Which of the following reclassifications of financial assets is permitted under PFRS 9? a. reclassification from FVPL to FVOCI (election) b. reclassification from FVOCI (election) to FVPL c. reclassification from held for trading equity securities to amortized cost d. reclassification from FVOCI (mandatory) to amortized cost
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- Which of the following reclassifications of financial assets is permitted under PFRS 9? a. reclassification out of designated at FVPL to amortized costb. reclassification out of the FVOCI (election) measurement category to financial assetsmeasured at FVPLc. reclassification out of held for trading equity securities to amortized costd. reclassification from amortized cost and to FVPLzed 3. Which of the following reclassifications of financial assets is permitted under PFRS 9? a. Reclassification from FVPL designation to Amortized cost b. Reclassification from FVOCI (election) to FVPL C. Reclassification from held for trading equity securities to the if a ord, amortized cost d. Reclassification from amortized cost and to FVPL ofWhen investments measured at amortized cost are reclassified to FVOCI, the gain or loss recognized in profit or loss is equal to * a. zero b. the amount realized to date c. the amount from beginning of period to reclassification date d.the amount from acquisition date to reclassification date e.none of the above
- 10. In accordance with PAS 1, which of the following gains or losses from reclassification of financial assets need not be presented separately in the profit or loss section or the statement of profit or loss?a. Reclassification of financial assets out of the amortized cost measurement category to FVTPL. b. Reclassification of financial assets out of theFVTOCI measurement category to FVTPL.c. Reclassification of financial assets out of the FVTPLmeasurement category. d. None of these. 11. In accordance with PAS 1, which of the following expenses need not be presented separately in the profit or loss section or the statement of profit or loss? a. Finance costsb. Share of loss of associates c. Tax expensed. Depreciation expense 12. You are preparing the income statement of Anonymous Company for the year ended December 31, 2020. You determine that company's income from continuing operations before income taxes is P2,400,000.…10. In accordance with PAS 1, which of the following gains or losses from reclassification of financial assets need not be presented separately in the profit or loss section or the statement of profit or loss?a. Reclassification of financial assets out of the amortized cost measurement category to FVTPL. b. Reclassification of financial assets out of theFVTOCI measurement category to FVTPL.c. Reclassification of financial assets out of the FVTPLmeasurement category. d. None of these.17. When a debt investment at FVOCI is reclassified to FVPL, an entity willa. Remeasure the investment to the original cost and eliminate the cumulative unrealized gain or loss in OCI.b. Transfer the cumulative unrealized gain or loss to retained earningsc. The cumulative gain or loss previously recognized in OCI is reclassified to profit or loss.d. The effective rate at the date of reclassification shall be the basis for interest income to be recognized in subsequent periods.
- Which of the following is not an alternative for a capital charge for Operational Risk as stated in Basel II? a. Advanced Measurement Approach (AMA) b. Asset-Liability Matching c. Basic Indicator (15% of annual gross income) d. Standardized (different percentage for each business line)Which statement is true when a debt investment at amortized cost is reclassified to FVOCI? a. All these statements are true. b. The difference between the previous carrying amount and fair value at reclassification date is recognized in other comprehensive income. c. The original effective rate is not adjusted d. The debt investment is measured at fair value at reclassification date.In accordance with PAS 1, which of the following gains or losses from reclassification of financial assets need not be presented separately in the profit or loss section or the statement of profit or loss? A.None of these. B. Reclassification of financial assets out of the FVTOCI measurement category to FVTPL C. Reclassification of financial assets out of the FVTPL measurement category. D.Reclassification of financial assets out of the amortized cost measurement category to FVTPL
- Which of the following is measured at fair value with fair value changes recognized in profit or loss? a. held to maturity investments b. financial assets designated at FVPL c. FVOCI d. all of theseAccording to PFRS 9, which of the following represents a cessation of a financial asset’s impairment accounting? Reclassification of the financial asset from Amortized cost to FVPL Reclassification of the financial asset from FVPL to Amortized cost Reclassificatioimpairn of the financial asset from Amortized cost to FVOCI Reclassification of the financial asset from FVOCI to Amortized cost16. When a debt investment at FVOCI is reclassified to amortized cost, the entity will a. Remeasure the financial asset to original cost. b. The effective rate used for amortization shall be the effective rate at the date of reclassification. c. The cumulative gain or loss previously recognized in OCI is removed from equity and adjusted against the fair value at the reclassification date. d. The cumulative gain or loss previously recognized in OCI is removed from equity and transferred to profit and loss.