"The value in use is measured using present value techniques and requires the expected cash flows."

"There has never been an error in Financial Statements."

"Recognition is appropriate if it results in both relevant information about assets, liabilities, equity, income and expenses and a faithful representation of those items.

"The trial balance is a document, that is created before the creation of the balance sheet."

"In general, medical firms are allowed to capitalize all of their costs to produce a new vaccine."

"There is only one suitable way to estimate the transaction prices."

entity shall disclose the amount of impairment losses recognized in profit or loss during the period and the line items of the statement of comprehensive income in which those impairment losses are included."

"Measurement uncertainty arises when monetary amounts cannot be observed directly and need to be estimated."

"There is no derecognition for intangible assets."

"Neutrality means that a company can hide loss-making business sections."

"Accrual of unrecorded expenses (e.g., income taxes, interest) is a type of explicit transaction."

"The account 'Sales return and allowances' covers the costs for potentially damaged goods sold."

"Development costs can be capitalized under specific requirements according to lAS 38.

"The overall criterion is that all costs that could ever occur to prepare the particular asset for its intended use can be capitalize as part of the cost of an asset."

"EXPENSES are decreases in assets, or increases in liabilities, that result in decreases in equity, other than those relating to distributions to holders of equity claims.

"An entity may choose to depreciate separately the parts of an item that do not have a cost that is significant in relation to the total cost of the item."

"Research can alwavs be capitalized on the balance sheet."

"To be relevant, accounting information must be capable of making a difference in a decision made by users."

"IAS 36 prescribes the procedures that an entity applies to ensure that its assets are carried at no more than their recoverable amount."

"Finance leases (according to IRS 16 67-80) are recognized as a lease receivable for the lessor."

"Accruals are not based on explicit transactions, hence not recorded on a day-to-day basis."

"IFRS standards are created, discussed, and introduced by a small group of people who have full control of the process."

"To record a loss for a change in value of inventory the correct booking entry iS: Dr. Inventory Cr. Losses from decline in inventory."

"The retail method estimates the cost of ending inventory by applying an average sales margin to the retail price of products."

"ASSET accounts are DEBIT side by nature. So, if you need to decrease an asset account you must place more debits on that account. But if you need to increase, place more credits."

"The financial statements shall disclose the carrying amount of inventories carried at fair value less costs to sell."

"Accountability in the financial arena means that an individual or department is held responsible for the performance of a specific function."

"Assets = Liabilities + Equity."

"The core characteristic of a lease agreement is that the lessee can use the leased asset but does not have to own it."

"IAS 36 also prescribes disclosures.

"In the internal accounting systems of bigger companies, generally there is only one cash account."

"The accrual concept tells us that we need to record economic events when they happen rather than only when cash exchanges occur [cash accounting]."

"The core principle of an impairment is that an asset must not be carried in the financial statements at more than the highest amount to be recovered through its use or sale."

"Revenue is recognized as control is passed, either overtime or at a point in time."

"Internally generated goodwill is capitalized."

"Accounting Conservatism leads to later recognition of earnings and earlier recognition of expenses."

"The sum of intangibles on the balance sheet for firms according to US GAAP is generally higher in comparison to IFRS."

"A CGU is the smallest identifiable group of assets that generates cash inflows and is largely correlated to the cash inflows from other assets or groups of assets.

"AS 8 deals with the regulation of Accounting Policies, Changes in Accounting Estimates and Errors."

"IAS 8 states for changes in accounting estimates and errors."

"IAS 2 applies to the valuation and disclosure of financial instruments."

"To ensure neutrality and representational faithfulness, companies need to consider whether the accounts overstate the value of PP&E relative to fair value."

"The fourth step of the Five-Step-Process of revenue recognition is the allocation of the transaction price to performance obligations."

"There is no derecognition for PP&E."

*It is possible to differentiate between current and non-current provisions."

right-of-use approach following IRS 16 tries to define a lease based upon economic substance, rather than legal form."

"The point of sale can make the revenue recognition process complicated."

"The periodic system for gathering information about inventory costs leads to an exact pricing of inventory and CGS at any time."

"The carrying amount is the amount at which an asset is recognized after deducting any accumulated depreciation (amortization) and accumulated impairment losses."

"Inventories are assets in the form of materials or supplies to be consumed in the production process or in the rendering of services."

"In most cases, a provision is not built because there is no reliable estimate of the value."

"The recognition criteria assess the relevance and the faithful representation of a business activity."

"The right-of-use asset is measured as its original cost minus accumulated depreciation/amortization minus accumulated impairment losses plus adjustment/re-measurement of the lease liability."

"The wage for the head of sales in the company is generally considered in the cost of inventory purchase."

"The recording of the equal financial effect of transactions on the two elements of those transactions: the item exchanged and the form of settlement, one as a debit and the other as a credit, PLUS the inclusion of an audit trail."

"Accounting is the production of information about an enterprise and the transmission of that information from those who have it to those who need it."

"If the net realizable value is higher than the purchase costs the higher value should be used and a gain is recognized."

"IAS 16 does not apply to biological assets related to agricultural activity other than bearer plants."

"Inventory is capitalized when the related revenue is recognized."

"A contingent liability can be a liability, which existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity."

"Provisions are measured at the present value of the expenditures expected

"EQUITY is the residual interest in the assets of the entity after deducting all its liabilities..

"For a lease contract according to IFS 16, the customer has to obtain all of the economic benefits and the legal ownership of an asset."

"The income of the lessor in an operating lease agreement is normally recognized on the statement of comprehensive income."

"Development costs can be capitalized under specific requirements according to lAS 38."

"Intangible asset is an identifiable, non-monetary asset without physical substance."

"IAS 16 describes the accounting treatment for costs subsequent to acquisition"