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Exam (elaborations)

ASPE CPD Study Questions AH Solved

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  • ASPE CPD

ASPE CPD Study Questions AH Solved 1: What does ASPE stand for? - correct answer - Accounting Standards for Private Enterprises. 2: What is the purpose of ASPE? - correct answer - To provide a framework for financial reporting for private enterprises in Canada. 3: How often must private ...

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  • September 13, 2024
  • 10
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • ASPE CPD
  • ASPE CPD
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PASSINGMASTER01
ASPE CPD Study Questions AH Solved

1: What does ASPE stand for? - correct answer -

Accounting Standards for Private Enterprises.



2: What is the purpose of ASPE? - correct answer -

To provide a framework for financial reporting for private enterprises in
Canada.



3: How often must private enterprises update their financial statements
under ASPE? - correct answer -

Annually.



4: What is the difference between ASPE and IFRS? - correct answer -

ASPE is designed for private enterprises in Canada, while IFRS is used
globally by public companies.



5: Under ASPE, what is the primary objective of financial reporting? -
correct answer - To provide useful information to stakeholders for decision-
making.



6: Can private enterprises switch from ASPE to IFRS? - correct answer -

Yes, private enterprises can switch from ASPE to IFRS, but they must
consistently apply the chosen standards.



7: What is the ASPE section that deals with revenue recognition? - correct
answer - Section 3400.

, 8: How does ASPE define revenue? - correct answer -

Revenue is the inflow of economic benefits arising from ordinary activities.



9: What is the ASPE section that covers inventory? - correct answer - Section
3031.



10: How should inventory be measured according to ASPE? - correct answer -

Inventory should be measured at the lower of cost and net realizable value.




11: What is the ASPE section that deals with property, plant, and equipment?
- correct answer - Section 3061.



12: How does ASPE require property, plant, and equipment to be
depreciated? - correct answer -

Over their useful lives using a systematic and rational method.



13: What is the ASPE section that addresses intangible assets? - correct
answer - Section 3064.



14: How are intangible assets initially measured under ASPE? - correct
answer - At cost.



15: What is the ASPE section that deals with financial instruments? - correct
answer - Section 3856.



16: How are financial instruments classified under ASPE? - correct answer -

As either financial assets, financial liabilities, or equity instruments.

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