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    Ventura, Mary Mickaella R - Comprehensive Income p.85 - Group3

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    Mary Ventura
    This document contains 10 multiple choice questions about requirements for presenting financial statements under PAS 1 Presentation of Financial Statements. Some key points covered are: - An entity must present a statement of profit or loss and other comprehensive income or separate statements of profit/loss and comprehensive income. - Other comprehensive income comprises items not recognized in profit or loss but that are recognized in equity under other PFRS. - Reclassification adjustments reclassify amounts between profit/loss and other comprehensive income. - Other comprehensive income and total comprehensive income are presented net of related taxes.

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    Ventura, Mary Mickaella R - Comprehensive Income p.85 - Group3

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    Mary Ventura
    443 views2 pages
    This document contains 10 multiple choice questions about requirements for presenting financial statements under PAS 1 Presentation of Financial Statements. Some key points covered are: - An entity must present a statement of profit or loss and other comprehensive income or separate statements of profit/loss and comprehensive income. - Other comprehensive income comprises items not recognized in profit or loss but that are recognized in equity under other PFRS. - Reclassification adjustments reclassify amounts between profit/loss and other comprehensive income. - Other comprehensive income and total comprehensive income are presented net of related taxes.

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    Ventura, Mary Mickaella R_comprehensive Income p.85_group3

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    This document contains 10 multiple choice questions about requirements for presenting financial statements under PAS 1 Presentation of Financial Statements. Some key points covered are: - An entity must present a statement of profit or loss and other comprehensive income or separate statements of profit/loss and comprehensive income. - Other comprehensive income comprises items not recognized in profit or loss but that are recognized in equity under other PFRS. - Reclassification adjustments reclassify amounts between profit/loss and other comprehensive income. - Other comprehensive income and total comprehensive income are presented net of related taxes.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    443 views2 pages

    Ventura, Mary Mickaella R - Comprehensive Income p.85 - Group3

    Uploaded by

    Mary Ventura
    This document contains 10 multiple choice questions about requirements for presenting financial statements under PAS 1 Presentation of Financial Statements. Some key points covered are: - An entity must present a statement of profit or loss and other comprehensive income or separate statements of profit/loss and comprehensive income. - Other comprehensive income comprises items not recognized in profit or loss but that are recognized in equity under other PFRS. - Reclassification adjustments reclassify amounts between profit/loss and other comprehensive income. - Other comprehensive income and total comprehensive income are presented net of related taxes.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    Mary Mickaella R.

    Ventura

    BSA 2-C

    Group 3 – AMONG US

    Multiple Choice Theory (p. 85-88)

    1. Presenting a separate statement of profit or loss or income statement is


    a. required under PAS 1 Presentation of Financial Statements.
    b. required under PAS 1 Presentation of Financial Statements to be presented together with the
    statement of financial position.
    c. permitted under PAS 1 as a substitute for a statement of comprehensive income is still
    presented.
    d. permitted under PAS 1 provided a statement comprehensive income is still presented.

    2. According to PAS 1 Presentation of financial Statements, an entity shall present all items of
    income and expense recognized in a period:
    a. In a single statement of profit or loss and other comprehensive income
    b. In two statements – an income statement and a statement of comprehensive income
    c. In a single statement of changes in equity
    d. a or b

    3. Other comprehensive income comprises items of income and expense (including reclassification
    adjustments) that are
    a. Not recognized in profit or loss as required or permitted by other PFRSs.
    b. Recognized in profit or loss as required or permitted by other PFRSs.
    c. a or b
    d. none of these

    4. Which of the following is not the components of other comprehensive income?


    a. Changes in revaluation surplus
    b. Remeasurements of the net defined benefit liability (asset) unrealized gains and losses FVPL.
    c. Translation gains and losses on foreign operation
    d. Effective portion of gains and losses on hedging instruments in cash flow hedge.

    5. According to PAS 1 Presentation of Financial Statements, reclassification adjustments are


    a. Assets and expense reclassified to other asset accounts in the current period
    b. Amounts reclassified to other comprehensive income in the current period that were
    recognized in profit or loss in the current or previous periods.
    c. Amounts reclassified to profit or loss in the current period that were recognized in other
    comprehensive income in the current or previous periods.
    d. a and b
    6. Other comprehensive income, including reclassification adjustments, are presented
    a. Net of related taxes
    b. Gross of related taxes
    c. a or b
    d. not affected by taxes

    7. Total comprehensive income includes


    a. All non-owner changes in equity
    b. All owner changes in equity
    c. Some non-owner changes in equity
    d. a or b

    8. Comprehensive income comprises


    a. Revaluation surplus and remeasurements of the net defined benefit liability (asset) only.
    b. Revaluation surplus, actuarial gains and some other items.
    c. Both owner and non-owner changes in equity
    d. Profit or loss and other comprehensive income.

    9. Presenting extraordinary items in the financial statement


    a. Is prohibited on the face of financial statements but is permitted in the notes.
    b. Is prohibited on both the face of financial statements and in the notes.
    c. Is permitted in some rare cases
    d. Makes the financial statements totally useless.

    10. Additional disclosure is required when expenses are presented under the
    a. Nature of expense method
    b. Function of expense method
    c. a or b
    d. Classified and Unclassified

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