semi finals

Question 1

-level of measurement uncertainty may affect

Answer 1

faithful representation

Question 2

• arise when a measure cannot be determined directly

Answer 2

measurement uncertainty

Question 3

• arises when there is uncertainty about the amount or timing

Answer 3

outcome uncertainty

Question 4

arises when it is uncertain Whether an asset or a liability exist

Answer 4

existence uncertainty

Question 5

-consistently using same measurement bases for same items

Answer 5

comparability

Question 6

more different measurement bases are used

Answer 6

Understandablity

Question 7

-results in measures that can be independently corroborated eitheir directly or indirectly

Answer 7

verifiability

Question 8

sorting of assets, liabilities, equity income
or expenses with similar nature

Answer 8

classification

Question 9

• is a pervasive constraints

Answer 9

cost constraints

Question 10

(6) complete set of financial statement

Answer 10

-statement of financial position
-statement of profit or loss and other comprehensive income
-statement of change in equity
-statement of cash flow
-comparative information
-additional statement of financial position

Question 11

(8) general features of financial statement

Answer 11

1. fair presentation and compliance with PFRS
2. going concern
3. accrual basis of accounting
4. materiality and aggregation
5. offsetting
6. frequency of reporting
7. comparative information
8. consistency presentation

Question 12

faithfully representing in the financial statement

Answer 12

fair presentation

Question 13

fvoci

Answer 13

fair value through other comprehensive income

Question 14

determined from the perspective of market participants

Answer 14

fair value

Question 15

are costly implement and requires subjective assumption

Answer 15

value in use and fulfillment value

Question 16

results in the same amount of measure for identical assets

Answer 16

current cost

Question 17

total equity is not measured directly

Answer 17

measurement of equity

Question 18

a measurement that cannot be observed directly

Answer 18

cash flow based measurement techniques

Question 19

reflects the average amount within the entire range

Answer 19

statistical mean

Question 20

middle amount within the range

Answer 20

statistical median

Question 21

reflects the single most likely ultimate inflow from the asset

Answer 21

statistical mode

Question 22

occurs when an asset and a liability with separate units of account

Answer 22

offsetting

Question 23

specify whether an income or expenses that was previously recognized

Answer 23

standard

Question 24

adding together of asset, liabilities, equity, income or expenses

Answer 24

aggregation

Question 25

2 concept of capital

Answer 25

financial concept of capital
physical concept of capital

Question 26

invested money or invested purchasing power

Answer 26

financial concept of capital

Question 27

capital is regarded as the entity productive capacity

Answer 27

physical concept of capital

Question 28

2 classification of income and expenses

Answer 28

profit or loss
other comprehensive income

Question 29

concept of capital maintenance

Answer 29

financial capital maintenance
physical capital maintenance

Question 30

under this concept, profit earned if the net asset at the end

Answer 30

financial capital maintenance

Question 31

under this concept, profit earned if the entity productive capacity at the end

Answer 31

physical capital maintenance

Question 32

designed to apply to a range of accounting models

Answer 32

conceptual framework

Question 33

revaluation or statement of asset and liability results to increase or decrease in equity

Answer 33

capital maintenance adjustment

Question 34

refers to the comparability of financial statement of the same entity

Answer 34

intra comparability

Question 35

refers to the comparability of financial statement between different entities

Answer 35

inter comparability

Question 36

structured representation of an entity’s financial position and results of its operations

Answer 36

financial statement

Question 37

intended to meet the need of users

Answer 37

general purpose financial statement

Question 38

shows distinction between current and non current assets

Answer 38

classified presentation

Question 39

shows no distinction between current and non current items

Answer 39

unclassified presentation

Question 40

responsible for an entity’s financial statement

Answer 40

management

Question 41

shows the entity’s financial condition

Answer 41

statement of financial position

Question 42

highlights an entity’s working capital

Answer 42

classified presentation

Question 43

payable upon the demand of the lender

Answer 43

liabilities payable on demand

Question 44

expenses are aggregated according to their nature

Answer 44

nature of expenses method

Question 45

an entity’s classifies expenses according to their functions

Answer 45

function of expenses method

Question 46

comprises items for income and expense

Answer 46

other comprehensive income

Question 47

amount reclassified to profit or loss in the current period

Answer 47

reclassification adjustment

Question 48

change in equity during a period resulting from transactions and other events

Answer 48

total comprehensive income

Question 49

provides information in addition to those presented in the other financial statement

Answer 49

notes

Question 50

comprises cash on hand and cash in bank

Answer 50

cash

Question 51

short term, highly liquid investment

Answer 51

cash equivalent

Question 52

include inflow (source) and outflow of cash and cash equivalent

Answer 52

cash flow

Question 53

3 classification of cash flow

Answer 53

operating activities
investing activities
financing activities

Question 54

affect profit or loss

Answer 54

operating activities

Question 55

affect non current assets and other investment

Answer 55

investing activities

Question 56

affect borrowing and equity

Answer 56

financing activities

Question 57

involve the acquisition and disposal of non current assets

Answer 57

investing activities

Question 58

affect entity’s equity capital and borrowing structure

Answer 58

financing activities

Question 59

denominated in a foreign currency

Answer 59

cash flow

Question 60

statement of cash flows

Answer 60

direct method
indirect method

Question 61

shows each major class of gross cash receipts and cash gross cash payment

Answer 61

direct method

Question 62

profit or loss is adjusted for the effects of non cash items

Answer 62

indirect method

Question 63

arising from acquisition and disposal of subsidiaries or other business units resulting to loss

Answer 63

cash flows

Question 64

18 statement of financial position

Answer 64

1. property, plant, and equipment
2. investment property
3. intangible asset
4. financial asset
5. investment accounted for using the equity method
6. biological asset
7. inventories
8. trade and other receivable
9. cash and cash equivalent
10. asset held for sale, including disposal groups
11. trade and other payable
12. provision
13. financial liabilities
14. current tax liabilities and current tax asset
15. deferred tax liabilities and deferred tax asset
16. liabilities included in disposal groups
17. non- controlling interest
18. issued capital and reserves attributable for owners of the parent