Depreciation and Amortization – Financial Statements & IFRS

Depreciation and Amortization – Financial Statements & IFRS

The key terms in this Accounting course include IFRS, IASB, Financial Reporting, Conceptual Framework, Income Statement, Financial Statements, Gross Income, Depreciation and Amortization.


The IASB issued the revised Conceptual Framework for Financial Reporting on 29 March 2018. The revised Conceptual Framework is effective __________ for the IASB and the IFRS Interpretations Committee.

in 2019

from 2020

in 2021

immediatelyCorrect

none of the answers apply


Which of the following items would not appear on the Income Statement prepared using IFRS?

Gross Profit

Depreciation and amortization

Discontinued operations

All items would appear on the Income Statement when using IFRSCorrect


Which of the following items would not appear on the Income Statement prepared using IFRS?

Gross Profit

Depreciation and amortization

Accounts ReceivableCorrect

All items would appear on the Income Statement when using IFRS


IFRS for SME’s introduced _______ which is the exercise of caution when making judgments under conditions of uncertainty.

Balance between benefit and cost, undue cost or effort

Verifiability

Timeliness

PrudenceCorrect


The American Association of Accountants was established in :

1886

1887Correct

1888

1889

none of the answers apply


Prior to the ____ no laws or regulations obliged corporations to have their financial statements audited.

1930’sCorrect

1880’s

1900’s

1890s

none of the answers apply


Weak _______ societies maintain a more relaxed attitude in which practice counts more than principles.

Power distance

Individualism versus Collectivism

Masculinity versus Femininity

Uncertainty AvoidanceCorrect

None of the answers apply


Which of the following contains “A society’s position on this dimension is reflected in whether people’s self-image is defined in terms of “I” or “we.”

Power distance

Individualism versus CollectivismCorrect

Masculinity versus Femininity

Uncertainty Avoidance

None of the answers apply


Under IFRS which inventory method is prohibited.

FIFO

Weighted average

LIFOCorrect

Lower of cost or net realizable value

None of the answers apply


The American Association of Accountants was established in :

1886

1887Correct

1888

1889

none of the answers apply


Prior to the ____ no laws or regulations obliged corporations to have their financial statements audited.

1930’sCorrect

1880’s

1900’s

1890s

none of the answers apply


Weak _______ societies maintain a more relaxed attitude in which practice counts more than principles.

Power distance

Individualism versus Collectivism

Masculinity versus Femininity

Uncertainty AvoidanceCorrect

None of the answers apply


What system had a positive influence on accounting practices

CapitalismCorrect

Socialism

civil law system

code law system

none of the answers apply


The Securities Act of 1933 required financial statements be audited.

True

False Correct


What state required have a college degree to be a CPA in 1929?

New Jersey

New YorkCorrect

Maryland

California

none of the answers apply


What release defined and allowed depreciation to be used as a deduction from gross income?

IRS Bulletin FCorrect

The Securities Act of 1933

Revenue Act of 1918

16th Amendment

none of the answers apply


The IASB issued the revised Conceptual Framework for Financial Reporting on 29 March 2018. The revised Conceptual Framework is effective __________ for the IASB and the IFRS Interpretations Committee.

in 2019

from 2020

in 2021

immediatelyCorrect

none of the answers apply


Which of the following items would not appear on the Income Statement prepared using IFRS?

Gross Profit

Depreciation and amortization

Discontinued operations

All items would appear on the Income Statement when using IFRSCorrect


Which of the following items would not appear on the Income Statement prepared using IFRS?

Gross Profit

Depreciation and amortization

Accounts ReceivableCorrect

All items would appear on the Income Statement when using IFRS


IFRS for SME’s introduced _______ which is the exercise of caution when making judgments under conditions of uncertainty.

Balance between benefit and cost, undue cost or effort

Verifiability

Timeliness

PrudenceCorrect


Homepage