‘ana, 1:20 PM Aco109-P1 quiZt ACC109-P1 QUIZ1 roca.villanueva.up@phinmaed.com Switch account G3 Saving Your email will be recorded when you submit this form * Required Choose the best answer from the given options. All of the following statements are correct, except * 1 point © The operating cycle ofan anti isthe tne between the aequisttion of assets for processing and their realization in cash or cash equivalents. O Wihen the entity's normal operating cycles not clearly identifiable its duration is presumed to be twelve months. Current assets include assets (such as inventories and trade receivables) that are © sold, consumed or realized as part of the normal operating cycle even when they are not expected to be realized within twelve months after the balance sheet date. When an entity presents current and non-current assets and current and non-current liabilities as separate classifications on the face of its balance sheet, it shall classify © deferred tax assets (liabilities) as current assets (liabilities) if the deferred tax assets (liabilities) are expected to reverse within twelve months after the end of reporting period. hitpssldocs.google.comiformses/1FAlpQLSeU_nBHRWA_ZqUCmsS74_h2Y Vidgz2tr.J8Vitq3pnJjoGe-gitormRespons wr‘ana, 1:20 PM Aco109-P1 quiZt In a classified balance sheet, deferred tax assets/liabilities are presented as 1 point noncurrent items. * @© Tue O False In which of the following instances would a liability that would otherwise be 1 point presented as current is presented as noncurrent? * The lability 's payable on demand but the entity estimates that tis probable that the lender will not demand payment within 12 months after the reporting period. The liability is payable on demand but the lender promises the entity after the reporting period that the lender will not demand payment in the next 12 months. the financial statements are authorized for issue. The entity enters into a refinancing agreement and the refinancing agreement is, © Tirantty enters into a refinancing agreement after the reporting pesiad but before ® completed by the balance sheet date According to PAS 1, these are financial statements intended to serve the 1 point needs of users who do not have the authority to demand financial reports tailored for their own needs. * © General purpose financial statements © Common purpose financial statements © All-purpose financial statements © Regular financial statements General purpose financial statements are those statements that cater to point the * fo © common and specific needs of a wide range of external and internal users. hitps:idocs.google.comiformslle/1FAlpGL SeU_nBHRWA_ZqUGmsS74_hevVidgz2iIn JSVitgSpnJioGe-gitomResponse 2‘ana, 1:20 PM Acc108-P1 quiz: common neeas or a wige range or external ana internat users. © common needs of a wide range of external users. © specific needs of a wide range of external users, Each component of the financial statements shall be identified clearly. In addition, the following information shall be displayed prominently, and repeated when it is necessary for a proper understanding of the information presented: |. The name of the reporting entity or other means of identification, and any change in that information from the preceding balance sheet date; Il. Whether the financial statements cover the individual entity or a group of entities; Il. The balance sheet date or the period covered by the financial statements, whichever is appropriate to that component of the financial statements; IV. The presentation currency, as defined in PAS 21 The Effects of Changes in Foreign Exchange Rates; V. The level of rounding used in presenting amounts in the financial ‘statements. * Ounm O binav ObnnMy © bw hitps:idocs.google.comvformsids/1FAlpQLSeU_nBHRWA_ZaUCmsS74_hzYVidez2iIn J8Vitg3pnvjoGo-gitormResponse ar‘ana, 1:20 PM Aco109-P1 quiZt In virtually all circumstances, a fair presentation is achieved by compliance 1 point with applicable IFRSs. A fair presentation also requires an entity the incorrect statement) * to select and apply accounting policies in accordance with PAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. PAS 8 sets out a hierarchy of © authoritative guidance that management considers in the absence ofa Standard or an Interpretation that specifically applies to an item. CO Wpresent information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information to provide additional disclosures when compliance with the specific requirements in PERS is insufficient to enable users to understand the impact of particular © transactions, other events and conditions on the entity's financial position and financial performance to establish a system of internal control the responsibility for which is the entity's, © management. Furthermore, the entities financial statements should be audited by an independent external party at least annually The Statement of comprehensive income shows profit or loss only. * 1 point O Te @ False The elements of the statement of comprehensive income are income and 1 point expenses. * np O™ OD eaten hitpssidocs.google.comvformsids/1FAlpQLSeU_nBHRWA_ZaUCmsS74_h2Y Vidgz2tn.J8Vitq3pnJjoGe-gitormRespons ar‘ana, 1:20 PM Aco109-P1 quiZt U rave The Statement of comprehensive income shows information on an entity's 1 point financial position during the period. * O Tre @ False Losses incurred on sales of noncurrent assets are presented under 1 point “Administrative expenses.” Which of the following statements is correct? * 1 point PAS 1 Presentation of Financial Statements prescribes the basis for presentation of © general and special purpose financial statements to improve both inter-comparability and intra-comparability. @ Met cemoarabily is also refered to as horizontal omperabilty whe intea- comparability is also referred to as vertical comparability. O Working capital isthe net amount of a company’ relatively quid resources. Ii the excess of total assets over total liabilities, © Income is the residual interest in the net assets of an entity. JEL The categories of expenses under the function of expense method include 1 point “Cact af calac ” “Nictribiitinn encte "and “Adminictrative evnances” aniy * hitpssidocs.google.comvformsis/1FAlpOLSeU_nBHRWA_ZaUCmsS74_h2 Vidgz2tr.J8Vitq3pnJjoGe-gitormRespons 87‘ana, 1:20 PM Ace109-P1 quiz: RUSE UF 269, WISH LUOLa, GIL MUN HOU GUE EAEHOES UNip. © Tne @ False When an entity's balance sheet date changes and the annual financial 1 point statements are presented for a period longer or shorter than one year, an entity shall disclose, in addition to the period covered by the financial statements: |. The reason for using a longer or shorter period; Il. The fact that comparative amounts for the income statement, statement of changes in equity, cash flow statement and related notes are not entirely comparable; Ill. The amounts charged to the beginning balance of the retained earnings, net of tax; IV. Pro-forma financial statements, as a supplemental information in the notes * @ul Ou O biav Om The assessment of an entity's going concern shall cover a minimum period 1 point of* © one period one year © O two period Oo two years Back Next Clear form hitpssidocs.google.comiformsle/TFAlpQLSeU_nBHRWA ZaUCmsS74_hz Vidgz2iIn J8Vitg3pnJioGo-gitormResponse 67sana, 1:20 PM Aco109-P1 quiZt "Never SULINN YeSSWUTUS 11UUYH UUM FUND, This form was created inside of Phinma Education, Report Abuse Google Forms hitpssldocs.google.comvformsds/1FAlpQLSeU_nBHRWA_ZqUCmsS74_hzY Vidgz2tn.J8Viiq3pnJjoGe-gitormRespons Ww