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CFAS- FINAL EXAM (QUESTIONS=DEFINITION. ANSWERS=TERMS) SCORED A+
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CFAS- FINAL EXAM (QUESTIONS=DEFINITION. ANSWERS=TERMS) SCORED A+
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CFAS- FINAL EXAM(QUESTIONS=DEFINITI
ON.
ANSWERS=TERMS)
SCORED A+
CFAS
Evatee 8/7/24 CFAS
,CFAS- FINAL EXAM (QUESTIONS=DEFINITION.
ANSWERS=TERMS) SCORED A+
Under what condition can an entity classify financial asset that meets the
amortized cost criteria at FVPL? Answer - If doing so eliminates or reduces an
accounting mismatch
An entity shall prepare and present a statement of cash flows as Answer -
Integral part of the entity's basic financial statements
Costs incurred in bringing the inventory to the present location and condition
include Answer - Cost of designing product for specific customers
Biological transformation results from asset changes through all of the
following, except
A. Procreation
B. Degeneration
C. Production of agricultural produce
D. Growth Answer - C. Production of agricultural produce
Agricultural activity results in which of the following type of asset?
A. Neither biological, asset nor agricultural produce
B. Agricultural produce
C. Biological asset
, D. Biological asset and agricultural produce Answer - D. Biological asset and
agricultural produce
Consumable stores or supplies to be consumed in the production process are
reported as Answer - Inventory
Which of the following is not a purpose of the notes?
A. to present information about the basis of preparation of the financial
statements and the specific accounting policies
B. to rectify inappropriate accounting policies
C. to disclose the information required by PFRSS that is not presented
elsewhere in the financial statements
D. to provide information that is not presented elsewhere in the financial
statements but is relevant to an understanding of any of the financial
statements. Answer - B. to rectify inappropriate accounting policies
The financial statements of Entity A shows line items described as "Other
current assets," "Other noncurrent liabilities," and "Miscellaneous expenses."
Which of the following is correct?
1/1
A. Entity A considers the items included in these line items as individually
material but with dissimilar nature or function.
B. This manner of presenting items is unacceptable under PAS 1.
C. Entity A considers the items included in these line items as dissimilar and
cannot be included in material classes of similar items and are also individually
immaterial to warrant separate presentation.
D. Entity A considers the items included in these line items as comprising a
material class of similar items. Answer - C. Entity A considers the items
included in these line items as dissimilar and cannot be included in material
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