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1
PFRS 2 applies to all entities, including subsidiaries using their parent’s or fellow subsidiary’s equity instruments as conideration for goods or services , and to all share-based payment arrangements except the following:
All of the above
2
An integrated set of activities and assets that is capable of being conducted and managed for the purpose of providing goods or services to customers, generating investment income (such as dividends or interest) or generating other income from ordinary activities.
Business
3
Which of the following is not considered as the sale of "highly probable", as evidenced by the existence of all?
Investment property measured under the cost model
4
Are exploration and evaluation expenditures recognized as assets in accordance with the entity's accounting policy.
Exploration and Evaluation Assets
5
If an entity elected to measure investments is equity securities at FVOCI, it shall disclose those investments, the reason for the election, any dividends recognized during the period, and any transfers of cumulative gain or loss within equity.
Financial assets measured at FVOCI
6
PFRS 8 requires which of the following approaches in identifying operating segments?
management approach
7
During the period, an entity acquires an investment. The entity has a "hold to collect and sell"
Investment measured at fair value through other comprehensive income.
8
It is a form of profitability ratio which represents how much was earned by each ordinary share during the period.
Earnings per share (EPS)
9
Is the amount of profit for the period per share, reflecting the maximum dilutions that would have resulted from conversions, exercises, and other contingent issuances.
Dilute earnings per share
10
The __________ is assumed to have taken place on the date the potential ordinary shares became outstanding.
Conversion
11
PAS 34 _______ publicly entities to provide at least semi-annual interim financial reports and publish them not later than 60 days after the end of the interim period.
encourages
12
It pertains to the preparation and presentation of interim financial report for an interim period.
Interim Reporting
13
This recognition and measurement benefit the entire year or are incurred (earned) over the year and are spread out over the interim period.
Cost and Expenses (income)
14
Which of the following does not define investment property?
Property used in the production or supply of goods or services
15
An investment property shall be measured initially at its
Cost
16
Repairs and maintenance costs are normally:
Expensed in the statement of profit or loss as incurred
17
PAS 41 is applicable to
Agricultural produce at the point of harvest
18
This is the management of the biological transformation and harvest of biological assets for sale or for conversion into agricultural produce or into additional biological assets
Agricultural activity
19
Which of the following is an agricultural produce?
Wool
20
Under PFRS 1, the early application of PFRSs that have not yet become effective as of the current reporting period is
Permitted, but not required
21
Total comprehensive income for the period is presented?
Showing separately the total amount attributable to owners of noncontrolling interest
22
How should a company account for share-based payment transactions with employees?
Companies must always recognize share-based payments as an expense
23
How are share-based payment transactions recognized in the financial statements under PFRS 2?
As an expense in the income statement with corresponding credits to equity accounts
24
When is PFRS 3 Business Combinations applicable?
When an entity acquires another entity & When an entity is acquired by another entity
25
What does PFRS 3 require when accounting for business combinations?
The use of the acquisition method
26
What is the treatment of goodwill under PFRS 3?
Recognized as an asset and amortized over its useful life
27
Under PFRS 5, when is an asset classified as held for sale?
When management has made a decision to sell the asset & When the asset is available for immediate sale in its present condition
28
What is the accounting treatment for non-current assets classified as held for sale under PFRS 5?
Recognized at their fair value, less costs to sell
29
What is the accounting treatment for discontinued operations under PFRS 5?
Reported as a separate component of the income statement until they are sold
30
According to PFRS 9, it is the amount at which a financial asset or a financial liability is measured at initial recognition minus principal repayments, plus or minus the cumulative amortization using the effective interest method of any difference between that initial amount and the maturity amount and, for financial assets adjusted for any loss allowance.
amortized cost
31
Which of the following is measured at fair value with fair value changes recognized in profit or loss?
Financial assets designated at FVPL
32
If the entity's business model's objective is to hold assets in order to collect contractual cash flows and cash flows are solely payments of principal and interest on the principal amount outstanding, the financial asset is classified
as financial asset measured at amortized cost.
33
When shall ordinary shares issued as a result of the conversion of a debt instrument to ordinary shares be included in the weighted average number of shares?
The date when interest ceases to accrue
34
What view on interim reporting is considered as a discrete ('stand-alone') accounting period?
Discrete Views
35
What are the assets that contribute to the future cash flows of several departments?
Corporate Assets
36
All of the following are essential elements of an intangible asset except:
Monetary
37
The following are the processes that cause qualitative or quantitative changes in a biological assets except:
Change
38
Retrospective application of accounting policies means
As if PFRSs have been used all along.
39
In an equity-settled share-based payment transaction with non-employees, the order of priority in measurement are: I. Exercise Price II. Intrinsic Value III. Fair value of equity instruments granted IV. Fair value of goods or services received
III and IV
40
An entity that is controlled by another entity is called a:
subsidiary
41
In Reclassification of exploration and evaluation assets, which Statement is true?
Exploration and evaluation assets are assessed first for impairment before reclassification
42
In PFRS 7 in the statement of financial position, How financial assets are measured?
All of the above
43
Which of the following is considered a chief operating decision maker? I. Chief of finance II. Chief of the management III. Chief executive officer IV. Chief operating officer V. Group of executive directors
III, IV and V
44
Which of the following refers to how an entity manages its financial assets in order to generate cash flows?
Business model