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
immediately – Correct
none of the answers apply
Which of the following items would not appear on the Income Statement prepared using IFRS?
Depreciation and amortization
Discontinued operations
All items would appear on the Income Statement when using IFRS – Correct
Which of the following items would not appear on the Income Statement prepared using IFRS?
Gross Profit
Depreciation and amortization
Accounts Receivable – Correct
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
Prudence – Correct
The American Association of Accountants was established in :
1886
1887 – Correct
1888
1889
none of the answers apply
Prior to the ____ no laws or regulations obliged corporations to have their financial statements audited.
1930’s – Correct
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 Avoidance – Correct
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 Collectivism – Correct
Masculinity versus Femininity
Uncertainty Avoidance
None of the answers apply
Under IFRS which inventory method is prohibited.
FIFO
Weighted average
LIFO – Correct
Lower of cost or net realizable value
None of the answers apply
The American Association of Accountants was established in :
1886
1887 – Correct
1888
1889
none of the answers apply
Prior to the ____ no laws or regulations obliged corporations to have their financial statements audited.
1930’s – Correct
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 Avoidance – Correct
None of the answers apply
What system had a positive influence on accounting practices
Capitalism – Correct
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 York – Correct
Maryland
California
none of the answers apply
What release defined and allowed depreciation to be used as a deduction from gross income?
IRS Bulletin F – Correct
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
immediately – Correct
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 IFRS – Correct
Which of the following items would not appear on the Income Statement prepared using IFRS?
Gross Profit
Depreciation and amortization
Accounts Receivable – Correct
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
Prudence – Correct