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    Cfas - Quiz Questions

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    Navdeep Kaur
    The document contains a quiz with multiple choice questions about accounting standards such as PAS 38, IAS 36, PAS 28, and definitions of terms like investment property, impairment loss, and qualifying asset. It tests understanding of concepts like government assistance, biological assets, and the differences between temporary and permanent differences for deferred tax accounting. The questions cover the recognition, measurement and disclosure requirements of various types of assets, liabilities, income and expenses according to International and Philippine Financial Reporting Standards.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Cfas - Quiz Questions

    Uploaded by

    Navdeep Kaur
    28 views3 pages
    The document contains a quiz with multiple choice questions about accounting standards such as PAS 38, IAS 36, PAS 28, and definitions of terms like investment property, impairment loss, and qualifying asset. It tests understanding of concepts like government assistance, biological assets, and the differences between temporary and permanent differences for deferred tax accounting. The questions cover the recognition, measurement and disclosure requirements of various types of assets, liabilities, income and expenses according to International and Philippine Financial Reporting Standards.

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    cfas far quiz bee

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    The document contains a quiz with multiple choice questions about accounting standards such as PAS 38, IAS 36, PAS 28, and definitions of terms like investment property, impairment loss, and qualifying asset. It tests understanding of concepts like government assistance, biological assets, and the differences between temporary and permanent differences for deferred tax accounting. The questions cover the recognition, measurement and disclosure requirements of various types of assets, liabilities, income and expenses according to International and Philippine Financial Reporting Standards.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    28 views3 pages

    Cfas - Quiz Questions

    Uploaded by

    Navdeep Kaur
    The document contains a quiz with multiple choice questions about accounting standards such as PAS 38, IAS 36, PAS 28, and definitions of terms like investment property, impairment loss, and qualifying asset. It tests understanding of concepts like government assistance, biological assets, and the differences between temporary and permanent differences for deferred tax accounting. The questions cover the recognition, measurement and disclosure requirements of various types of assets, liabilities, income and expenses according to International and Philippine Financial Reporting Standards.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 3

    CFAS - QUIZ QUESTIONS

    Study online at https://quizlet.com/_8kg4gi


    Which of the following shall be accounted in accordance with PAS
    38?
    a. Patents and copyrights
    d
    b. Trademark
    c. Franchise
    d. all of the given choices
    Which statement is true concerning government assistance?
    I - The receipt of government assistance by an entity is significant
    for the preparation of the financial statement to give an indication
    of the extent to which the entity has benefited from such assis-
    tance.
    II - Receipt of a grant provides of itself conclusive evidence that a
    the conditions attaching to the grant have been or will be fulfilled.
    a. I only
    b. Both I and II
    c. Neither I and II
    d. II only
    A qualifying asset is an asset that necessarily takes
    ____________________________ to get ready for its intended
    use or sale.
    a. at least 6 months c
    b. at least 12 months
    c. a substantial period of time
    d. no more than 12 months
    Which of the following statement do agree with IAS 36?
    a. An entity shall assess at the end of each reporting period
    whether there is any indication that its assets may be impaired.
    b. All of the given choices agree
    a
    c. An entity shall assess at the end of each reporting period the
    recoverable amount of its assets.
    d. An entity shall test its assets on impairment at the end of each
    reporting period.
    How is excess of cost over carrying amount accounted for under
    PAS 28?
    a. If the amount is attributable to goodwill, it is included in the
    carrying amount of the investment and not amortized.
    b. If the excess is attributable to undervaluation of depreciable a
    asset, it is amortized over the remaining life of the investment
    c. it is ignored
    d. if the excess is attributable to the undervaluation of inventory,
    the amount is expensed immediately
    Which of the following terms does this statement define: "the
    amount by which the carrying amount of an asset or a cash-gen-
    erating unit exceeds its recoverable amount"?
    a. Depreciation b
    b. impairment loss
    c. Fair value
    d. value in use
    Which of the following cannot be a qualifying asset?
    a. investment properties
    b. financial assets b
    c. Intangible assets
    d. manufacturing plants
    Carrying amount is the amount at which an asset is recognized
    I - After deducting any accumulated depreciation
    II - After deducting accumulated impairment losses, if any
    III - Before deducting accumulated impairment losses, if any b

    a. I and III only


    b. I and II
    1/3
    CFAS - QUIZ QUESTIONS
    Study online at https://quizlet.com/_8kg4gi
    c. II only
    d. I only
    The existence of which of the following in the entity's internal
    reporting does indicate that an asset may be impaired?
    I - Cash flows for acquiring the asset, or subsequent cash needs
    for operating or maintaining it, that are significantly lower than
    those originally budgeted.
    II - Actual net cash flows or operating profit or loss flowing from
    the asset that are significantly worse than those budgeted.
    III - A significant decline in budgeted net cash flows or operating d
    profit, or a significant increase in budgeted loss, flowing from the
    asset.

    a. II only
    b. I and II only
    c. III only
    d. II and III only
    Any unallocated positive acquisition differential under the account
    investment in associate is normally:
    a. pro-rated across the Associate's fairly valued assets.
    c
    b. charged to Retained Earnings
    c. attributed to goodwill
    d. expensed during the year following the acquisition
    Which of the following does not define investment property?
    I - Property held to earn rentals
    II - Property held for capital appreciation
    III - Property used in the production or supply of goods or services
    a
    a. III only
    b. II only
    c. I only
    d. I and III only
    An entity shall not recognize a contingent liability
    a. none of the given choices
    b. Unless a reliable estimate can be made of the amount of this
    liability a
    c. unless an entity has a present liability as a result of a past event
    d. unless it is probable that an outflow of resources embodying
    economic benefits will be required to settle this liability
    Agricultural activity is the management by an entity of the biolog-
    ical transformation and harvest of biological asset for:
    a. Conversion into agricultural produce
    c
    b. Conversion into additional biological assets
    c. all of the given choices
    d. Sale
    Which of the following is not an example of a financial asset/lia-
    bility?
    a. A contract that will be settled in the company's own equity
    b
    b. Advances received on a construction project
    c. You Answered Shares
    d. Cash
    An onerous contract is a contract in which ________________ of
    meeting the obligation under the contract __________________
    the economic benefits expected to be received under
    a. Avoidable costs; are less than d
    b. sunk costs; exceed
    c. Opportunity costs; are less than
    d. unavoidable cost; exceed

    2/3
    CFAS - QUIZ QUESTIONS
    Study online at https://quizlet.com/_8kg4gi
    Which of the following statements is true with regards to an
    investment property?
    a. An investment property generates cash flows largely indepen-
    dently of the other assets held by an entity
    b. The value in use of investment property is significantly higher
    a
    than of owner-occupied property.
    c. An investment property owner-occupied property shall always
    be measured at its historical cost.
    d. An investment property unlike owner-occupied property shall
    not be depreciated over its useful life.
    A major distinction between temporary and permanent difference
    is
    a. temporary differences reverse themselves in subsequent ac-
    counting periods, whereas permanent differences do not reverse
    b. temporary differences occur frequently, whereas permanent
    differences occur only once. a
    c. permanent differences are not representative of acceptable
    accounting practice.
    d. once an item is determined to be a temporary difference,
    it maintains that status, however, a permanent difference can
    change in status with the passage of time
    The deferred income tax liability:
    a. Can result in a deferred income tax asset
    b. Is never recorded.
    c. Is a contingent liability d
    d. Represents income tax payments that are deferred until future
    years because of temporary differences between GAAP rules and
    tax accounting rules.
    Which of the following shall IAS 41 be applied to?
    a. Agricultural produce at the point of harvest
    b. Land related to agricultural activity. a
    c. all of the given choices
    d. Bearer plants related to agricultural activity
    How is an equity instrument defined?
    a. The instrument includes no contractual obligation to deliver
    cash or another financial asset.
    b. The instrument includes no contractual obligation and the in-
    strument will/may be settled in the issuer's own equity instrument a
    c. The instrument includes a contractual obligation and the instru-
    ment will/may be settled in the issuer's own equity instrument
    d. fThe instrument includes contractual obligation and will/may be
    settled in the issuer's own debt instrument

    3/3

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