏi 8 Hoàn thành Đạt điểm 1,00 trên 1,00

Under IFRS, a voluntary change in accounting method may only be made by a company if:

Select one:
a. There is no prohibition of the method in the standards.
b. Management prefers the new method.
c. The new method provides reliable and more relevant information.
d. A new standard mandates the change in method.

Câu Hỏi 9 Hoàn thành Đạt điểm 1,00 trên 1,00

Correcting the recognition measurement and disclosure of amounts in financial statements as if a prior-period error had never
occurred. This is:

Select one:
a. Retrospective restatement
b. Retrospective application
c. Change in accounting policies
d. Change in accounting estimate
Câu Hỏi 10 Hoàn thành Đạt điểm 1,00 trên 1,00

When an independent valuation expert advises an entity that the salvage value of its plant and machinery had drastically changed and
thus the change is material, the entity should

Select one:
a. Ignore the effect of the change on annual depreciation, because changes in salvage values would normally affect the future only
since these are expected to be recovered in future.
b. Retrospectively change the depreciation charge based on the revised salvage value.
c. Change the depreciation charge and treat it as a correction of an error.
d. Change the annual depreciation for the current year and future years.

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