Edrftgyihu jiuh
Applying IFRS Standards
5th Edition
ST
TEST BANK
UV
IA
Ruth Picker
Leo van der Tas
David Kolitz
_A
Gilad Livne
────────────────────────────────────────────────────
PP
Comprehensive Test Bank for Instructors
and Students
RO
© Ruth Picker, Leo van der Tas, David Kolitz, Gilad Livne, Janice
Loftus, Miriam Koning & Cathrynne Service. All rights reserved.
Reproduction or distribution without permission is prohibited.
VE
||| ||| || ||| || | || ||| | || ||| |
D?
9781394235919
© Medgeek
, Edrftgyihu jiuh
Test Bank — Applying IFRS Standards, 5th Edition —
Picker, van der Tas, Kolitz, Livne, Loftus, Koning, and
Service
Description
This test bank corresponds to the 5th edition of Applying IFRS Standards by Ruth Picker, Leo
ST
van der Tas, David Kolitz, Gilad Livne, Janice Loftus, Miriam Koning, and Cathrynne
Service. It follows the official textbook structure and supports assessment of International
Financial Reporting Standards, including recognition, measurement, presentation, disclosure,
and consolidation topics under IFRS.
UV
Table of Contents
Chapter 1: The IASB and its Conceptual Framework
Chapter 2: Financial Statement Presentation
Chapter 3: Revenue from Contracts with Customers
Chapter 4: Inventories
IA
Chapter 5: Property, Plant and Equipment
Chapter 6: Intangible Assets
Chapter 7: Impairment of Assets
Chapter 8: Fair Value Measurement
_A
Chapter 9: Leases
Chapter 10: Provisions, Contingent Liabilities and Contingent Assets
Chapter 11: Employee Benefits
Chapter 12: Owners’ Equity: Share Capital and Reserves
Chapter 13: Financial Instruments
PP
Chapter 14: Share-Based Payment
Chapter 15: Income Taxes
Chapter 16: Statement of Cash Flows
Chapter 17: Key Notes Disclosures
Chapter 18: Operating Segments
RO
Chapter 19: Business Combinations
Chapter 20: Consolidation: Controlled Entities
Chapter 21: Consolidation: Wholly Owned Subsidiaries
Chapter 22: Consolidation: Intragroup Transactions
Chapter 23: Consolidation: Non-Controlling Interest
Chapter 24: Translation of Foreign Currency Transactions and the Financial Statements of
VE
Foreign Entities
D?
© Medgeek
, CHAPTER 1
The IASB and its Conceptual Framework
Learning Objectives
ST
1.1 Describe the organisational structure of the key players in setting International Financial
Reporting Standards (IFRSs)
1.2 Describe the purpose of a conceptual framework – who uses it and why
UV
1.3 Explain the qualitative characteristics that make information in financial statements
useful
1.4 Discuss the going concern assumption underlying the preparation of financial statements
IA
1.5 Define the basic elements in financial statements – assets, liabilities, equity, income and
expenses
1.6 Explain the principles for recognising the elements of financial statements
_A
1.7 Distinguish between alternative bases for measuring the elements of financial
statements
1.8 Outline concepts of capital.
Multiple Choice Questions
PP
1. Which of the following statements is INCORRECT?
Learning Objective 1.1 Describe the organisational structure of the key players in setting
IFRSs:
RO
*a. The International Accounting Standards Board was replaced by the International
Standards Committee in 2001.
b. The International Accounting Standards Board is funded by the IASC
Foundation.
c. The responsibility for issuing International Financial Reporting Standards lies with
the International Accounting Standards Board.
VE
d. Members of the International Accounting Standards Board are appointed by the
IFRS Foundation.
2. Which of the following bodies report to the IFRS Foundation?
Learning Objective 1.1 Describe the organisational structure of the key players in setting
D?
IFRSs:
a. The IASB and AASB
b. The IASB, AASB and the IFRS Advisory Council
c. The IASB and the FASB
*d. The IASB and the IFRS Advisory Council
, 3. Which of the following statements is INCORRECT?
Learning Objective 1.2 Describe the purpose of a conceptual framework – who uses it
and why
a. The Framework identifies the qualitative characteristics that make information in
financial statements useful.
*b. The Framework defines principles for accounting recognition, measurement and
ST
disclosure.
c. The Framework defines the objective of financial statements.
d. The Framework defines the basic elements of financial statements and the
concepts for recognizing and measuring them in financial statements.
UV
4. Which of the following statements is CORRECT?
Learning Objective 1.2 Describe the purpose of a conceptual framework – who uses it
and why
*a. IAS 8 Accounting Policies, Changes in Accounting Estimates, and Errors
requires that The Framework be followed in the absence of a specific standard or
interpretation.
IA
b. IAS 8 Accounting Policies, Changes in Accounting Estimates, and Errors
recommends, but does not require The Framework to be followed in the absence
of a specific standard or interpretation.
c. The Framework is used solely by the IASB when considering new accounting
_A
issues.
d. The Framework is non-binding guidance which does not have to be followed by
preparers of financial statements.
5. The Framework focuses on:
PP
Learning Objective 1.2 Describe the purpose of a conceptual framework – who uses it
and why
a. privately owned business entities only.
*b. business entities only, including private and state owned business entities.
c. business entities, although the concepts may be applied to other types of entities,
RO
such as not-for profit entities.
d. all types of entities, including business entities, government and not-for profit
entities.
6. General Purpose Financial Statements:
Learning Objective 1.2 Describe the purpose of a conceptual framework – who uses it
VE
and why
a. are only necessary for users who do not have the power to obtain information in
addition to that contained within the General Purpose Financial Statement.
b. provide all the information that users may need to make economic decisions.
c. focus on disclosing information relevant to assessing the ability of an entity to
D?
generate future cash flows.
*d. meet the information needs that are common to all users.
2
Applying IFRS Standards
5th Edition
ST
TEST BANK
UV
IA
Ruth Picker
Leo van der Tas
David Kolitz
_A
Gilad Livne
────────────────────────────────────────────────────
PP
Comprehensive Test Bank for Instructors
and Students
RO
© Ruth Picker, Leo van der Tas, David Kolitz, Gilad Livne, Janice
Loftus, Miriam Koning & Cathrynne Service. All rights reserved.
Reproduction or distribution without permission is prohibited.
VE
||| ||| || ||| || | || ||| | || ||| |
D?
9781394235919
© Medgeek
, Edrftgyihu jiuh
Test Bank — Applying IFRS Standards, 5th Edition —
Picker, van der Tas, Kolitz, Livne, Loftus, Koning, and
Service
Description
This test bank corresponds to the 5th edition of Applying IFRS Standards by Ruth Picker, Leo
ST
van der Tas, David Kolitz, Gilad Livne, Janice Loftus, Miriam Koning, and Cathrynne
Service. It follows the official textbook structure and supports assessment of International
Financial Reporting Standards, including recognition, measurement, presentation, disclosure,
and consolidation topics under IFRS.
UV
Table of Contents
Chapter 1: The IASB and its Conceptual Framework
Chapter 2: Financial Statement Presentation
Chapter 3: Revenue from Contracts with Customers
Chapter 4: Inventories
IA
Chapter 5: Property, Plant and Equipment
Chapter 6: Intangible Assets
Chapter 7: Impairment of Assets
Chapter 8: Fair Value Measurement
_A
Chapter 9: Leases
Chapter 10: Provisions, Contingent Liabilities and Contingent Assets
Chapter 11: Employee Benefits
Chapter 12: Owners’ Equity: Share Capital and Reserves
Chapter 13: Financial Instruments
PP
Chapter 14: Share-Based Payment
Chapter 15: Income Taxes
Chapter 16: Statement of Cash Flows
Chapter 17: Key Notes Disclosures
Chapter 18: Operating Segments
RO
Chapter 19: Business Combinations
Chapter 20: Consolidation: Controlled Entities
Chapter 21: Consolidation: Wholly Owned Subsidiaries
Chapter 22: Consolidation: Intragroup Transactions
Chapter 23: Consolidation: Non-Controlling Interest
Chapter 24: Translation of Foreign Currency Transactions and the Financial Statements of
VE
Foreign Entities
D?
© Medgeek
, CHAPTER 1
The IASB and its Conceptual Framework
Learning Objectives
ST
1.1 Describe the organisational structure of the key players in setting International Financial
Reporting Standards (IFRSs)
1.2 Describe the purpose of a conceptual framework – who uses it and why
UV
1.3 Explain the qualitative characteristics that make information in financial statements
useful
1.4 Discuss the going concern assumption underlying the preparation of financial statements
IA
1.5 Define the basic elements in financial statements – assets, liabilities, equity, income and
expenses
1.6 Explain the principles for recognising the elements of financial statements
_A
1.7 Distinguish between alternative bases for measuring the elements of financial
statements
1.8 Outline concepts of capital.
Multiple Choice Questions
PP
1. Which of the following statements is INCORRECT?
Learning Objective 1.1 Describe the organisational structure of the key players in setting
IFRSs:
RO
*a. The International Accounting Standards Board was replaced by the International
Standards Committee in 2001.
b. The International Accounting Standards Board is funded by the IASC
Foundation.
c. The responsibility for issuing International Financial Reporting Standards lies with
the International Accounting Standards Board.
VE
d. Members of the International Accounting Standards Board are appointed by the
IFRS Foundation.
2. Which of the following bodies report to the IFRS Foundation?
Learning Objective 1.1 Describe the organisational structure of the key players in setting
D?
IFRSs:
a. The IASB and AASB
b. The IASB, AASB and the IFRS Advisory Council
c. The IASB and the FASB
*d. The IASB and the IFRS Advisory Council
, 3. Which of the following statements is INCORRECT?
Learning Objective 1.2 Describe the purpose of a conceptual framework – who uses it
and why
a. The Framework identifies the qualitative characteristics that make information in
financial statements useful.
*b. The Framework defines principles for accounting recognition, measurement and
ST
disclosure.
c. The Framework defines the objective of financial statements.
d. The Framework defines the basic elements of financial statements and the
concepts for recognizing and measuring them in financial statements.
UV
4. Which of the following statements is CORRECT?
Learning Objective 1.2 Describe the purpose of a conceptual framework – who uses it
and why
*a. IAS 8 Accounting Policies, Changes in Accounting Estimates, and Errors
requires that The Framework be followed in the absence of a specific standard or
interpretation.
IA
b. IAS 8 Accounting Policies, Changes in Accounting Estimates, and Errors
recommends, but does not require The Framework to be followed in the absence
of a specific standard or interpretation.
c. The Framework is used solely by the IASB when considering new accounting
_A
issues.
d. The Framework is non-binding guidance which does not have to be followed by
preparers of financial statements.
5. The Framework focuses on:
PP
Learning Objective 1.2 Describe the purpose of a conceptual framework – who uses it
and why
a. privately owned business entities only.
*b. business entities only, including private and state owned business entities.
c. business entities, although the concepts may be applied to other types of entities,
RO
such as not-for profit entities.
d. all types of entities, including business entities, government and not-for profit
entities.
6. General Purpose Financial Statements:
Learning Objective 1.2 Describe the purpose of a conceptual framework – who uses it
VE
and why
a. are only necessary for users who do not have the power to obtain information in
addition to that contained within the General Purpose Financial Statement.
b. provide all the information that users may need to make economic decisions.
c. focus on disclosing information relevant to assessing the ability of an entity to
D?
generate future cash flows.
*d. meet the information needs that are common to all users.
2
