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luyện tập IFRS
luyện tập IFRS
1. Dividends paid should be recognised in the statement of profit or loss and other
comprehensive income.
2. A loss on disposal of assets should be recognised directly in the statement of changes in
equity.
A. 1.False
2. False
B. 1.False
2. True
C. 1.True
2. False
D. 1.True
2. True
2. According to IAS 1 Presentation of financial statements, the notes within the financial
statements contain information in addition to that presented in which two of the following?
A. Statement of financial performance
B. Chairman's statement
C. Report on sustainability
D. Statement of financial position
3. Which one of the following is the best description of faithful representation' in relation to
information in financial statements?
A. Inclusion of a degree of caution
B. Complete, neutral and free from error
C. Influence on the economic decisions of users
D. Comprehensibility to users
4. Which two of the following are included in a complete set of financial statements, according
to IAS 1 Presentation of financial statements?
A. Summarised statements of financial position for the last five years
B. A statement of changes in equity
C. A statement of cash flows
D. A statement by the board of directors of compliance with local legislation
5. According to IAS 1 Presentation of financial statements, which two of the following must be
included in an entity's statement of financial position?
A. Deferred tax
B. Share capital and reserves analysed by class
C. Property, plant and equipment analysed by class
D. Cash and cash equivalents
6. Under the principles of IAS 16 Property, plant and equipment, which two of the following
should be included in the cost of an item of property, plant and equipment?
A. Installation and assembly costs
B. Costs of training staff on the new asset
C. Apportioned general overhead costs
D. Initial delivery and handling costs
7. Are the following statements regarding the cost of an asset true or false, according to IAS 16
Property, plant and equipment?
1. The cost includes cash equivalents paid to acquire an asset.
2. The cost includes the fair value of any non-monetary consideration given to acquire an asset.
A. 1.False
2. False
B. 1.False
2. True
C. 1.True
2. False
D. 1.True
2. True
8. The Scandium Company is commencing a new construction project, which is to be financed
by borrowing. The key dates are as follows:
15 May 20X9 Loan interest relating to the project starts to be incurred
3 June 20X9 Technical site planning commences
12 June 20X9 Expenditures on the project start to be incurred
18 July 20X9 Construction work commences
According to IAS 23 Borrowing costs, from what date can Scandium commence the
capitalisation of borrowing costs?
A. 12 June 20X9
B. 18 July 20X9
C. 3 June 20X9
D. 15 May 20X9
9. According to current guidance within IAS 23 Borrowing costs, which of the following
treatments are required for borrowing costs incurred that are directly attributable to the
construction of a qualifying asset?
Treatment 1: Recognise as an expense in the period incurred.
Treatment 2: Capitalise as part of the cost of the asset.
A. Treatment 2 only
B. Either Treatment 1 or Treatment 2
C. Neither Treatment 1 nor Treatment 2
D. Treatment 1 only
10. According to IFRS 15 Revenue from contracts with customers, which of the following
factors is not taken into account when establishing the transaction price of a contract?
A. Financing components
B. Variable consideration in contract price
C. Non-cash consideration
D. Customer credit quality
11. Are the following statements regarding the classification of items under IAS 12 Income taxes
true or false?
1. Interest expense accrued but included in taxable profit on a cash basis should be classified
under deductible temporary differences.
2. Where accumulated depreciation on an asset is greater than accumulated tax depreciation, the
amount should be classified under deductible temporary differences.
A. 1.False
2. False
B. 1.False
2. True
C. 1.True
2. False
D. 1.True
2. True
12. What will be the appropriate accounting treatment to unsold goods held at the year end?
A. Recording them as expense for the year
B. Recording them as liability for the year
C. Recording them as fixed asset for the year
D. Recording them as current asset for the year
13. A business has opening inventory of £7,200 and closing inventory of £8,100. Purchases for
the year were £76,500, carriage inwards was £50 and carriage outwards was £180.
The figure for cost of sales is:
A. £75,550
B. £75,650
C. £75,830
D. £77,450
14. M Co sets up his demolition business from scratch on 1 January 20X0. Which items should
be represented as capital expenditure?
A. Rents office premises
B. Buys three wrecking machines
C. Repairs the warehouse roof
D. Writes off a damaged machine.
15. M Co sets up his demolition business from scratch on 1 January 20X0. Which items should
be represented as capital expenditure?
A. Pays legal expenses on the purchase of PPE
B. Rents office premises
C. Repairs the warehouse roof
D. Writes off a damaged machine.
16. M Co sets up his demolition business from scratch on 1 January 20X0. Which items should
be represented as revenue expenditure?
A. Pays legal expenses on the purchase of PPE
B. Buys three wrecking machines
C. Builds an extension to the warehouse
D. Repairs the warehouse roof
17. Allblue buys and sells inventory during the month of April as follows:
No. of units $
Opening inventory 100 2.52/unit
3 April Sales 20
8 April Purchases 140 2.56/unit
12 April Sales 90
20 April Purchases 200 2.78/unit
23 April Sales 180
Which one of the following statements is true when using the FIFO method instead of the
periodic weighted average?
A. Closing inventory is $19.50 lower, so profits are $19.50 lower
B. Closing inventory is $17.50 higher, so profits are $17.50 higher
C. Closing inventory is $17.50 lower, so profits are $17.50 lower
D. Closing inventory is $19.50 higher, so profits are $19.50 higher
18. Alphabooks is a book wholesaler. On each sale, commission of 4% is payable to the selling
agent. The following information is available in respect of total inventories of three of his most
popular titles at his financial year-end:
Cost Selling price
A $2,280 $2,900
B $4,080 $4,000
C $1,280 $1,300