IFRS for SMEs review 2

Question 1

All company that follows IFRS for SMEs must produce Statement of Comprehensive Income

Accepted Answer

False

Question 2

Asset is a resource controlled by the entity as a result of past events

Accepted Answer

True

Question 3

Which of the following are the criteria for a current-asset?

Accepted Answer

1, 2, 3 and 4

Question 4

All company must use 5% of the profit before tax as their materiality

Accepted Answer

False

Question 5

Which of the following that the statement of income and retained earnings must include ?

Accepted Answer

1, 2, 3 and 4

Question 6

Current liabilities are those that will be paid in less than 12 months.

Accepted Answer

True

Question 7

Information may be material due to its amount, nature or a combination of amount and nature.

Accepted Answer

True

Question 8

Which of the followings are the examples of Other comprehensive income?

Accepted Answer

Revaluation gain on PPE, Translation gain or loss

Question 9

Under IFRS for SMEs, it is preferable to show expenses by functions

Accepted Answer

False

Question 10

When do we need to prepare a separate Statement of Changes in Equity?

Accepted Answer

Issue of shares, Issue of shares

Questions 10