Reference no: EM132712285
Question 1.) In considering related party relationship to a reporting entity "Substance over form" concept should not be applied only legal form of the relationship is considered.
A. True
B. False
C. Tralse
Question 2.) XYZ Co have not included statement in its interim report regarding method of computation and accounting policies followed are the same as in its most recent annual financial statements
A. Company violated requirement of PAS 34.
B. Company have not violated requirement of PAS 34.
Question 3.) Events after the reporting period are __________ events that occur between the end of the reporting period and the date when the financial statements are authorized for issue.
A. predictable
B. non-predictable
C. favorable
D. unfavorable
E. B and D
F. C and D
Question 4.) A personal loan taken by chief executive of a company financed by the same company
A. Is a related party transaction and to be disclosed in financial statements
B. Is a related party transaction need not to be disclosed in financial statements
C. Is not a related party transaction
Question 5.) ABC suffered losses on their sales in the first week of July 2019 due to a decrease in the prices of their products. The reduction in price was caused by falling demand of the Company's products due to the unexpected launch of technologically superior products by its competitor on 30 June 2019. The CFO is of the view that because the sales were transacted after the year end, the associated loss should be recognized in the next accounting period in line with the matching principle. How should the decrease in inventory prices be accounted for in the financial statements for the year ended 30 June 2019?
A. Adjust
B. Disclose
C. Ignore
D. Yes
Question 6.) ABC company disclosing additional information in its interim financial report over and above required by PAS 34 (Interim financial reporting), is it allowed by PAS 34 or not?
A. Allowed, additional information should be consistent with that in full financial statements.
B. Allowed, need not to be consistent with that in full financial statements.
C. Not allowed.
Question 7.) Subsequent re-measurement: Provisions for obsolete inventory and doubtful debts should be reviewed:
A. At the same time that the group's 'fair value, less costs to sell' is remeasured
B. After the group's 'fair value, less costs to sell' is remeasured
C. Before the group's 'fair value, less costs to sell' is remeasured
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How should the decrease in inventory prices be accounted
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