Question 1

Under IAS 1,if the conditions are broken on long term debt it should immediately be classified as a current liability.

Accepted Answer

A) True 
 B)False  True

Question 2

The layout of the balance sheet is specified in greater detail in the EU 4th Directive than in the IASs.

Accepted Answer

A) True 
 B)False  True

Question 3

An asset should be classified as a current asset even if it is restricted from being exchanged for at least 12 months after the accounting period.

Accepted Answer

A) True 
 B)False  False

Question 4

Under the Fourth Directive income statements may be presented:

Accepted Answer

A) Only horizontally by nature 
B) Only vertically by function 
C) Only horizontally by nature or by function 
D) Either horizontally or vertically by nature or by function 
A) Only horizontally by nature 
B) Only vertically by function 
C) Only horizontally by nature or by function 
D) Either horizontally or vertically by nature or by function

Question 5

Under IAS,A 'statement of comprehensive income' has been mandatory since:

Accepted Answer

A) 2009 
B) 2008 
C) 2007 
D) 2006 
A) 2009 
B) 2008 
C) 2007 
D) 2006

Question 6

In terms of the balance sheet format the Fourth Directive;

Accepted Answer

A) Requires member states to prescribe the horizontal format 
B) Requires member states to prescribe the vertical format 
C) Does not require member states to prescribe either format 
D) Requires member states to prescribe one or both of the two formats 
A) Requires member states to prescribe the horizontal format 
B) Requires member states to prescribe the vertical format 
C) Does not require member states to prescribe either format 
D) Requires member states to prescribe one or both of the two formats

Question 7

A non-current asset should continue to be classified as non-current:

Accepted Answer

A) Until it is decided that it will be sold 
B) Until it is actually disposed of 
C) For the duration of its originally defined useful life 
D) Until it is fully depreciated 
A) Until it is decided that it will be sold 
B) Until it is actually disposed of 
C) For the duration of its originally defined useful life 
D) Until it is fully depreciated

Question 8

As a minimum requirement,which of the following is required to be shown as a separate line item on the balance sheet?

Accepted Answer

A) Property 
B) Plant 
C) Equipment 
D) Investment property 
A) Property 
B) Plant 
C) Equipment 
D) Investment property

Question 9

Biological assets should be shown separately on the face of the balance sheet.

Accepted Answer

A) True 
 B)False

Question 10

In the EU companies under a certain size may file abridged account.

Accepted Answer

A) True 
 B)False

Exam 10: Structure of Published Financial Statements

Under IAS 1,if the conditions are broken on long term debt it should immediately be classified as a current liability.

The layout of the balance sheet is specified in greater detail in the EU 4th Directive than in the IASs.

An asset should be classified as a current asset even if it is restricted from being exchanged for at least 12 months after the accounting period.

Under the Fourth Directive income statements may be presented:

Under IAS,A 'statement of comprehensive income' has been mandatory since:

In terms of the balance sheet format the Fourth Directive;

A non-current asset should continue to be classified as non-current:

As a minimum requirement,which of the following is required to be shown as a separate line item on the balance sheet?

Biological assets should be shown separately on the face of the balance sheet.

In the EU companies under a certain size may file abridged account.

Basics of Financial Reporting

International Accounting Differences

The Process of Harmonization

Economic Valuation Concepts

Current Entry Value

Current Exit Value and Mixed Values

Current Purchasing Power Accounting

Fair Values

Accounting Theory and Conceptual Frameworks

Corporate Governance, corporate Social Responsibility and Ethics

Basics of Interpretation of Financial Statements

Fixed Non-Currenttangible Assets

Intangible Assets

Impairment and Disposal of Assets

Leases

Inventories and Construction Contracts

Accounting for Financial Instruments

Revenue

Provisions, contingent Liabilities and Contingent Assets

Income Taxes

Employee Benefits

Changing Prices and Hyperinflationary Economies

Statements of Cash Flows

Disclosure Issues

Business Combinations

Consolidated Financial Statements

Alternative Concepts on Consolidation and Business Combinations

Accounting for Associates, joint Arrangements and Related Party Disclosures

Foreign Currency Translation

Interpretation of Financial Statements

Techniques of Financial Analysis

Filters

The layout of the balance sheet is specified in greater detail in the EU 4^th Directive than in the IASs.