Cartes mémoires International Accounting

Cartes-fiches	126
Langue	English
Catégorie	Gestion d'entreprise
Niveau	Université
Crée / Actualisé	06.01.2020 / 08.01.2020
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IFRS2 also includes share.based payments for Groups

True

FAlse

True

FAlse

IFRS2 applies to..

stock cooperations

entities with at least USD10 million turnover

only certain industires

all entities

stock cooperations

entities with at least USD10 million turnover

only certain industires

all entities

The entity needs to decrease its error rate in a certain area.

Non-market performance conditions

Market conditions

Service Condition

None

Non-market performance conditions

Market conditions

Service Condition

None

Which of the following examples INCLUDES IFRS17 insurance contracts?

Warranties provided by a manufacturer

Employers’ assets and liabilities that arise from employee benefit

Contract between issuer and policyholder based on insured event

Contractual rights on the future use of non-financial items

Warranties provided by a manufacturer

Employers’ assets and liabilities that arise from employee benefit

Contract between issuer and policyholder based on insured event

Contractual rights on the future use of non-financial items

The Variable free approach (VFA) is determined for

default models

contracts at the phase of inception

a group of contracts

only special industries

default models

contracts at the phase of inception

a group of contracts

only special industries

Which is NOT a porfolio group for insurance contracts? A group of contracts…

that are onerous at initial recognitio

that have the same data management principles

that at recognition have no significant possibility of becoming onerous

remaining contracts in the portfolio

that are onerous at initial recognitio

that have the same data management principles

that at recognition have no significant possibility of becoming onerous

remaining contracts in the portfolio

An entity can include contracts issued more than one year apart in the same group.

True

False

True

False

Which of these contracts can NOT be considered as an insurance contract?

insurance against theft or damage

insurance against product liability

product warranties

credit-related guarantees

insurance against theft or damage

insurance against product liability

product warranties

credit-related guarantees

How is an operating lease treated on a balance sheet?

is an equity

is an asset

is an expense

is an equity

is an asset

is an expense

In capital lease, the lessee doesn't have any purchasing option.

true

false

true

false

If the risk lies of obsolescence lies on the part of the lessor, then it is..

capital lease

operating lease

operating and capital lease

capital lease

operating lease

operating and capital lease

Given the definition adopted in IAS 32 Financial Instruments: Presentation, which one of the following would not be a financial instrument?

cash at bank

bill of exchange

prepaid insurance

forward exchange contract

cash at bank

bill of exchange

prepaid insurance

forward exchange contract

According to IAS 32, which one of the following instruments would be classified as equity?

redeemable preference shares with a fixed redemption date

redeemable preference share at the discretion of the issuer

redeemable preference share in fice years at the request of the holder

redeemable preference shares redeemable at the discretion of the issuer, who has given formal notification of such intention

redeemable preference shares with a fixed redemption date

redeemable preference share at the discretion of the issuer

redeemable preference share in fice years at the request of the holder

redeemable preference shares redeemable at the discretion of the issuer, who has given formal notification of such intention

XYZ Ltd issues fice-year interset-bearing bonds. The bonds are convertible to a fixed number of equity instruments of the issuer at the discretion of the holder. How should the bonds be classified unter IAS 32?

as equity

as a liability

as either equity or a liability

as having equity and liability components

as equity

as a liability

as either equity or a liability

as having equity and liability components

Which of the following statements best describes the principle of classifying an issued financial instrument as either a financial liability or equity?

Issued instruments are calssified as liabilities or equity in accordance with the substance of the contractual arrangement and the definitions of a financial liability, financial asset and an equity instrument

Issued instruments are classified as liabilities or equity in accordance with the legal form of the contractual arrangement and the definitions of a financial liability and an equity instrument

Issued instruments are classified as liabilities or equity in accordance with management's designation of the contractual arrangement.

Issued instruments are calssified as liabilites or equity in accordance with the risk and rewards of the contractual arrangement.

Issued instruments are calssified as liabilities or equity in accordance with the substance of the contractual arrangement and the definitions of a financial liability, financial asset and an equity instrument

Issued instruments are classified as liabilities or equity in accordance with the legal form of the contractual arrangement and the definitions of a financial liability and an equity instrument

Issued instruments are classified as liabilities or equity in accordance with management's designation of the contractual arrangement.

Issued instruments are calssified as liabilites or equity in accordance with the risk and rewards of the contractual arrangement.

What are the two fundamental qualitative characteristics of useful financial information?

Comparability and Understandability

Relevance and Faithful Representation

Relevance and Comparability

Consistency and Timeliness

Commandes clavier:

= tourner,

= avant/arrière,

= faire défiler

Comparability and Understandability

Relevance and Faithful Representation

Relevance and Comparability

Consistency and Timeliness

What is the equation for calculating work capital?

Current Asset/Current Liability

Total Asset/Total Liability

Current Liability - Current Asset

Current Asset - Current Liability

Commandes clavier:

= tourner,

= avant/arrière,

= faire défiler

Current Asset/Current Liability

Total Asset/Total Liability

Current Liability - Current Asset

Current Asset - Current Liability

If an asset is still functional but can no longer make profit for the company, it is_______.

Under-stated

Prudent

Obsolescent

Commandes clavier:

= tourner,

= avant/arrière,

= faire défiler

Under-stated

Prudent

Obsolescent

A faithful representation should be neutral complete and free from error.

TRUE

FAlSE

Commandes clavier:

= tourner,

= avant/arrière,

= faire défiler

TRUE

FAlSE

How to calculate return on investment?

EAT/Equity

EAT/Assets

EBIT/Equity

EBIT/Assets

Commandes clavier:

= tourner,

= avant/arrière,

= faire défiler

EAT/Equity

EAT/Assets

EBIT/Equity

EBIT/Assets

Which is NOT an enhancing qualitative characteristic of useful financial information?

Understandability

Timeliness

Verifiability

Measurability

Commandes clavier:

= tourner,

= avant/arrière,

= faire défiler

Understandability

Timeliness

Verifiability

Measurability

When liability = 0, ROI will have the same value as ROE.

TRUE

FALSE

Commandes clavier:

= tourner,

= avant/arrière,

= faire défiler

TRUE

FALSE

Liquidity is also know as short-term solvency.

TRUE

FALSE

Commandes clavier:

= tourner,

= avant/arrière,

= faire défiler

TRUE

FALSE

High liquidity could signify…

Large value of fixed assets

Inefficient use of assets

High possibility of unable to pay debts

High return on investment

Commandes clavier:

= tourner,

= avant/arrière,

= faire défiler

Large value of fixed assets

Inefficient use of assets

High possibility of unable to pay debts

High return on investment

Which FS provide information of parent and subsidiaries as one reporting entity?

Consolidated Financial Statement

Unconsolidated Financial Statement

Combined Financial Statement

Commandes clavier:

= tourner,

= avant/arrière,

= faire défiler

Consolidated Financial Statement

Unconsolidated Financial Statement

Combined Financial Statement

Which of the following is not considered as “borrowing cost” under IAS 23?

Interest expense calculated by method under IAS 39

Finance charges in respect of finance leases of IAS 17

Exchange differences arising from foreign currency borrowings

Principal repayments on a loan for property, plant and equipment

Interest expense calculated by method under IAS 39

Finance charges in respect of finance leases of IAS 17

Exchange differences arising from foreign currency borrowings

Principal repayments on a loan for property, plant and equipment

How is the correct treatment for eligible borrowing costs under IAS 23?

Expensed

Capitalised.

None of them

Expensed

Capitalised.

None of them

If activities to prepare an asset for its sale or use are suspended, borrowing costs must be…

Expensed

Capitalised

Ignored

Charged to equity

Expensed

Capitalised

Ignored

Charged to equity

Which of the following is not a condition to commence capitalisation of borrowing costs?

Borrowing costs are being incurred

Repayment of borrowings has commenced

Expenditures are being incurred

Activities to produce the asset for its intended use or sale have commenced

Borrowing costs are being incurred

Repayment of borrowings has commenced

Expenditures are being incurred

Activities to produce the asset for its intended use or sale have commenced

Which of the following is not a “qualifying asset” under IAS 23?

Manufacturing plants

Made to order inventory

Mass produced inventory

Investment property

Manufacturing plants

Made to order inventory

Mass produced inventory

Investment property

International Accounting

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