Exam (elaborations)
IFRS Test Questions with 100% Correct Answers 2024/2025
- Course
- Institution
IFRS Test Questions with 100% Correct Answers 2024/2025
[Show more]
Seller
Follow
Bensuda
Reviews received
Content preview
IFRS Test Questions with 100% CorrectAnswers 2024/2025
what are the IFRS? - ANSWERSa set of rules and principles that explain how particular transactions
should be dealt with (which are applied consistently and internationally) to ensure certain characteristics
which characteristics do the IFRS ensure that financial statements are? - ANSWERS- comparable and
consistent from business to business, year to year and country to country
- understandable
- verifiable
- relevant
- timely
- faithfully represented (as accurate as possible)
accrual basis - ANSWERSexpenses and revenues are recorded in the period that they occur, whether or
not cash is involved (we record credit transactions not just cash)
fair representation - ANSWERS- information in financial statements is not biased towards any
stakeholder or group of stakeholders.
- information must be faithfully represented ensuring that it is realistic, reliable and free from errors
going concern - ANSWERSthe business will continue operating in the foreseeable future
materiality (what's important) - ANSWERS- financial information relevant to a reader of a financial
statement must be disclosed separately
- items that are important or material to the reader are shown in the financial statements
example of materiality - ANSWERSinterest on overdraft is recorded in a separate account (not interest
expense) as it is material, important, to know how much interest we are paying as this determines if its
cheaper to take out a short term loan
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 Bensuda. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for CA$11.48. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75759 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now