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10 Cards in this Set
- Front
- Back
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d. Financial position, financial performance and cash flows |
The presentation and disclosure requirement achieves all of the following, except a. An effective communication tool b. More relevant and faithfully represented financial information c. Understandability and comparability of information d. Financial position, financial performance and cash flows |
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a. Classification |
It is the sorting of assets, liabilities, equity, income and expenses with similar characteristics a. Classification b. Summarization c. Interpretation d. Recognition |
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d. Offsetting asset and liability |
All of the following can considered appropriate classification, except a. Current and noncurrent assets b. Current and noncurrent liabilities c. Ordinary share capital and preference share capital d. Offsetting asset and liability |
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a. Profit or loss and other comprehensive income |
Income and expenses are classified as a. Profit or loss and other comprehensive income b. Profit loss and retained earnings c. Retained earnings and other comprehensive income d. Ordinary and extraordinary |
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d. Statement of financial performance |
What is the new term to describe the statement of profit or loss together with the statement showing other comprehensive income? a. Income statement b. Statement of profit or loss c. Statement of other comprehensive income d. Statement of financial performance |
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a. Net assets in monetary terms |
Financial capital is defined as a. Net assets in monetary terms b. Net assets in terms of physical productive capacity c. Legal capital d. Share capital issued and outstanding |
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b. Current Cost |
The physical capital maintenance concept requires the adoption of which measurement basis? a. Historical cost b. Current cost c. Fair value d. Present value |
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a. Financial Capital |
Which concept is applied to net income and other comprehensive income? a. Financial capital b. Physical capital c. Legal capital d. Borrowed capital |
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d. All of these statements are true about the term profit |
Which statement regarding the term profit is true? a. Profit is any amount over and above that required to maintain the capital at the beginning of the period b. Profit is equal to income minus expenses c. Profit is equivalent to net income under IFRS d. All of these statements are true about the term profit |
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c. The nominal amount of net assets at year-end increased after excluding distributions to and contributions from owners |
Under thr financial capital concept, net income occurs when, a. The nominal amount of net assets at year-end increased b. The physical productive capital at year-end increased after excluding any distributions to and contributions from owners c. The nominal amount of net assets at year-end increased after excluding distributions to and contributions from owners d. The physical productive capital at year-end increased |
