Which of the following are correct? (1) The carrying value of inventory should be as close as possible to net realisable value.(2) The valuation of finished goods inventory must include production overheads.(3) Production overheads included in valuing inventory should be calculated by reference to the company’s normal level of production during the period.(4) In assessing net realisable value, inventory items must be considered separately, or in groups of similar items, not by taking the inventory value as a whole.
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A Shareholders of incorporated entities B The general public C Users of financial statements D Regulatory authorities
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A IASB B IFRS Foundation C IFRS IC D IFRS Advisory Council
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A Company directors B The public C Company auditors D The government
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A 3, 16, 2, 2 B 12, 12, 3, 1 C 15, 10, 5, 1 D 16, 14, 3, 0
5 . Which of the following statements about accounting concepts and the characteristics of financial information is correct? (1) The concept of substance over form means that the legal form of a transaction must be reflected in financial statements, regardless of the economic substance.(2) Under the recognition concept only items capable of being measured in monetary terms can be recognised in financial statements.(3) It may sometimes be necessary to exclude information that is relevant and reliable from financial statements because it is too difficult for some users to understand.
A 1 only B 2 only C 3 only D None of these statements
7 .Which of the following statements about provisions, contingencies and events after the reporting period is correct?
A A company expecting future operating losses should make provision for those losses as soon as it becomes probable that they will be incurred. B Details of all adjusting events after the reporting period must be disclosed by note in a company’s financial statements. C A contingent asset must be r...
8 .Which of the following statements about contingent assets and contingent liabilities is true? (1) A contingent asset should be disclosed by note if an inflow of economic benefits is probable.(2) A contingent liability should be disclosed by note if it is probable that a transfer of economic benefits to settle it will be required, with no provision being made.(3) No disclosure is required for a contingent liability if it is less than probable that a transfer of economic benefits to settle it will be required.
A 1 only B 2 only C 3 only D None of these statements
9 .Which of the following statements are correct? (1) Contingent assets are included as assets in financial statements if it is probable that they will arise.(2) Contingent liabilities must be provided for in financial statements if it is probable that they will arise.(3) Details of all adjusting events after the reporting period must be given in notes to the financial statements.(4) Material non-adjusting events are disclosed by note in the financial statements.
A (1) and (2) B (1) and (3) C (2) and (4) D (3) and (4)
