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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
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- 2. 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 liability6. Statement 1: Unrealized gains or losses from financial assets measured at fair value through OCI are closed to Retained Earnings at the end of the accounting period. Statement 2: If a company’s business model for debt investment is achieved by collecting contractual cash flows and by selling the financial asset, such investment should be designated as a financial asset measured at amortized cost. a. Only statement 1 is true b. Only statement 2 is true c. Both statements are true d. Both statements are false27. Are the following statements true or false, according to IAS1 Presentation of Financial Statements? I. Provisions should be recognized in the statement of financial position. II. A revaluation surplus on non-current assets should be recognized in profit or loss. a. True, True b. False, True c. True, False d. False, False
- 20. 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, TrueWhich 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 payableChoose the correct answer: Under IFRS 9, the cumulative balance of equity as a result of measuring the investment at fair value through OCI a. shall be reversed to profit or loss once security has been sold. b. shall be reversed to profit or loss once security has been impaired. c. shall not be reversed to profit or loss but can be transferred to another equity account. d. shall not be reversed to profit or loss nor transferred to another equity account. .
- TRUE OR FALSE 7.If the financial asset is held for trading or if the financial asset is measured at fair value through profit or loss, transaction costs are expensed outright. 8.Significant influence is the power to participate in the financial and operating policy decisions of the investee entity but not control or joint control over those policies. 9.Amortization of discount decreases the accounts Investment in Bonds and Interest Income. 10.Amortization of premium increases the accounts Investment in Bonds and Interest Income.2. Statement 1: Contingent liabilities are not reported in the financial statements but may be disclosed in the notes to the financial statements if the likelihood of an unfavorable outcome is possible. Statement 2: Contingent assets are not reported in the statement of financial position. a. Only statement 1 is correct b. Only statement 2 is correct c. Both statements are correct d. Both statements are incorrect.4. 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
- 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 assetThe balance sheet account that is usually reported at its fair market value is: a. Short-term marketable securities b. Accounts receivable c. Current liabilities d. InventoryAll of the following are true of the effect of fair value accounting on the financial statements except: a. any difference between the original cost or the prior period’s fair value must be recorded b. changes in the fair value of trading securities are recognized on the income statement c. valuation allowance accounts are reported on the balance sheet d. changes in the fair value of available-for-sale securities are recognized on the income statement