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- 1. A deposit received is reported as a * current asset investment revenue liability 2. If the initial fee is collectible over an extended period and there is a significant uncertainty of its collection in full, the fee is * recognized as revenue in full recognized as revenue when collected deferred of recognition as revenue not recognized as revenue at all.Which of the following is NOT correct? i. Initial allowance is claimable in the year the qualifying expenditure is incurred; however, it can be deferred to another year. ii. Annual allowance is not given in the year of disposal. iii. Annual allowance may be granted if a qualifying asset is temporarily out of use. iv. Capital allowance is granted instead of depreciation for all assets.Which of the following is NOT correct? i. Initial allowance is claimable in the year the qualifying expenditure is incurred; however, it can be deferred to another year. ii. Annual allowance is not given in the year of disposal. iii. Annual allowance may be granted if a qualifying asset is temporarily out of use. iv. Capital allowance is granted instead of depreciation for all assets a. ii and iv b. i only c. i, and iv d. ii and iii
- Which of the following are examples of changes in the gross carrying amount of financial instruments (PFRS 7) that contributed to the changes in the loss allowance? * Changes because of financial instruments originated or acquired during the reporting period The modification of contractual cash flows on financial assets that do not result in a derecognition of those financial assets in accordance with IFRS 9 Changes because of financial instruments that were derecognised (including those that were written-off) during the reporting period Changes arising from whether the loss allowance is measured at an amount equal to 12-month or lifetime expected credit lossesWhen the required balance of the loss allowance decreases, a. the entity recognizes gain. b. the entity recognizes loss. c. the entity recognizes unearned interest to be amortized over the remaining term of the instrument. d. the entity recognizes a deferred charge to be amortized over the remaining term of the instrument.When the contractual cash flows of a financial asset are renegotiated or otherwise modified and the renegotiation or modification does not result in the derecognition of that financial asset in accordance with PFRS 9, an entity shall I. Recalculate the gross carrying amount of the financial asset as the present value of the renegotiated or modified contractual cash flows that are discounted at the financial asset's original effective interest rate. II. Recognize a modification gain or loss in profit or loss. A. I only. B. Neither I nor II. C. ll only. D. Both I and II.
- Which of the following should be reported as a prior period adjustment? Change in Estimated Lives of Depreciable Assets Change from Unaccepted Principle to Accepted PrincipleStatement 1: The estimated liability on contingent consideration is based on provisional amount subject to measurement period adjustment. Statement 2: The Additional paid in capital on contingent consideration is based on provisional amount not subject to measurement period adjustment. A. Both Statetements are Correct B. Both Statements are Incorrect C. Only Statement 1 is Correct D. Only Statement 2 is CorrectAn instrument is rendered non-negotiable if A. There is an indication of a particular fund out of which reimbursement is to be made. B. There is an indication of a particular account to be debited with the amount. C. The instrument is payable out of a particular fund. D. Answer not given.
- According to PFRS 9, which of the following represents a cessation of a financial asset’s impairment accounting? Reclassification of the financial asset from Amortized cost to FVPL Reclassification of the financial asset from FVPL to Amortized cost Reclassificatioimpairn of the financial asset from Amortized cost to FVOCI Reclassification of the financial asset from FVOCI to Amortized cost10. Theoretically, unearned items (deferred revenues) should not be classified as a. deferred creditsb. contra to certain assetsc. long-term liabilitiesd. current liabilitiesRoutine maintenance costs for capital assets are deducted in the year the amount is paid or incurred, not capitalized as an improvement to the asset. True False