Question 1

As set out in IAS 1/AASB 101,all of these are general requirements that apply to annual reports except:

Accepted Answer

A) There must be a description of the entity's operations and its principal activities. 
B) Comparative figures for the previous reporting period must be disclosed. 
C) The reporting date or period covered by each financial statement must be included. 
D) A list of all the accounting standards followed must be included. 
A) There must be a description of the entity's operations and its principal activities. 
B) Comparative figures for the previous reporting period must be disclosed. 
C) The reporting date or period covered by each financial statement must be included. 
D) A list of all the accounting standards followed must be included.

Question 2

The accounting standard that contains the specific requirements for concise financial reports is:

Accepted Answer

A) AASB 1001. 
B) AASB 1039. 
C) IAS 1/AASB 101. 
D) IAS 34/AASB 134. 
A) AASB 1001. 
B) AASB 1039. 
C) IAS 1/AASB 101. 
D) IAS 34/AASB 134.

Question 3

The accounting standard Presentation of Financial Statements is:

Accepted Answer

A) AASB 1039. 
B) IAS 1/AASB 101. 
C) IAS 20/AASB 120. 
D) AASB 1004. 
A) AASB 1039. 
B) IAS 1/AASB 101. 
C) IAS 20/AASB 120. 
D) AASB 1004.

Question 4

How many of these are general reporting requirements for companies required under IAS 1/AASB 101?
The domicile and legal form of the entity
The country of incorporation
The name of the ultimate parent entity
The address of the registered office
The names of the 10 largest shareholders

Accepted Answer

A) 3 
B) 4 
C) 5 
D) 6 
A) 3 
B) 4 
C) 5 
D) 6

Question 5

IAS 1/AASB 101 defines a complete set of financial statements as comprising:

Accepted Answer

A) a balance sheet,a profit or loss report,a statement of cash flows and a director's report. 
B) a statement of financial position,a statement of profit or loss and other comprehensive income for the period,a statement of changes in equity,a statement of cash flows ,and notes comprising a summary of accounting policies and other explanatory information. 
C) a statement of financial position,a statement of profit or loss and other comprehensive income for the period,a statement of changes in equity and a statement of cash flows. 
D) a statement of financial position,a statement of profit or loss and other comprehensive income for the period,and a statement of cash flows. 
A) a balance sheet,a profit or loss report,a statement of cash flows and a director's report. 
B) a statement of financial position,a statement of profit or loss and other comprehensive income for the period,a statement of changes in equity,a statement of cash flows ,and notes comprising a summary of accounting policies and other explanatory information. 
C) a statement of financial position,a statement of profit or loss and other comprehensive income for the period,a statement of changes in equity and a statement of cash flows. 
D) a statement of financial position,a statement of profit or loss and other comprehensive income for the period,and a statement of cash flows.

Question 6

What is an alternative name for the balance sheet?

Accepted Answer

A) Statement of financial performance 
B) Statement of financial balances 
C) Statement of financial situation 
D) Statement of financial position 
A) Statement of financial performance 
B) Statement of financial balances 
C) Statement of financial situation 
D) Statement of financial position

Question 7

Which of these is not required by the Corporations Act to be included in the annual financial report of a company?

Accepted Answer

A) A five year summary 
B) A directors' report 
C) A directors' declaration 
D) An auditor's report 
A) A five year summary 
B) A directors' report 
C) A directors' declaration 
D) An auditor's report

Question 8

Which statement concerning AASB 1053 is untrue?

Accepted Answer

A) Its publication is meant to lessen the reporting burden on the majority of disclosing Australian entities. 
B) Entities classed as Tier 1 will have their financial disclosure requirements increased. 
C) Entities classed as Tier 2 will have their financial disclosure requirements in relation to the accounting standards reduced. 
D) In effect only publicly accountable entities will be required to report using full Australian accounting standards. 
A) Its publication is meant to lessen the reporting burden on the majority of disclosing Australian entities. 
B) Entities classed as Tier 1 will have their financial disclosure requirements increased. 
C) Entities classed as Tier 2 will have their financial disclosure requirements in relation to the accounting standards reduced. 
D) In effect only publicly accountable entities will be required to report using full Australian accounting standards.

Question 9

How many of these are true statements concerning the statement of changes in equity?
-It provides a link between the statement of profit or loss and other comprehensive income and the statement of financial position.
-It provides a link between the statement of profit or loss and other comprehensive income and the statement of cash flows.
-It is only required to be prepared by disclosing entities.

Accepted Answer

A) 0 
B) 1 
C) 2 
D) 3 
A) 0 
B) 1 
C) 2 
D) 3

Question 10

Under AASB 1039 and the Corporations Act,which of these does not have to be included in a concise financial report?

Accepted Answer

A) Notes to the financial statements 
B) Directors report 
C) Statement of cash flows 
D) A copy of any qualification in the auditor's report 
A) Notes to the financial statements 
B) Directors report 
C) Statement of cash flows 
D) A copy of any qualification in the auditor's report

Question 11

Under AASB 1039 and the Corporations Act how many of these must be included in a concise financial report?
Sales revenue
Earnings per share
Details of any changes in accounting policies

Accepted Answer

A) 0 
B) 1 
C) 2 
D) 3 
A) 0 
B) 1 
C) 2 
D) 3

Question 12

If expenses are classified into the groups,cost of sales,selling expenses,administrative expenses and finance expenses,under IAS 1/AASB 101 they are classified by:

Accepted Answer

A) nature. 
B) function. 
C) liquidity. 
D) tangibility. 
A) nature. 
B) function. 
C) liquidity. 
D) tangibility.

Question 13

Under IAS 1/AASB 101,concerning the statement of changes in equity,it is true that:

Accepted Answer

A) it is an additional financial report that each entity is required to supply to its external users. 
B) it only shows changes in retained earnings not changes in share capital. 
C) transfers to reserves from retained profits do not have to be separately disclosed as they do not change total equity. 
D) opening and closing total equity must be reconciled showing all the changes for the period but this is not necessary for the components of equity. 
A) it is an additional financial report that each entity is required to supply to its external users. 
B) it only shows changes in retained earnings not changes in share capital. 
C) transfers to reserves from retained profits do not have to be separately disclosed as they do not change total equity. 
D) opening and closing total equity must be reconciled showing all the changes for the period but this is not necessary for the components of equity.

Question 14

As set out in IAS 1/AASB 101,there is a general requirement that the financial statements must provide comparative and corresponding financial disclosures for:

Accepted Answer

A) the previous three years. 
B) the previous five years. 
C) the previous twelve month period. 
D) the previous reporting period. 
A) the previous three years. 
B) the previous five years. 
C) the previous twelve month period. 
D) the previous reporting period.

Question 15

Which statement concerning AASB1053 is true?

Accepted Answer

A) All entities would be classified as Tier 1,Tier 2 or Tier 3. 
B) It is sometimes referred to as the reduced disclosure requirements standard. 
C) Entities classed as Tier 3 will have their financial disclosure requirements increased. 
D) The standard does not apply to not-for-profit private sector entities and most public sector entities. 
A) All entities would be classified as Tier 1,Tier 2 or Tier 3. 
B) It is sometimes referred to as the reduced disclosure requirements standard. 
C) Entities classed as Tier 3 will have their financial disclosure requirements increased. 
D) The standard does not apply to not-for-profit private sector entities and most public sector entities.

Question 16

The approach contained in IAS 1/AASB 101,requiring all income and expenses to be included in the determination of profit,is known as:

Accepted Answer

A) the reporting method approach. 
B) the all-inclusive profit approach. 
C) the operating approach. 
D) the complete profit approach. 
A) the reporting method approach. 
B) the all-inclusive profit approach. 
C) the operating approach. 
D) the complete profit approach.

Question 17

In the 2011 version of IAS 1/AASB 101,what is the recommended title for the income statement?

Accepted Answer

A) Statement of profit and loss and other comprehensive income 
B) Profit and loss statement and other comprehensive income 
C) Statement of profit or loss and other comprehensive income 
D) Statement of financial performance 
A) Statement of profit and loss and other comprehensive income 
B) Profit and loss statement and other comprehensive income 
C) Statement of profit or loss and other comprehensive income 
D) Statement of financial performance

Question 18

Under the simplest sample format provided in the Implementation Guidance accompanying IAS 1/AASB 101,the final line in the statement of profit or loss and other comprehensive income is:

Accepted Answer

A) profit/loss for the period. 
B) total comprehensive income for the period. 
C) profit/loss and other comprehensive income for the period. 
D) profit/loss after tax and comprehensive income. 
A) profit/loss for the period. 
B) total comprehensive income for the period. 
C) profit/loss and other comprehensive income for the period. 
D) profit/loss after tax and comprehensive income.

Question 19

The major difference between the financial statements of a company and those of a sole trader or partnership is in the area of:

Accepted Answer

A) liabilities. 
B) equity. 
C) assets. 
D) liabilities and assets. 
A) liabilities. 
B) equity. 
C) assets. 
D) liabilities and assets.

Question 20

Under IAS 1/AASB 101 the statement of changes in equity must disclose how many of the following?
-Total comprehensive income for the period.
-A reconciliation between carrying amount at the beginning and end of the period for each item of equity.
-Contributions by and distributions to owners,disclosed separately.

Accepted Answer

A) 0 
B) 1 
C) 2 
D) 3 
A) 0 
B) 1 
C) 2 
D) 3

As set out in IAS 1/AASB 101,all of these are general requirements that apply to annual reports except:

The accounting standard that contains the specific requirements for concise financial reports is:

The accounting standard Presentation of Financial Statements is:

How many of these are general reporting requirements for companies required under IAS 1/AASB 101? The domicile and legal form of the entity The country of incorporation The name of the ultimate parent entity The address of the registered office The names of the 10 largest shareholders

IAS 1/AASB 101 defines a complete set of financial statements as comprising:

What is an alternative name for the balance sheet?

Which of these is not required by the Corporations Act to be included in the annual financial report of a company?

Which statement concerning AASB 1053 is untrue?

Under AASB 1039 and the Corporations Act,which of these does not have to be included in a concise financial report?

Under AASB 1039 and the Corporations Act how many of these must be included in a concise financial report? Sales revenue Earnings per share Details of any changes in accounting policies

If expenses are classified into the groups,cost of sales,selling expenses,administrative expenses and finance expenses,under IAS 1/AASB 101 they are classified by:

Under IAS 1/AASB 101,concerning the statement of changes in equity,it is true that:

As set out in IAS 1/AASB 101,there is a general requirement that the financial statements must provide comparative and corresponding financial disclosures for:

Which statement concerning AASB1053 is true?

The approach contained in IAS 1/AASB 101,requiring all income and expenses to be included in the determination of profit,is known as:

In the 2011 version of IAS 1/AASB 101,what is the recommended title for the income statement?

Under the simplest sample format provided in the Implementation Guidance accompanying IAS 1/AASB 101,the final line in the statement of profit or loss and other comprehensive income is:

The major difference between the financial statements of a company and those of a sole trader or partnership is in the area of:

Decision Making and the Role of Accounting

Financial Statements for Decision Making

Recording Transactions

Adjusting the Accounts and Preparing Financial Statements

Completing the Accounting Cycle Closing and Reversing Entries

Accounting for Retailing

Accounting for Systems

Partnerships: Formation,operation and Reporting

Companies: Formation and Operations

Regulation and the Conceptual Framework

Cash Management and Control

Receivables

Inventories

Non-Current Assets: Acquisition and Depreciation

Non-Current Assets: Revaluation,disposal and Other Aspects

Liabilities

Statement of Cash Flows

Analysis and Interpretation of Financial Statements

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Exam 17: Presentation of Financial Statements

As set out in IAS 1/AASB 101,all of these are general requirements that apply to annual reports except:

The accounting standard that contains the specific requirements for concise financial reports is:

The accounting standard Presentation of Financial Statements is:

How many of these are general reporting requirements for companies required under IAS 1/AASB 101? The domicile and legal form of the entity The country of incorporation The name of the ultimate parent entity The address of the registered office The names of the 10 largest shareholders

IAS 1/AASB 101 defines a complete set of financial statements as comprising:

What is an alternative name for the balance sheet?

Which of these is not required by the Corporations Act to be included in the annual financial report of a company?

Which statement concerning AASB 1053 is untrue?

Under AASB 1039 and the Corporations Act,which of these does not have to be included in a concise financial report?

Under AASB 1039 and the Corporations Act how many of these must be included in a concise financial report? Sales revenue Earnings per share Details of any changes in accounting policies

If expenses are classified into the groups,cost of sales,selling expenses,administrative expenses and finance expenses,under IAS 1/AASB 101 they are classified by:

Under IAS 1/AASB 101,concerning the statement of changes in equity,it is true that:

As set out in IAS 1/AASB 101,there is a general requirement that the financial statements must provide comparative and corresponding financial disclosures for:

Which statement concerning AASB1053 is true?

The approach contained in IAS 1/AASB 101,requiring all income and expenses to be included in the determination of profit,is known as:

In the 2011 version of IAS 1/AASB 101,what is the recommended title for the income statement?

Under the simplest sample format provided in the Implementation Guidance accompanying IAS 1/AASB 101,the final line in the statement of profit or loss and other comprehensive income is:

The major difference between the financial statements of a company and those of a sole trader or partnership is in the area of:

Decision Making and the Role of Accounting

Financial Statements for Decision Making

Recording Transactions

Adjusting the Accounts and Preparing Financial Statements

Completing the Accounting Cycle Closing and Reversing Entries

Accounting for Retailing

Accounting for Systems

Partnerships: Formation,operation and Reporting

Companies: Formation and Operations

Regulation and the Conceptual Framework

Cash Management and Control

Receivables

Inventories

Non-Current Assets: Acquisition and Depreciation

Non-Current Assets: Revaluation,disposal and Other Aspects

Liabilities

Statement of Cash Flows

Analysis and Interpretation of Financial Statements

Filters