Which of the following is the minimum reporting requirement for a company that is preparing its first IFRS financial statements?
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1 .In applying the Supply Chain Operations Reference (SCOR) Model, a company would include all of the following in its planning except for:
A Selecting vendors. B Making make/buy decisions. C Assessing capacity concerns and capabilities. D Determining demand requirements.
2 .Pann, a nongovernmental not-for-profit organization, provides food and shelter to the homeless. Pann received a USD15,000 gift with the stipulation that the funds be used to buy beds. In which net asset class should Pann report the contribution?
A Endowment. B Permanently restricted C Temporarily restricted. D Unrestricted.
3 .Which of the following costs are inversely related to each other?
A Preventative maintenance costs and rework costs. B Warranty costs and liability claims. C Employee training costs and inspection expenses. D Inspection expenses and redesign of product expenses.
4 .A statement of financial position for a nongovernmental not-for-profit organization reports amounts for which of the following classes of net assets?
A Long-term. B Temporarily unrestricted. C Current. D Permanently restricted.
5 .Which of the following techniques effectively measures improvements in product quality as a result of internal failure costs?
A Inspection of in-process goods. B Tracking warranty expenses over time. C Tracking the number of products reworked. D Recording the number of products returned over time.
7 .Investment managers develop portfolios of different investments to combine, offset, and thereby reduce overall risk. Not all risks can be eliminated by development of a portfolio. Risks that cannot be eliminated through a portfolio are called:
A Systematic risks. B Non-market risks. C Unsystematic risks. D Firm-specific risks.
8 .In a sale-leaseback transaction accounted for under IFRS, a gain resulting from the sale should be deferred at the time of the sale-leaseback and subsequently amortized when:I. The seller-lessee accounts for the lease as a finance lease.II. The seller-lessee accounts for the lease as an operating lease and the sales price equals fair value.III. The seller-lessee accounts for the lease as an operating lease and the sales price is above fair value.IV. The seller-lessee accounts for the lease as an operating lease and the sales price is below fair value.
A I, III, and IV. B II, III, and IV. C I only. D I and III.
9 .What is the effect when a foreign competitor's currency becomes weaker compared to the U.S. dollar?
A It is better for the U.S. company when the value of the U.S. dollar strengthens. B The foreign company will have an advantage in the U.S. market. C The fluctuation in the foreign currency's exchange rate has no effect on the U.S. company's sales or cost of goods sold. D The foreign company will be...
10 .Markson Co. traded a concrete-mixing truck with a book value of USD10,000 to Pro Co. for a cement-mixing machine with a fair value of USD11,000. Markson needs to know the answer to which of the following questions in order to determine whether the exchange has commercial substance?
A Is the exchange nontaxable? B Does the book value of the asset given up exceed the fair value of the asset received? C Are the future cash flows expected to change significantly as a result of the exchange? D Is the gain on the exchange less than the increase in future cash flows?
