Exam (elaborations)
CFAS- FINAL EXAM (QUESTIONS=DEFINITION. ANSWERS=TERMS) SCORED A+
- Course
- Institution
CFAS- FINAL EXAM (QUESTIONS=DEFINITION. ANSWERS=TERMS) SCORED A+
[Show more]
Content preview
CFAS- Final Exam1. If doing so eliminates Under what condition can an entity classify finan-
or reduces an account- cial asset that meets the amortized cost criteria at
ing mismatch FVPL?
2. Integral part of the An entity shall prepare and present a statement of
entity's basic financial cash flows as
statements
3. Cost of designing Costs incurred in bringing the inventory to the pre-
product for specific sent location and condition include
customers
4. C. Production of agri- Biological transformation results from asset
cultural produce changes through all of the following, except
A. Procreation
B. Degeneration
C. Production of agricultural produce
D. Growth
5. D. Biological asset and Agricultural activity results in which of the following
agricultural produce type of asset?
A. Neither biological, asset nor agricultural produce
B. Agricultural produce
C. Biological asset
D. Biological asset and agricultural produce
6. Inventory Consumable stores or supplies to be consumed in
the production process are reported as
7. B. to rectify inappropri- Which of the following is not a purpose of the notes?
ate accounting policies
A. to present information about the basis of prepa-
ration of the financial statements and the specific
accounting policies
B. to rectify inappropriate accounting policies
C. to disclose the information required by PFRSS
that is not presented elsewhere in the financial
, CFAS- Final Exam
statements
D. to provide information that is not presented else-
where in the financial statements but is relevant to
an understanding of any of the financial statements.
8. C. Entity A considers The financial statements of Entity A shows line
the items included in items described as "Other current assets," "Other
these line items as noncurrent liabilities," and "Miscellaneous expens-
dissimilar and cannot es." Which of the following is correct?
be included in mater- 1/1
ial classes of similar A. Entity A considers the items included in these
items and are also in- line items as individually material but with dissimilar
dividually immaterial to nature or function.
warrant separate pre- B. This manner of presenting items is unacceptable
sentation. under PAS 1.
C. Entity A considers the items included in these line
items as dissimilar and cannot be included in mate-
rial classes of similar items and are also individually
immaterial to warrant separate presentation.
D. Entity A considers the items included in these
line items as comprising a material class of similar
items.
9. Other Comprehensive This term comprises items of income and expense
Income including reclassification adjustments, that are not
recognized in profit or loss as required or permitted
by PFRS.
10. More than the face When an investor purchased a bond between inter-
amount of the bond est dates at a premium, the cash paid to the seller
is
11. D. Systematic alloca- The costs of conversion of inventory include all of
tion of administrative the following, except
overhead 1/1
A. Costs directly related to the units of production,
such as direct labor
B. Systematic allocation of variable production over-
head
C. Systematic allocation of fixed production over-
, CFAS- Final Exam
head
D. Systematic allocation of administrative overhead
12. Accrual Basis On Day 1, a customer buys goods from Entity A and
promises to pay the sale price on Day 30. Entity
A recognizes sales revenue on Day 1 rather than
on Day 30. This is an application of which of the
following accounting concepts?
13. B. All of these state- Which statement is true when a financial asset at
ments are true. FVOCI is reclassified to FVPL?
1/1
A. The cumulative gain or loss previously recog-
nized in OCI is reclassified to profit or loss.
B. All of these statements are true.
C. The fair value at reclassification date becomes
the new carrying amount.
D. The financial asset continues to be measured at
fair value.
14. C. Payment of taxes Which of the following events is not considered an
exchange or reciprocal transfer?
A. Purchase of inventory on account
B. Lending money to another entity
C. Payment of taxes
D. Payment of loan payable
15. Charge to expense for What is the treatment for abnormal freight in?
the period
16. The price that would be Fair value of an asset should be based upon
received to sell the as-
set at the measurement
date.
17. 20x1, None; 20x2, Op- Entity A declares cash dividends in 20x1 and pays
erating or Financing the dividends in 20x2. How should Entity A report
the dividends paid in the statement of cash flows for
20x1
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller americannurse. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
72964 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
