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    10 - eLMS - Quiz - 1 PREFINAL

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    JanineD.Meranio
    This document contains a 10 question multiple choice quiz on topics related to financial instruments and consolidated financial statements. The questions cover definitions of equity instruments, compound financial instruments, financial liabilities, consolidated financial statements, joint ventures, and offsetting financial assets and liabilities.

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    10 - eLMS - Quiz - 1 PREFINAL

    Uploaded by

    JanineD.Meranio
    525 views2 pages
    This document contains a 10 question multiple choice quiz on topics related to financial instruments and consolidated financial statements. The questions cover definitions of equity instruments, compound financial instruments, financial liabilities, consolidated financial statements, joint ventures, and offsetting financial assets and liabilities.

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    10_eLMS_Quiz_1 PREFINAL-converted

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    This document contains a 10 question multiple choice quiz on topics related to financial instruments and consolidated financial statements. The questions cover definitions of equity instruments, compound financial instruments, financial liabilities, consolidated financial statements, joint ventures, and offsetting financial assets and liabilities.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    525 views2 pages

    10 - eLMS - Quiz - 1 PREFINAL

    Uploaded by

    JanineD.Meranio
    This document contains a 10 question multiple choice quiz on topics related to financial instruments and consolidated financial statements. The questions cover definitions of equity instruments, compound financial instruments, financial liabilities, consolidated financial statements, joint ventures, and offsetting financial assets and liabilities.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    BM1802

    MULTIPLE CHOICE

    1. It is any contract that evidences a residual interest in the assets of an entity after deducting all of its
    liabilities.
    a. Equity instrument
    b. Preference share
    c. Liability
    d. Future contract

    2. It is a financial instrument with both liability and equity components.


    a. Mixed assets
    b. Equity instrument
    c. Compound financial instrument
    d. Future contract

    3. Analyze the following statements:


    Statement I. A financial liability is a contractual obligation to deliver cash or another financial asset
    to another entity, or to exchange financial assets or financial liabilities with another entity under
    conditions that are potentially favorable to the entity
    Statement II. An equity instrument is any contract that evidences a residual interest in the assets of
    an entity after deducting all of its liabilities.
    a. Statement I is correct; Statement II is incorrect.
    b. Statement I is incorrect; Statement II is correct.
    c. Both statements are correct.
    d. Both statements are incorrect.

    4. Analyze the following statements:


    Statement I. Interest, dividends, losses, and gains relating to a financial instrument or a component
    that is a financial liability shall be recognized as income or expense in other comprehensive income.
    Statement II. Distributions to holders of an equity instrument shall be recognized by the entity
    directly in profit or loss.
    a. Statement I is correct; Statement II is incorrect.
    b. Statement I is incorrect; Statement II is correct.
    c. Both statements are correct.
    d. Both statements are incorrect.

    5. Which of the following is a financial instrument?


    a. Accounts receivable
    b. Inventory
    c. Property, plant, and equipment
    d. Intangible assets

    10 eLMS Quiz 1 *Property


    of STI
    Page 1 of
    6. Which of the following is NOT a financial instrument?
    a. Accounts payable
    b. Accrued expenses
    c. Deferred tax liability
    d. Loans payable

    7. Which of the following is NOT a financial instrument according to PAS 32?


    a. Cash on hand
    b. Cash in bank
    c. Investment in associate
    d. Investment in short-term securities

    8. These are financial statements in which assets, liabilities, equity, income, expenses, and cash flow of
    the parent and its subsidiaries are presented as those of a single economic entity.
    a. Consolidated financial statements
    b. Budgeted financial statements
    c. Interim financial statements
    d. General financial statements

    9. Analyze the following statements:


    Statement I. A joint venturer is a party to a joint venture that has joint control of that joint venture.
    Statement II. A shareholder is a party to a joint venture that has joint control of that joint venture.
    a. Statement I is correct; Statement II is incorrect.
    b. Statement I is incorrect; Statement II is correct.
    c. Both statements are correct.
    d. Both statements are incorrect.

    10. It is a way of presenting a financial asset and a financial liability as one (1) single net amount in the
    statement of financial position.
    a. Recording
    b. Summarizing
    c. Offsetting
    d. Lapping

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