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Congratulations for Successfully taking the IFRS Test
IFRS are considered a “principles based” set of standards in that they establish broad principles as well as dictating specific treatments, which of the following is not a component of IFRS
Which of the following is a challenge to IFRS Adoption
Which of the following is not a benefit of IFRS adoption
All the following are road map to IFRS adoption for listed companies and significant public interest entities except
Which of the following is the correct title of IFRS 5
Given that the following were extracted from the books of Bayo Ltd. For the year ended 31st December 2015: share capital ₦25,000,000, revaluation reserve ₦500,000, deferred tax ₦ 600,000, foreign currency translation reserve ₦900,000 and share premium ₦400,000, retained earnings ₦590,000. What is the total equity of Bayo if dividend of ₦200,000 was declared but has not been accounted for in the account presented above
The trail balance of Kano Plc. showed a 10% loan note of 500,000 which was issued at the beginning of the year, while the effective interest rate was 15% per annum. The loan is redeemed at premium. What is the interest on loan to be reported as finance cost in the statement of profit or loss of Kano Plc
From the illustration in question 7 above what will be the closing balance of loan to be reported as financial instrument in the statement of financial position of Kano Plc at the end of the year.
Given that the cost of sales of Ade Plc. is 200,000, returns outwards 250,000, depreciation plant and machinery 72,000, depreciation motor vehicle 72,000, amortization of Brand 30,000, impairment 20,000. What is the value to be reported in the statement of profit or loss as cost of sales
Metric owns an item of plant which has a carrying amount of ₦248,000 as at 1 April 2014. It is being depreciated at 12½% per annum on a reducing balance basis. The plant is used to manufacture a specific product which has been suffering a slow decline in sales. Metric has estimated that the plant will be retired from use on 31 March 2017. The estimated net cash flows from the use of the plant and their present values are:
|
Net cash flows |
Present values |
|
₦ |
₦ |
Year to 31 March 2015 |
120,000 |
109,200 |
Year to 31 March 2016 |
80,000 |
66,400 |
Year to 31 March 2017 |
52,000 |
39,000 |
|
–––––––– |
–––––––– |
|
252,000 |
214,600 |
|
–––––––– |
–––––––– |
On 1 April 2015, Metric had an alternative offer from a rival to purchase the plant for ₦200,000.
At what value should the plant appear in Metric’s statement of financial position as at 31 March 2015?
Moha acquired a new office building on 1 October 2014. Its initial carrying amount consisted of:
₦’000
Land |
2,000 |
Building structure |
10,000 |
Air conditioning system |
4,000 |
–––––––
16,000
–––––––
The estimated lives of the building structure and air conditioning system are 25 years and 10 years respectively. When the air conditioning system is due for replacement, it is estimated that the old system will be dismantled and sold for $500,000. Depreciation is time apportioned where appropriate.
At what amount will the office building be shown in Tibet’s statement of financial position as at 31 March 2015?
The following trial balance extract relates to a property which is owned by Adeade as at 1 April 2014:
|
Dr |
Cr |
|
₦’000 |
₦’000 |
Property at cost (20 year original life) |
12,000 |
|
Accumulated depreciation as at 1 April 2014 |
|
3,600 |
On 1 October 2014, following a sustained increase in property prices, Adeade revalued its property to ₦10·8 million
What will be the depreciation charge in Adeade statement of profit or loss for the year ended 31 March 2015?
Each of the following events occurred after the reporting date of 31 March 2015, but before the financial statements were authorised for issue.
Which would be treated as a NON-adjusting event under IAS 10 Events After the Reporting Period?
Akin is a car retailer. On 1 April 2014, Akin sold a car to Shola on the following terms:
The selling price of the car was ₦25,300. Shola paid ₦12,650 (half of the cost) on 1 April 2014 and would pay the remaining ₦12,650 on 31 March 2016 (two years after the sale). Akin’s cost of capital is 10% per annum.
What is the total amount which Akin should credit to profit or loss in respect of this transaction in the year ended 31 March 2015?
Cash flow from investing activities include all the following except
The statement of changes in equity detailed the changes between the current and prior period for net equity balances. Which of the following factors is not a cause of the changes?
Which of the following is not a method of valuation under fair value measurement IFRS 13?
Which of the following is not a disclosure requirement of IFRS 13
Which of the following current year events would explain a fall in a company’s operating profit margin compared to the previous year?
At 1 April 2014, Paul owned a property with a carrying amount of ₦800,000 which had a remaining estimated life of 16 years. The property had not been revalued. On 1 October 2014, Paul decided to sell the property and correctly classified it as being ‘held-for-sale’. A property agent reported that the property’s fair value less costs to sell at 1 October 2014 was expected to be ₦790,500 which had not changed at 31 March 2015.
What should be the carrying amount of the property in Tilly’s statement of financial position as at 31 March 2015?