Unit 9 Post Test - Quiz PDF

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7/18/2019

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Unit 9 Post Test

▶ AF210_201901 ▶ Unit 9 Post Test

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Sunday, 21 April 2019, 11:59 AM Finished Sunday, 21 April 2019, 12:04 PM 5 mins 12 secs 9.00 out of 10.00 (90%)

1

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'Comprehensive income' refers to: Select one: a. none of the given answers  b. the statement of total recognised income and expense. c. the statement of changes in equity.

d. the net profit figure shown at the bottom of the statement of profit or loss.

Your answer is correct. The correct answer is: none of the given answers

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▶ AF210_201901 ▶ Unit 9 Post Test

The notes to the accounts that relate to income and expense should include: Select one: a. a variety of information that incorporates the disclosures required in all standards related to income and expenses.

 b. only information that would have resulted in a different profit or loss figure if it had been included on the face of the statement.

c. only items that were deemed non-material when selecting items to place on the face of the accounts d. only commentary on issues covered by AASB 101.

Your answer is correct. The correct answer is: a variety of information that incorporates the disclosures required in all standards related to income and expenses.

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▶ AF210_201901 ▶ Unit 9 Post Test

If it is found that an error had been made in a prior period: Select one: a. AASB 101 does not cover this concept and so no entry is required. b. AASB 108 requires that errors are corrected via an adjustment to opening balance of retained earnings  c. the error should be rectified by including the item of income or expense in the period in which the error was discovered. d. material errors discovered in the current reporting period must be included in that period's statement of profit or loss and other comprehensive income, while non-material errors may be corrected with an adjustment to opening retained earnings.

Your answer is correct. The correct answer is: AASB 108 requires that errors are corrected via an adjustment to opening balance of retained earnings

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▶ AF210_201901 ▶ Unit 9 Post Test

An entity is required in AASB 101 to produce Select one: a. a statement of financial position b. a statement of changes in equity. c. a statement of profit or loss and other comprehensive income.

d. all of the given answers 

Your answer is correct. The correct answer is: all of the given answers

Question

5

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A statement displaying components of profit or loss is referred to in AASB 101 as a : Select one: a. statement of income. b. profit and loss statement c. statement of financial performance.

d. income statement.

Your answer is correct. The correct answer is: income statement.

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▶ AF210_201901 ▶ Unit 9 Post Test

The statement of changes in equity is required: Select one: a. to provide a reconciliation of opening and closing equity, and also to provide details of the various equity accounts that are impacted by the period's total comprehensive income.  b. because AASB 101 deals with income and does not define profit. c. to show profit and loss for the period d. to summarise the large number of transactions that take place on the income statement

Your answer is correct. The correct answer is: to provide a reconciliation of opening and closing equity, and also to provide details of the various equity accounts that are impacted by the period's total comprehensive income.

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▶ AF210_201901 ▶ Unit 9 Post Test

Different measurement models affect the determination of income and expenses. The different measurement models include Select one: a. current cost, historical cost, overhead cost. b. market value, opportunity cost, historical cost. c. historical cost, fair value, present value d. historical cost, direct costs, indirect costs

Your answer is correct. The correct answer is: historical cost, fair value, present value

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8

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▶ AF210_201901 ▶ Unit 9 Post Test

Hunter Ltd has purchased a set of wine-tasting glasses. They expect to use them extensively, and will dispose of them within 12 months. The glasses cost $130. What would be included in the journal entry to record the purchase of the wine-tasting glasses set?

Select one: a. DR Loss on wine-tasting glasses 130 b. CR Gain on sale of glasses 130 c. DR Wine-tasting glasses (asset) 130

 d. DR Wine-tasting glasses (expense) 130

Your answer is incorrect. The correct answer is: DR Wine-tasting glasses (expense) 130

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▶ AF210_201901 ▶ Unit 9 Post Test

Which of the following is not a required disclosure pertaining to payments made to auditors? Select one: a. The amounts paid to assurors of corporate sustainability reports  b. The amounts payable to an auditor for a review of financial statements of the entity.

c. The amounts paid to an auditor for an audit of financial statements of the entity.

d. The nature of each of the non-audit services provided by the auditor.

Your answer is correct. The correct answer is: The amounts paid to assurors of corporate sustainability reports

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▶ AF210_201901 ▶ Unit 9 Post Test

The effect of a revision of an accounting estimate must be recognised in profit and loss in which reporting periods? Select one: a. In the present and prior reporting periods (by adjusting retained earnings). b. Not recognised in any period c. In the present, prior (by adjusting retained earnings) and future periods affected.

d. In the present and future periods affected. 

Your answer is correct. The correct answer is: In the present and future periods affected.

◄ Week 9: Virtual Group 4

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