Question 1

The expense example that is a classification by nature rather than by function is:

Accepted Answer

A)  depreciation expense 
B)  administrative expenses 
C)  marketing expenses 
D)  occupancy expenses 
A)  depreciation expense 
B)  administrative expenses 
C)  marketing expenses 
D)  occupancy expenses

Question 2

Under AASB 101,which of these items need not be disclosed separately on the face of the 'statement of profit or loss and other comprehensive income'?

Accepted Answer

A)  Income tax expense 
B)  Bad and doubtful debts 
C)  Finance costs 
D)  None of the above, i.e., all must be disclosed separately on the face of the income statement 
A)  Income tax expense 
B)  Bad and doubtful debts 
C)  Finance costs 
D)  None of the above, i.e., all must be disclosed separately on the face of the income statement

Question 3

The inclusion of increments and decrements of non-current assets required by the comprehensive income approach:

Accepted Answer

A)  may reduce the reliability of the financial statements 
B)  must always be confirmed as an arms-length transaction 
C)  A and B above 
D)  None of the above 
A)  may reduce the reliability of the financial statements 
B)  must always be confirmed as an arms-length transaction 
C)  A and B above 
D)  None of the above

Question 4

Items not included in the operating profit calculation under AASB 101 are:

Accepted Answer

A)  prior period adjustments 
B)  events outside ordinary operations 
C)  adjustments due to changes in accounting policies 
D)  all of the above 
A)  prior period adjustments 
B)  events outside ordinary operations 
C)  adjustments due to changes in accounting policies 
D)  all of the above

The expense example that is a classification by nature rather than by function is:

Under AASB 101,which of these items need not be disclosed separately on the face of the 'statement of profit or loss and other comprehensive income'?

The inclusion of increments and decrements of non-current assets required by the comprehensive income approach:

Items not included in the operating profit calculation under AASB 101 are:

Institutional Arrangements for Setting Accounting Standards in Australia

The Conceptual Framework: Purpose, reporting Entity, the Objective of Financial Reporting, and Qualitative Characteristics

The Conceptual Framework: Definition, recognition and Measurement of the Elements in General Purpose Financial Statements

Fair Value Measurement

The Choice of Accounting Methods

The Statement of Financial Position

Accounting for Current Assets

Accounting for Property, plant and Equipment

Accounting for Company Income Tax

Accounting for Intangible Assets

Accounting for Leases

Accounting for Employee Benefits

Accounting for Financial Instruments

Revenue

The Statement of Cash Flows

Financial Reporting: Segment Reporting and Highlights Statements

Further Financial Reporting Issues

Accounting for Extractive Industry

Accounting for Agricultural Activity

Accounting for Superannuation Entities

Accounting for Insurance

International Accounting Standards, harmonisation and Convergence

Foreign Currency Translation

Accounting for Corporate

Ethics in Accounting

Filters

Exam 14: The Statement of Comprehensive Income

The expense example that is a classification by nature rather than by function is:

Under AASB 101,which of these items need not be disclosed separately on the face of the 'statement of profit or loss and other comprehensive income'?

The inclusion of increments and decrements of non-current assets required by the comprehensive income approach:

Items not included in the operating profit calculation under AASB 101 are:

Institutional Arrangements for Setting Accounting Standards in Australia

The Conceptual Framework: Purpose, reporting Entity, the Objective of Financial Reporting, and Qualitative Characteristics

The Conceptual Framework: Definition, recognition and Measurement of the Elements in General Purpose Financial Statements

Fair Value Measurement

The Choice of Accounting Methods

The Statement of Financial Position

Accounting for Current Assets

Accounting for Property, plant and Equipment

Accounting for Company Income Tax

Accounting for Intangible Assets

Accounting for Leases

Accounting for Employee Benefits

Accounting for Financial Instruments

Revenue

The Statement of Cash Flows

Financial Reporting: Segment Reporting and Highlights Statements

Further Financial Reporting Issues

Accounting for Extractive Industry

Accounting for Agricultural Activity

Accounting for Superannuation Entities

Accounting for Insurance

International Accounting Standards, harmonisation and Convergence

Foreign Currency Translation

Accounting for Corporate

Ethics in Accounting

Filters