Which of the following entities are required under PAS 34 to prepare and present interim financial reports? a. listed entities b. financial institutions C. a and b d. none of these
Which of the following entities are required under PAS 34 to prepare and present interim financial reports? a. listed entities b. financial institutions C. a and b d. none of these
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Requirement: Compute for the income tax expense for the 1st
arf Co. earns profit before tax of P280,000 during the first
quarter of 20x1.
Peauirement: Compute for the income tax expense for the 1st
quarter of 20x1.
PROBLEM 4: MULTIPLE CHOICE – THEORY
1 Which of the following entities are required under PAS 34 to
and
present interim financial reports?
prepare
listed entities
b. financial institutions
a.
C. a and b
d. none of these
2. PAS 34 shall be applied by
a. entities which are required by the government or other
entities to provide interim financial reports
b. those who choose to provide interim financial reports
C. a and b
d. all reporting entities who are adopting the "full" PFRSS
3. PAS 34 applies to a
a. condensed set of financial statements
b. complete set of financial statements
с.
a or b
d. none of these
4. Which of the following expenses is recognized immediately in
the interim period and not allocated to the other interim
periods?
a. Annual depreciation of equipment that benefits the entire
annual period.
b. Real property tax
c. 13th month pay of employees
d. Impairment of assets](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbacf7a21-0b55-4694-9c44-5f3248195aa8%2Fc7eea9ae-8781-47ab-8423-54c299ef3618%2F5nv55v3g_processed.png&w=3840&q=75)
Transcribed Image Text:Requirement: Compute for the income tax expense for the 1st
arf Co. earns profit before tax of P280,000 during the first
quarter of 20x1.
Peauirement: Compute for the income tax expense for the 1st
quarter of 20x1.
PROBLEM 4: MULTIPLE CHOICE – THEORY
1 Which of the following entities are required under PAS 34 to
and
present interim financial reports?
prepare
listed entities
b. financial institutions
a.
C. a and b
d. none of these
2. PAS 34 shall be applied by
a. entities which are required by the government or other
entities to provide interim financial reports
b. those who choose to provide interim financial reports
C. a and b
d. all reporting entities who are adopting the "full" PFRSS
3. PAS 34 applies to a
a. condensed set of financial statements
b. complete set of financial statements
с.
a or b
d. none of these
4. Which of the following expenses is recognized immediately in
the interim period and not allocated to the other interim
periods?
a. Annual depreciation of equipment that benefits the entire
annual period.
b. Real property tax
c. 13th month pay of employees
d. Impairment of assets
![484
Chapter 9
5. Which of the following income is recognized immediately in
the interim period and not allocated to the other interim
periods?
d. gain on changes in fair values of investments
b. gain on disposal of property
C. receipt of dividend income from investments
d. all of these
6. In the interest of timeliness and cost considerations, less
information may be provided at interim dates. This is most
likely an application of the concept of
a. materiality
b. consistency
c. relevance over reliability
d. faithful representation
7. When an entity that uses a calendar year period presents a
statement of financial position the current and comparative
financial statements are dated
Current period
Comparative information
a.
As of March 31, 20x1
As of March 31, 20x0
b. As of March 31, 20x1
As of December 31, 20x0
For the period ended Mar. 31, 20x0
For the period ended Mar. 31, 20x1
d.
С.
the period ended Mar. 31, 20x1
For the period ended Dec. 31, 20x0
8. PAS 34 states a presumption that anyone reading interim
financial reports will
Understand
all
International
Financial
Reporting
a.
Standards.
b. Have access to the records of the entity.
с.
Have access to the most recent annual
report.
report.
d. Not make decisions based on the
(Adapted)
9. Income tax expense in the interim financial statements
prepared in accordance with PAS 34 is measured using
a. the current tax rate applicable to the interim period.
b. the substantially enacted future tax rate as at the end of
the interim period.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbacf7a21-0b55-4694-9c44-5f3248195aa8%2Fc7eea9ae-8781-47ab-8423-54c299ef3618%2Fcjkn6fj_processed.png&w=3840&q=75)
Transcribed Image Text:484
Chapter 9
5. Which of the following income is recognized immediately in
the interim period and not allocated to the other interim
periods?
d. gain on changes in fair values of investments
b. gain on disposal of property
C. receipt of dividend income from investments
d. all of these
6. In the interest of timeliness and cost considerations, less
information may be provided at interim dates. This is most
likely an application of the concept of
a. materiality
b. consistency
c. relevance over reliability
d. faithful representation
7. When an entity that uses a calendar year period presents a
statement of financial position the current and comparative
financial statements are dated
Current period
Comparative information
a.
As of March 31, 20x1
As of March 31, 20x0
b. As of March 31, 20x1
As of December 31, 20x0
For the period ended Mar. 31, 20x0
For the period ended Mar. 31, 20x1
d.
С.
the period ended Mar. 31, 20x1
For the period ended Dec. 31, 20x0
8. PAS 34 states a presumption that anyone reading interim
financial reports will
Understand
all
International
Financial
Reporting
a.
Standards.
b. Have access to the records of the entity.
с.
Have access to the most recent annual
report.
report.
d. Not make decisions based on the
(Adapted)
9. Income tax expense in the interim financial statements
prepared in accordance with PAS 34 is measured using
a. the current tax rate applicable to the interim period.
b. the substantially enacted future tax rate as at the end of
the interim period.
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