of words r-rsed

c. -l-he
shortening of the notes by removing comparative numbers
d. The presentation ofa concise financial report rather than a full iinancial report
I 7' Which of the following organizations is responsible for setting International Financial Reporting Standards? i, a.
Financial Accouriting Standards Board c. International Acoountirrg Standards Committee
\ tr,. Financial Accounting Comrnittee .d. International Accounting Standards Board
p,argo Corporation prepares its financial staternents in accordance with PFRS. Which of the following items is
''required disclosure on the income statement?
p. R.evenues, cost ofgoods sold, and advertising expense
b. Finance costs, tax expense, and income
c. Operating expense, non-operating expenses, ancl extraordinary itenry
d. Gross profit, operaling profits, and nct profit
19. An entity that is not publicly accountable rnust make an explicit and unreserved statement of compliance with
the
PIjltS lbr SMEs:
A a. lf the entity ccmplies with-all the requirements of PFI{S for SMEs.
b. II'the entity complies with the vast majority of the requirements of PFRS tbr SMEs.
c. If the entity complies with the national G,AAP based on PF RS for SMEs with sorne specific differences.
d. lf the entity complies \.vith full PFR.Ss.
20. lf an entity does not prepare interirn financial reports, then
B a. 1'he year-end financial statements (FS) are deemed nol to comply with PFRS
b:' The year-end FS compliance with PFRS is nct affected
c. 1-he year-end FS will not be acceptable under local legislation
_ d. Interim financial reports should be included in the year-end F'S
i /r. 'nt what amount is a financial asset or financial liability meisured on initial recognition?
A" - a. Fair value" For items that are not measured at fair value through profit or loss, transaction costs are
also included in the initial measurernent
b. The consideration paid (received) for the llnancial asse't (financial liability)
9. Acquisition costs, which is the consideration paid plus any directly atffibutable costs
d. Zero
22. Which of the following methods is used in PFRS to account for define<1 benefit pension plans?
ll a. NCA - Local Government
b. NCn - National Covcrnmenl
A ..a: Projected-unit-credit method.
b. Benefif-years-of-servicemethod
D a. Property, plant and equiprnent
b. Land and buildings
B a. On a prospective basis.
-b. On a retrospective basis.
B q. Personal services
h. Selling expenses
c. Subsidy lncome Local Government
d. Subsidy lrrcome --National Government
c. Accumulated benefits method.
d. Vested years of service method.
c. lnventory
*: Accounts receivable
c. By restating ttre finaneial statements.
d. By a cur,uriative adjustment on the income statement.
c. Maintenance ancl operating exprses
d. Financial expenses
/ts t
23. Which of the fbllowing situations violates the concept of reliability?
D a. Data on segments having the same expected risks and growth rates are reported to a