28688526-Quiz-Bee-pa1-Toa-easy

28688526-Quiz-Bee-pa1-Toa-easy - 2 ND RFJPIA-R12 Annual...

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RFJPIA-R12 2 ND Annual Regional Convention 2008 EASY ROUND 1. Which ONE of the following statements best describes the term 'liability'? A An excess of equity over current assets B Resources to meet financial commitments as they fall due C The residual interest in the assets of the entity after deducting all its liabilities D A present obligation of the entity arising from past events Question 1 - D The correct answer is "A present obligation of the entity arising from past events", as defined in para 49(b) of the Framework . 2. Are the following statements true or false, according to IAS1 Presentation offinancial statements ? (1) Dividends paid should be recognised in the statement of comprehensive income. (2) A loss on disposal of assets should be recognised in the statement of changes in equity. Statement (1) Statement (2) A False False B False True C True False D True True Question 3 - A A loss on disposal of assets is recognised in the statement of comprehensive income because IAS16 Property, plant and equipment does not permit otherwise (IAS1 para 88). Dividends paid are recognised in the statement of changes in equity (IAS1 para 106). 3. The Oakes Company has a loan due for repayment in six months' time, but Oakes has the option to refinance for repayment two years later. Oakes plans to refinance this loan. In which section of its statement of financial position should this loan be presented, according to IAS1 Presentation of financial statements ? (select one answer) A Current liabilities B Current assets C Non-current liabilities D Non-current assets Question 12 - C Because Oakes both has the right to roll over the loan beyond 12 months for
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28688526-Quiz-Bee-pa1-Toa-easy - 2 ND RFJPIA-R12 Annual...

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