International pytania Flashcards
All changes in equity during a period except those investments by owners and distributions to owners are called …
a. Comprehensive income
a. Comprehensive income (znaczenie)
całkowite dochody
Direct labor incurred is presented if the expenses are classified by
nature
Which of these is not a limitation of the income statement
a. Companies omit (pomijać) items that cannot be measured reliably
b. Income numbers are affected by the accounting methods employed
c. Income measurement involves (wymagać) judgement
d. All of the above are such limitations
All of the above are such limitations
Which of these rations measures the dollars earned by each ordinary share:
a. Dividend payout
b. Price / Earnings
c. Earning per share
d. Return on equity
c. Earning per share
Losses
a. Always arise from ordinary activities
b. Are not recognized in the accounting records
c. May arise from ordinary activities
d. May or may not arise from ordinary activities
May arise from ordinary activities
Increases in economic benefits during the accounting period in the form of inflows or enhancements (ulepszeń) of assets – this is a part of the definition of
revenues
Unrealized gains and losses on non-trading equity securities affect
a. Other comprehensive income
Gross profit
a. Is not computed (obliczać) by deducting cost of goods sold from net sales
b. Includes unusual or incidental revenues
c. Does not provide a useful number for evaluating performance and predicting future earnings
d. None of the above answers is correct
None of the above answers is correct
Other income and expense
Should be reported as part of income from operations
A component of an entity that either has been disposed (zbyta) of, or is classified as held-for-sale, and:
a. Represents a minor line of business or geographical area of operations
b. Is part of a single, co-coordinated plan to dispose of a minor line of business or geographical area of operations
c. Is a subsidiary acquired exclusively with a view to liquidate
d. None of the above answers is correct
None of the above answers is correct
Treasury shares (akcje skarbowe) are
The amount of ordinary shares repurchased
The company’s undistributed earnings are
retained earnings
Collections received in advance for the delivery of goods or performance of services are
revenues
Financing activities in the statement of cash flow are correctly described by which of the following sentences?
a. Transactions that enter into the determination of net income
b. None of the sentences describes financing activities
c. Transactions involving assets and equity items
d. Making and collecting loans and acquiring and disposing of investments and property, plant, and equipment
b. None of the sentences describes financing activities
Which of the financial statement comprises a summary of significant accounting policies and other explanatory information
b. Notes
Tangible long-lived assets used in the regular operations of the business are
a. Known as property, plant, and equipment
b. Never amortized
c. Almost always depreciated
d. All of the above are correct answers
d. All of the above are correct answers
Payment of cash, that is recorded as an asset because service or benefit will be received in the future are
a. Prepaid expenses
Current assets are defined as
a. Cash and other assets a company expect to convert into cash, sell, or consume either in one year or in the operating cycle, whichever is longer
Statement of financial position does not help to assess the company’s
free cash flows
Which of the following is not a characteristics of receivables’ sale….
Seller records loss on sale
Transfer is sometimes referred to as a failed sale
Transfer is outright sale of receivable
Purchaser assumes risk of collection and absorbs any credit losses
transfer is sometimes referred to as a failed sale
Choose a false statement
Bank overdrafts (kredyty w rachunku bieżącym) are generally reported as a current liability
Available funds on deposit at the bank are cash equivalents
Companies segregate restricted cash from “regular” cash
Cash equivalents are so near their maturity that they present insignificant risk of changes in value
Available funds on deposit at the bank are cash equivalents
Credit loses are recorded as
Debits to bad debt expense
If a note receivable is a zero-interest-bearing note, then
No interest is paid
In which of the methods of accounting for uncollectible accounts
Allowance method
Talking about notes receivable, who is the maker
The debtor
Oral promises of the purchaser to pay for goods and services sold are….
accounts receivable
Majority of notes receivable originates from
Lending transactions
A company abandons the historical cost principle when the future utility of the asset drops below its
Original cost
Every time a sale is made, the decrease of inventory is recording …
Perpetual inventory system
Biological assets are measured on initial recognition and at the
At fair value less costs to sell (NRV)
Which ones are not inventories
Office supplies
Merchandise
Finished goods
Raw materials
Office supplies
If a supplier ships goods to the buyer f.o.b. shipping point,
Are a buyer’s inventory
Which of the following methods are not allowed for fina……..
FiFo
LiFo
Average cost method
All of the above are allowed
lifo
The harvested product of a biological asset, such as wool fr…. Picked fruit from a fruit tree, or cotton from plant…..
Agricultural produce
Which of them could be inventories of a manufacotring compa……
Equipment-in-use
Work-in-progress
Job-for-work
Work-in-progress
Companies may value property, plant, and equipment in
The cost method or the revaluation method
Which of the following is and example of involuntary conversion….
Fire
Flood
Theft
All of the above
All of the above
The approach used by IFRS to interest costs during construction is …
Capitalize actual costs incurred during construction
If a plant asset is disposed of, then a gain or loss on disposal is calculated as the difference between
Selling price and net book value
A recoverable amount is
The higher of fair value less costs to sell and value-in-use
Economic factors causing the retirement of a fixed assets include
Obsolescence
Computation of the depletion base involves
Exploratory and evaluation costs
Depreciation is the accounting process of allocating the cost of tangible
A systematic and rational manner
The smallest group of assets that can be identified that generate cash flows in… cash flows from other assets are called
Cash generating units
Which of the following methods of calculating depreciation does not deduct th….. computing the depreciation base
Declining-balance method
Depletion
Is a process of allocating the cost of mineral resources
A cost of a fixed asset less its residual value is called
Depreciable base
Normally, companies compute depletion on a
Units-of-production (activity) method
What does happen to a long-lived tangible asset when a com(…) asset’s carrying amount either through using it or by selling (…)
It’s impaired
Which of the following is an example of customer-related intangible
Production backlogs (zaległości produkcyjne)
Cost of intangible assets
Includes all acquisition cost plus expenditures to use the intangible asset
Research costs
Cannot be capitalized
Short term obligations expected to be refinanced should be excluded from current liabilities if two conditions are met. One of them is that a business
None of the other answers is correct
Must be liquid and solvent
Must intend to refinance the obligation on a short term-basis
Must have a conditional right to defer settlement of the liability for at least 12 months after the reporting date
None of the other answers is correct
