Statement 1: Equity investments at FVPL are assessed for impairment. Statement 2: Dividends are recognized at the date of record. A. Only statement 1 is true B. Only statement 2 is true C. Both statements are true D. Both statements are false
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- 2. Statement 1: Financial assets held for trading shall be measured at fair value through profit or loss. Statement 2: Unrealized gains and losses on trading investments are reported in Retained Earnings. a. Only statement 1 is true b. Only statement 2 is true c. Both statements are true d. Both statements are false20. Are the following statements true or false, according to IAS1 Presentation of Financial Statements? I. Dividends paid should be recognized in the statement of profit or loss and other comprehensive income. II. A loss on disposal of assets should be recognized in the statement of changes in equity. a. True, False b. False, False c. False, True d. True, True4. Which of the following items will appear in the statement of changes in equity? a. Extraordinary loss b. Write-off of goodwill c. Transaction instruments d. Transaction costs directly related to issuance of equity instruments costs directly related to issuance of debt
- Which of the following would trigger a subtraction in the indirect operating section? A. gain on sale of investments B. depreciation expense C. decrease in accounts receivable D. decrease in bonds payable11. For financial reporting purposes, how should an assignor present equity on assigned account? a. as a current asset in its statement of financial position b. none of the given choices is correct c. as a non-current asset in its statement of financial position d. as a contra-equity account e. as addition under equity portion of the statement of financial position2. Which of the following is not a financial asset? a. investment in bonds b. investment in held for trading securities c. prepaid income tax d. interest receivable 3. Which of the following is a financial liability? a. income tax payable b. unearned revenue c. warranty obligation d. lease liability
- According to PAS 1, dividends declared by an entity are disclosed in thea. Statement of changes in equityb. Notesc. None of thesed. c or d The first line in the Statement of changes in owner’s equity isa. Profit or lossb. Beginning capitalc. Additional contributionsd. DrawingsFor each item below, indicate to which category of elements of financial statements it belongs. (Asset, liabilities, equity, none of them) a. Retained earnings. c. Share Premium. e. Depreciation. g. Interest payable. i. Gain on sale of investment. b. Sales. d. Inventory. f. Loss on sale of equipment. h. Dividends. j. Issuance of ordinary shares.I. No entry is required on date of declaration. II. Dividends declared is closed to the retained earnings because it is a temporary account of retained earnings. * O a. Only first statement is true O b. Only second statement is true O c. Both statement are true O d. Both statement are false
- 8. Realized gains and losses on investments available for sale are reported a. as a current assetb. on the income statementc. on the balance sheet as part of stockholders' equityd. as a contra assetLiabilities are Select one: O a. deferred credits that are recognized and measured in conformity with generally accepted accounting principles. O b. any accounts having credit balances after closing entries are made. O c. obligations to transfer ownership shares to other entities in the future. O d. present obligations arising from past events and results in an outflow of resources.96. An entity declared a cash dividend on a certain date, payable on another date. Retained earnings would * O A. Increase on the date of declaration B. Not be affected on the date of declaration O C. Not be affected on the date of payment D. Decrease on the date of payment