S1: Only public entities are required to prescribe the accounting requirements of PAS 12 S2: Financial income is for external reporting purposes while taxable income is for compliance purposes Choices: True, False False, True False, False True, True
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S1: Only public entities are required to prescribe the accounting requirements of PAS 12
S2: Financial income is for external reporting purposes while taxable income is for compliance purposes
Choices:
True, False
False, True
False, False
True, True
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- Under IAS 1 an entity must present a statement of profit or loss and other comprehensive income. Which of the following statements is true in respect of the other comprehensive income section? 1. Items should be grouped into those that may subsequently be reclassified to profit or loss and those that will not subsequently be reclassified to profit or loss. 2. All items must be shown inclusive of income tax 3. Extraordinary items should be listed separately with details of the nature of the item disclosed in the notes. Please select the right answer. All of the above 1 and 2 only 2 only 1 onlyTRUE OR FALSE 1. PFRS 4 SUPERSEDES PFRS17 2.PFRS 17 APPLIES TO REINSURANCE CONTRACTS3.INCOME SERVICE IS RECOGNIZED IN OTHER COMPREHENSIVE INCOME4. PFRS17 APPLIES TO INVESTMENT CONTRACTS WITH DISCRETIONARY FEATURES REGARDLESS IF THE ENTITY ALSO ISSUES INSRANCE CONRACS OR NI17. Gain contingencies should a. be accrued if they are probable and can be reasonably estimatedb. not be accrued in the accountsc. be accrued only if they are the result of litigation or government appropriationd. not be accrued or disclosed in the footnotes
- True or false: FASB ASC 606 states that an entity must separately disclose revenue from contracts with customers. O True FalseDiscuss the following terms used in MFRS 108 Accounting Policies, Changesin Accounting Estimates and Errors, and MFRS 137 Provisions, ContingentLiabilities and Contingent Assets. Provide brief examples to support thediscussion: i)Retrospective method ii)Prospective method iii)Contingent assetsWhich of the following statements is not in accordance with AASB 101 Presentation of Financial Statements with respect to the statement of profit or loss and other comprehensive income? An entity shall not present any items of income or expense as extraordinary items, in the statement of profit or loss and other comprehensive income or the separate income statement (if presented), or in the notes. An entity shall disclose the amount of income tax relating to each component of other comprehensive income, including reclassification adjustments, either in the statement of profit or loss and other comprehensive income or in the notes. As a minimum, the statement of profit or loss and other comprehensive income shall include line items of each component of other comprehensive income classified by nature. An entity shall recognise all items of income and expense in a period in profit or loss unless an Australian Accounting Standard requires or permits otherwise,…
- Statement 1: All items of gross income, legitimate or not, are taxable unless exempted by law or treaty. Statement 2: All items of deductions legitimate or not, are deductible unless exempted by law or treaty. a. Both statements are true b. Both statements are false c. Only statement 1 is true d. Only statement 2 is true10. Statement 1: The other comprehensive income section shall present line items for amounts of other comprehensive income in the period, classified by nature and grouped into those that are in accordance with other PFRS/ IFRS. An entity shall disclose the amount of income tax relating to each item in other comprehensive income, including reclassification adjustments, either in the statement of profit o loss and other comprehensive Statement 2: income or in the notes. а. Only the first statement is correct. b. Only the second statement is correct. С. Both statements are correct. d. Neither of the statenments is correct.Items of dissimilar nature or function: B must be presented separately in financial statements if these items are material. must not be presented separately. must be presented separately in financial statements even if these items are immaterial. must always be presented separately.
- What elements must be present for an amount to constitute ordinary income under s 6-5 of ITAA 1997? a. Must not be statutory income and must not be capital. b. Nexus with an income earning activity. c. Benefit is cash or cash convertible and income according to ordinary concepts. d. Benefit must be cash or cash convertible; it must have a nexus with an income earning activity; benefit must not be in the nature of capital.In accordance with AASB 9, the recognition of a financial asset or financial liability will be influenced by considerations as to whether there is a contractual right to exchange financial assets or financial liabilities with another entity under conditions that are potentially favourable, or potentially unfavourable, to the entity. Explain what this requirement means.In the case of grants related to income, which of these accounting treatments is prescribed by IAS 20? (a) Credit the grant to “general reserve” under shareholders’ equity. (b) Present the grant in the income statement as “other income”’ or as a separate line item, or deduct it from the related expense. (c) Credit the grant to “retained earnings” on the balance sheet. (d) Credit the grant to sales or other revenue from operations in the income statement.
