Exam (elaborations)
IAS 1 Exam Questions & Answers 2024/2025
- Module
- Institution
IAS 1 Exam Questions & Answers 2024/2025
[Show more]
Seller
Follow
Bensuda
Reviews received
Content preview
IAS 1 Exam Questions & Answers2024/2025
What is the objective of IAS 1? - ANSWERSTo lay out the basis of presentation of financial statements
What kind of reports are covered under IAS 1? - ANSWERSGeneral purpose financial statements (i.e for
readers that do not require specific tailoring of the information)
What is the objective of general purpose financial statements? - ANSWERSProvide info about financial
position, performance and cash flows to a wide range of users, to aid them in making economic
decisions.
What items are disclosed, to describe the financial position , performance and cash flows of the
Company? - ANSWERSAssets, liabilities, Income, Expenses, Equity, Transactions with owners, Cash flows
What is a transaction with owner? - ANSWERSA transaction with an owner (shareholder or holding
company) in their capacity as a SHAREHOLDER.
I.e if a Company sold goods to a shareholder, this is a transaction with the shareholder in their
capacity/role as a CUSTOMER.
Dividends, rights or bonus issues, or share buybacks are all transactions with owners in their
capacity/role as a SHAREHOLDER.
A complete set of financial statements includes:- - ANSWERS1) Statement of Financial Position
2) Statement of Profit or Loss and Other Comprehensive Income (or 2 separate statements)
3) Statement of Cash Flows
4) Statement of Changes in Equity
5) Notes, containing the significant accounting policies, and required disclosures
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 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 £6.27. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79976 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now