Podcast
Questions and Answers
What is the purpose of financial statements?
What is the purpose of financial statements?
- To regulate the preparation of financial statements.
- To provide information on a company's business for stakeholders. (correct)
- To supervise the stock exchange
- To unify social values of economic operators.
What is the purpose of the trial balance?
What is the purpose of the trial balance?
- To record financial transactions
- To provide additional information about accounting principles
- To create the statement of financial position
- To test the adequacy of double entry posting before preparing the final accounts (correct)
What is the difference between trade receivables and notes receivables?
What is the difference between trade receivables and notes receivables?
- Trade receivables are classified as non-current assets while notes receivables are classified as current assets.
- Trade receivables are recorded at their nominal amount while notes receivables are reported at the net realizable value
- Trade receivables are expected to be recovered while notes receivables are not expected to be recovered
- Trade receivables represent the right to receive cash or cash equivalent while notes receivables are formal, written instruments of credit. (correct)
What is the primary purpose of accounting?
What is the primary purpose of accounting?
What is VAT?
What is VAT?
What is VAT?
What is VAT?
What is the most commonly used method of accounting?
What is the most commonly used method of accounting?
Which financial reporting standards govern the rules for receivables?
Which financial reporting standards govern the rules for receivables?
What determines the classification of assets and liabilities as current or non-current?
What determines the classification of assets and liabilities as current or non-current?
What is the most commonly used method of accounting?
What is the most commonly used method of accounting?
Which of the following is NOT a document included in the International Accounting Framework?
Which of the following is NOT a document included in the International Accounting Framework?
Which financial standard(s) govern(s) the treatment of receivables?
Which financial standard(s) govern(s) the treatment of receivables?
What is the International Accounting Framework composed of?
What is the International Accounting Framework composed of?
Which of the following is a requirement of IAS 2 for inventories that are damaged or obsolete?
Which of the following is a requirement of IAS 2 for inventories that are damaged or obsolete?
Which of the following is an example of an intangible asset?
Which of the following is an example of an intangible asset?
What is the purpose of a balance sheet?
What is the purpose of a balance sheet?
Which inventories require impairment under IAS 2?
Which inventories require impairment under IAS 2?
What is the definition of accounting?
What is the definition of accounting?
What determines the classification of assets and liabilities as current or non-current?
What determines the classification of assets and liabilities as current or non-current?
What is the definition of intangible assets?
What is the definition of intangible assets?
What is the purpose of financial statements?
What is the purpose of financial statements?
What determines the classification of current vs. non-current assets and liabilities?
What determines the classification of current vs. non-current assets and liabilities?
What is the definition of intangible assets?
What is the definition of intangible assets?
What are investments?
What are investments?
What is the purpose of a balance sheet?
What is the purpose of a balance sheet?
Which of the following inventory evaluation methods is not allowed by IAS 2?
Which of the following inventory evaluation methods is not allowed by IAS 2?
What is the purpose of the trial balance?
What is the purpose of the trial balance?
What are investments?
What are investments?
Which of the following is NOT a part of the International Accounting Framework?
Which of the following is NOT a part of the International Accounting Framework?
What is the most commonly used method of accounting?
What is the most commonly used method of accounting?
Who charges VAT?
Who charges VAT?
What are the primary qualitative characteristics of financial statements according to the Conceptual Framework?
What are the primary qualitative characteristics of financial statements according to the Conceptual Framework?
Do post balance sheet events affect the classification of assets and liabilities as current or non-current?
Do post balance sheet events affect the classification of assets and liabilities as current or non-current?
Which of the following are the primary qualitative characteristics of financial statements according to the Conceptual Framework?
Which of the following are the primary qualitative characteristics of financial statements according to the Conceptual Framework?
What is the basis for estimating net realizable value?
What is the basis for estimating net realizable value?
How is net realizable value estimated under IAS 2?
How is net realizable value estimated under IAS 2?
What are transactions?
What are transactions?
What are fixed assets?
What are fixed assets?
What is the basis for estimating net realizable value of inventories?
What is the basis for estimating net realizable value of inventories?
What is the difference between cash basis and accrual basis accounting?
What is the difference between cash basis and accrual basis accounting?
What do trade receivables represent?
What do trade receivables represent?
What does the accrual basis of accounting record?
What does the accrual basis of accounting record?
Who charges VAT?
Who charges VAT?
Where are trade receivables classified in the balance sheet?
Where are trade receivables classified in the balance sheet?
What are the two methods of accounting?
What are the two methods of accounting?
Which model of credit loss was introduced under IFRS 9?
Which model of credit loss was introduced under IFRS 9?
What are the components of the statement of financial position?
What are the components of the statement of financial position?
What are transactions in accounting?
What are transactions in accounting?
How can investments be classified?
How can investments be classified?
Which of the following is not a classification of investments?
Which of the following is not a classification of investments?
What are the components of the statement of financial position?
What are the components of the statement of financial position?
Which of the following is an example of an intangible asset?
Which of the following is an example of an intangible asset?
When did the move towards a global accounting system begin?
When did the move towards a global accounting system begin?
Which of the following is an example of an intangible asset?
Which of the following is an example of an intangible asset?
Which accounting standard is applied to every intangible asset except for goodwill, financial assets, deferred tax assets, assets held for sale, and assets arising from specific industries?
Which accounting standard is applied to every intangible asset except for goodwill, financial assets, deferred tax assets, assets held for sale, and assets arising from specific industries?
Who regulates the preparation of financial statements?
Who regulates the preparation of financial statements?
What are fixed assets?
What are fixed assets?
Which of the following documents are included in the set of international accounting standards?
Which of the following documents are included in the set of international accounting standards?
Do post balance sheet events affect the classification of assets and liabilities as current or non-current?
Do post balance sheet events affect the classification of assets and liabilities as current or non-current?
What is the difference between assets and liabilities?
What is the difference between assets and liabilities?
What are subsidiaries?
What are subsidiaries?
When is VAT generated?
When is VAT generated?
What is the net worth of a firm?
What is the net worth of a firm?
Is impairment a one-time event or must it be repeated in subsequent periods?
Is impairment a one-time event or must it be repeated in subsequent periods?
Which of the following is NOT an enhancing qualitative characteristic of financial statements according to the Conceptual Framework?
Which of the following is NOT an enhancing qualitative characteristic of financial statements according to the Conceptual Framework?
When is VAT generated?
When is VAT generated?
What are subsidiaries?
What are subsidiaries?
What are the two parts of each IAS/IFRS?
What are the two parts of each IAS/IFRS?
What are the different types of transactions in accounting?
What are the different types of transactions in accounting?
How often must impairment be reassessed for inventories?
How often must impairment be reassessed for inventories?
Which standard is applied to every intangible asset except for goodwill, financial assets, deferred tax assets, assets held for sale, and assets arising from specific industries?
Which standard is applied to every intangible asset except for goodwill, financial assets, deferred tax assets, assets held for sale, and assets arising from specific industries?
What does the statement of comprehensive income include?
What does the statement of comprehensive income include?
What are the two approaches to even out financial information globally?
What are the two approaches to even out financial information globally?
Which standard is applied to every intangible asset except for goodwill, financial assets, deferred tax assets, assets held for sale, and assets arising from specific industries?
Which standard is applied to every intangible asset except for goodwill, financial assets, deferred tax assets, assets held for sale, and assets arising from specific industries?
What types of transactions can occur?
What types of transactions can occur?
What is the main requirement for an intangible asset to be recognized?
What is the main requirement for an intangible asset to be recognized?
Which of the following is NOT one of the enhancing qualitative characteristics of financial statements according to the Conceptual Framework?
Which of the following is NOT one of the enhancing qualitative characteristics of financial statements according to the Conceptual Framework?
When did the move towards a global accounting system begin?
When did the move towards a global accounting system begin?
Which of the following is not a type of fixed asset?
Which of the following is not a type of fixed asset?
What are the three rules of accounting?
What are the three rules of accounting?
What are notes receivables?
What are notes receivables?
What are the types of fixed assets?
What are the types of fixed assets?
How are notes receivables reported in financial statements?
How are notes receivables reported in financial statements?
What does the Statement of Comprehensive Income include?
What does the Statement of Comprehensive Income include?
When does cash basis recognize revenues and expenses?
When does cash basis recognize revenues and expenses?
What is the purpose of an allowance for bad debts?
What is the purpose of an allowance for bad debts?
What does the statement of comprehensive income include?
What does the statement of comprehensive income include?
What is double entry bookkeeping?
What is double entry bookkeeping?
Can income and expenses be presented in one statement or two statements?
Can income and expenses be presented in one statement or two statements?
How are notes receivables reported?
How are notes receivables reported?
What criteria must intangible assets arising from the development phase of an internal project meet to be recognized?
What criteria must intangible assets arising from the development phase of an internal project meet to be recognized?
What are the three rules of accounting?
What are the three rules of accounting?
How many statements can income and expenses be presented in?
How many statements can income and expenses be presented in?
What is the cost constraint in the Conceptual Framework?
What is the cost constraint in the Conceptual Framework?
What is the purpose of financial statements?
What is the purpose of financial statements?
Which inventory evaluation methods are allowed under IAS 2?
Which inventory evaluation methods are allowed under IAS 2?
How is VAT calculated?
How is VAT calculated?
How can income and expenses be presented in financial statements?
How can income and expenses be presented in financial statements?
What are associates?
What are associates?
What does accrual basis record?
What does accrual basis record?
What are the two approaches to even out financial information globally?
What are the two approaches to even out financial information globally?
What is the net difference of VAT on purchases and sales?
What is the net difference of VAT on purchases and sales?
What are the primary qualitative characteristics included in the Conceptual Framework?
What are the primary qualitative characteristics included in the Conceptual Framework?
What are associates?
What are associates?
Which financial statement shows the company's revenue, expenses, and net income over a period of time?
Which financial statement shows the company's revenue, expenses, and net income over a period of time?
Which of the following is NOT a distinctive element of financial statements?
Which of the following is NOT a distinctive element of financial statements?
How are PP&E initially measured?
How are PP&E initially measured?
What is the main requirement for an intangible asset?
What is the main requirement for an intangible asset?
What is factoring?
What is factoring?
Which inventory evaluation methods are allowed by IAS 2?
Which inventory evaluation methods are allowed by IAS 2?
What does equity represent?
What does equity represent?
What is the requirement for an intangible asset to be recognized?
What is the requirement for an intangible asset to be recognized?
What are monetary events?
What are monetary events?
What is the purpose of ledger accounts?
What is the purpose of ledger accounts?
How are PP&E initially measured?
How are PP&E initially measured?
What is the aim of the journey towards a universal accounting language?
What is the aim of the journey towards a universal accounting language?
What are monetary events in accounting?
What are monetary events in accounting?
What is the expected credit loss (ECL) model?
What is the expected credit loss (ECL) model?
What information does the cash flow statement provide?
What information does the cash flow statement provide?
What are non-monetary events in accounting?
What are non-monetary events in accounting?
What are non-monetary events?
What are non-monetary events?
What is the purpose of ledger accounts?
What is the purpose of ledger accounts?
What is the difference between debits and credits?
What is the difference between debits and credits?
What is double entry?
What is double entry?
What are the four main types of financial statements?
What are the four main types of financial statements?
What do explanatory notes provide in financial statements?
What do explanatory notes provide in financial statements?
Who systematized the accounting system in the 15th century?
Who systematized the accounting system in the 15th century?
What is the aim of the journey towards a universal accounting language?
What is the aim of the journey towards a universal accounting language?
Which of the following is an enhancing qualitative characteristic included in the Conceptual Framework?
Which of the following is an enhancing qualitative characteristic included in the Conceptual Framework?
Which of the following is a distinctive element of financial statements?
Which of the following is a distinctive element of financial statements?
Which of the following is NOT included in the financial statements prescribed by IAS 1?
Which of the following is NOT included in the financial statements prescribed by IAS 1?
What information does the cash flow statement provide?
What information does the cash flow statement provide?
What information does the Cash Flow Statement provide?
What information does the Cash Flow Statement provide?
What regulates PP&E accounting?
What regulates PP&E accounting?
What regulates PP&E accounting?
What regulates PP&E accounting?
When should the cost of an intangible asset be recognized as an asset?
When should the cost of an intangible asset be recognized as an asset?
What criteria must intangible assets arising from the development phase of an internal project meet to be recognized?
What criteria must intangible assets arising from the development phase of an internal project meet to be recognized?
What criteria must intangible assets arising from the development phase of an internal project meet to be recognized?
What criteria must intangible assets arising from the development phase of an internal project meet to be recognized?
What are joint ventures?
What are joint ventures?
What are joint ventures?
What are joint ventures?
What is the difference between factoring with recourse and factoring without recourse?
What is the difference between factoring with recourse and factoring without recourse?
What do credit notes do?
What do credit notes do?
What is factoring?
What is factoring?
What are inventories?
What are inventories?
What are inventories?
What are inventories?
What information must be disclosed about equity according to IAS 1?
What information must be disclosed about equity according to IAS 1?
What does equity represent?
What does equity represent?
What does equity represent?
What does equity represent?
What information is included in the notes to the financial statements?
What information is included in the notes to the financial statements?
Which of the following is NOT included in the notes to financial statements prescribed by IAS 1?
Which of the following is NOT included in the notes to financial statements prescribed by IAS 1?
What is the purpose of the statement of financial position?
What is the purpose of the statement of financial position?
What is the purpose of IFRS 15?
What is the purpose of IFRS 15?
What does the business cycle involve?
What does the business cycle involve?
How can investments be evaluated?
How can investments be evaluated?
What are the three rules of accounting?
What are the three rules of accounting?
Is the cost constraint considered a qualitative characteristic in the Conceptual Framework?
Is the cost constraint considered a qualitative characteristic in the Conceptual Framework?
What does IAS 1 require disclosure of within equity?
What does IAS 1 require disclosure of within equity?
What does the statement of changes in equity show?
What does the statement of changes in equity show?
What does the business cycle involve?
What does the business cycle involve?
What is the balance sheet equation?
What is the balance sheet equation?
What is depreciation?
What is depreciation?
Who systematized the accounting system in the 15th century?
Who systematized the accounting system in the 15th century?
What is depreciation?
What is depreciation?
What is net realizable value?
What is net realizable value?
What do debits and credits refer to in accounting?
What do debits and credits refer to in accounting?
What is net realizable value?
What is net realizable value?
How should an entity assess the probability of expected future economic benefits of an intangible asset?
How should an entity assess the probability of expected future economic benefits of an intangible asset?
What information is included in the Notes to the Financial Statements?
What information is included in the Notes to the Financial Statements?
In which country was the financial statement first viewed as a source of protection for social creditor rights in the 17th century?
In which country was the financial statement first viewed as a source of protection for social creditor rights in the 17th century?
What is the difference between factoring with and without recourse?
What is the difference between factoring with and without recourse?
What does IAS 1 require disclosure of within equity?
What does IAS 1 require disclosure of within equity?
Under what condition shall the cost of intangible assets be recognized as an asset?
Under what condition shall the cost of intangible assets be recognized as an asset?
What is the balance in accounting?
What is the balance in accounting?
What information is included in the notes to the financial statements?
What information is included in the notes to the financial statements?
When should the cost of intangible assets be recognized as an asset?
When should the cost of intangible assets be recognized as an asset?
How are account receivables recorded at initial recognition?
How are account receivables recorded at initial recognition?
What is the purpose of financial statements?
What is the purpose of financial statements?
How can investments be evaluated?
How can investments be evaluated?
What is the difference between external and internal financing?
What is the difference between external and internal financing?
What is carrying amount?
What is carrying amount?
Which statement is NOT included in the set of general purpose financial statements under IFRS?
Which statement is NOT included in the set of general purpose financial statements under IFRS?
What is fair value?
What is fair value?
In which century was the financial statement first viewed as a source of protection for social creditor rights in France?
In which century was the financial statement first viewed as a source of protection for social creditor rights in France?
What is carrying amount?
What is carrying amount?
Which type of financial statement shows the company's cash receipts and payments over a period of time?
Which type of financial statement shows the company's cash receipts and payments over a period of time?
What is fair value?
What is fair value?
What is the structure of a ledger?
What is the structure of a ledger?
What does the statement of changes in equity show?
What does the statement of changes in equity show?
What does the statement of changes in equity show?
What does the statement of changes in equity show?
Which of the following is NOT required for fair presentation of financial statements according to IAS 1?
Which of the following is NOT required for fair presentation of financial statements according to IAS 1?
What are the two accounting models to evaluate intangible assets?
What are the two accounting models to evaluate intangible assets?
How should an entity assess the probability of expected future economic benefits of an intangible asset?
How should an entity assess the probability of expected future economic benefits of an intangible asset?
What is secured borrowing?
What is secured borrowing?
What is the net realizable value of notes receivables?
What is the net realizable value of notes receivables?
What are financial statements?
What are financial statements?
When was the Securities and Exchange Commission (SEC) established in the US?
When was the Securities and Exchange Commission (SEC) established in the US?
What is external financing in accounting?
What is external financing in accounting?
What is the allowance for bad debts?
What is the allowance for bad debts?
What are impairment tests?
What are impairment tests?
What is required for every business transaction?
What is required for every business transaction?
What do financial statements give a true representation of?
What do financial statements give a true representation of?
How should an entity assess the probability of expected future economic benefits of an intangible asset?
How should an entity assess the probability of expected future economic benefits of an intangible asset?
What does IAS 8 cover?
What does IAS 8 cover?
What are impairment tests used for?
What are impairment tests used for?
What does IAS 8 cover?
What does IAS 8 cover?
What is the impact of IAS 8 adjustments on retained earnings?
What is the impact of IAS 8 adjustments on retained earnings?
What does IAS 8 cover?
What does IAS 8 cover?
What is the balance in accounting?
What is the balance in accounting?
What are the distinctive elements of financial statements?
What are the distinctive elements of financial statements?
Which items are excluded from IAS 2?
Which items are excluded from IAS 2?
What is included in a ledger?
What is included in a ledger?
When was the Securities and Exchange Commission (SEC) established in the US?
When was the Securities and Exchange Commission (SEC) established in the US?
What do adjustments required by IAS 8 require adjustments to?
What do adjustments required by IAS 8 require adjustments to?
How are fixed assets recorded in accounting?
How are fixed assets recorded in accounting?
What does IFRS 9 distinguish between?
What does IFRS 9 distinguish between?
What is recoverable amount?
What is recoverable amount?
When was the Financial Accounting Standard Board (FASB) established in the US?
When was the Financial Accounting Standard Board (FASB) established in the US?
How are transactions recorded in the ledger?
How are transactions recorded in the ledger?
What is the consequence of accounts receivable being unrecoverable?
What is the consequence of accounts receivable being unrecoverable?
What is the result of accounts receivable not being recoverable?
What is the result of accounts receivable not being recoverable?
What is the purpose of notes in financial statements?
What is the purpose of notes in financial statements?
What does IFRS 8 require disclosure of?
What does IFRS 8 require disclosure of?
What are explanatory notes?
What are explanatory notes?
What is recoverable amount?
What is recoverable amount?
What does IFRS 8 require disclosure of?
What does IFRS 8 require disclosure of?
What is the net worth of a company?
What is the net worth of a company?
What is the impact of adjustments required by IAS 8 on retained earnings?
What is the impact of adjustments required by IAS 8 on retained earnings?
Who decides on dividends and how do they impact equity?
Who decides on dividends and how do they impact equity?
Which of the following is covered under IAS 2?
Which of the following is covered under IAS 2?
How many accounting models are there to evaluate intangible assets?
How many accounting models are there to evaluate intangible assets?
How many accounting models are there to evaluate intangible assets, and what are they?
How many accounting models are there to evaluate intangible assets, and what are they?
Which of the following is NOT required for presentation and classification of financial statements according to IAS 1?
Which of the following is NOT required for presentation and classification of financial statements according to IAS 1?
What do ledger accounts summarize?
What do ledger accounts summarize?
How are fixed assets recorded?
How are fixed assets recorded?
What does IFRS 8 require?
What does IFRS 8 require?
When does the depreciation of an intangible asset begin and end?
When does the depreciation of an intangible asset begin and end?
What does IFRS 9 distinguish between?
What does IFRS 9 distinguish between?
What happens to the risks of bad debts in secured borrowing?
What happens to the risks of bad debts in secured borrowing?
What types of items are represented in OCI and specific reserves in equity?
What types of items are represented in OCI and specific reserves in equity?
What does IFRS 1 regulate?
What does IFRS 1 regulate?
What is the balance sheet equation?
What is the balance sheet equation?
What does IFRS 1 regulate?
What does IFRS 1 regulate?
What does IFRS 1 regulate?
What does IFRS 1 regulate?
When was the Financial Accounting Standard Board (FASB) established in the US?
When was the Financial Accounting Standard Board (FASB) established in the US?
What is entity-specific value?
What is entity-specific value?
Who decides dividends?
Who decides dividends?
What is entity-specific value?
What is entity-specific value?
When was the International Accounting Standards Board (IASB) established?
When was the International Accounting Standards Board (IASB) established?
What is the basis for determining the useful life of an asset?
What is the basis for determining the useful life of an asset?
What does the depreciation of intangible assets depend on?
What does the depreciation of intangible assets depend on?
Which financial statement shows the value of the company's assets, liabilities, and equity at a particular point in time?
Which financial statement shows the value of the company's assets, liabilities, and equity at a particular point in time?
What is inventory in accounting?
What is inventory in accounting?
What does the depreciation of intangible assets depend on?
What does the depreciation of intangible assets depend on?
What is the purpose of the cash flow statement?
What is the purpose of the cash flow statement?
What is terminal value?
What is terminal value?
What does terminal value express?
What does terminal value express?
How do journal entries and ledger accounts affect financial statements?
How do journal entries and ledger accounts affect financial statements?
What is the purpose of IFRS 9?
What is the purpose of IFRS 9?
What is the purpose of the bank account ledger?
What is the purpose of the bank account ledger?
What did IFRS 9 replace for banks after the financial crisis of 2008?
What did IFRS 9 replace for banks after the financial crisis of 2008?
How is a bank account ledger balanced?
How is a bank account ledger balanced?
What is allowance for bad debts?
What is allowance for bad debts?
How are inventories evaluated?
How are inventories evaluated?
How are inventories evaluated?
How are inventories evaluated?
What is inventory?
What is inventory?
Who decides on dividends and how do they impact equity?
Who decides on dividends and how do they impact equity?
Which assumption is necessary for financial statements according to IFRS?
Which assumption is necessary for financial statements according to IFRS?
Which of the following is NOT a primary component of the balance sheet equation?
Which of the following is NOT a primary component of the balance sheet equation?
What is the purpose of impairment tests?
What is the purpose of impairment tests?
What types of items are represented in OCI and specific reserves in equity?
What types of items are represented in OCI and specific reserves in equity?
What happens to an intangible asset with an undefined useful life?
What happens to an intangible asset with an undefined useful life?
What is bookkeeping?
What is bookkeeping?
What are the four main types of financial statements?
What are the four main types of financial statements?
When should the residual value and useful life of an asset be reviewed?
When should the residual value and useful life of an asset be reviewed?
When should the residual value and useful life of an asset be reviewed?
When should the residual value and useful life of an asset be reviewed?
When was the International Accounting Standards Board (IASB) established?
When was the International Accounting Standards Board (IASB) established?
What happens to an intangible asset with an undefined useful life?
What happens to an intangible asset with an undefined useful life?
What are FIFO and weighted average cost?
What are FIFO and weighted average cost?
Which of the following is NOT a mandatory part of an IAS/IFRS?
Which of the following is NOT a mandatory part of an IAS/IFRS?
Which basis is used for transactions and events in financial statements according to IFRS?
Which basis is used for transactions and events in financial statements according to IFRS?
What is bookkeeping in accounting?
What is bookkeeping in accounting?
What is the expected credit loss (ECL) model?
What is the expected credit loss (ECL) model?
What are impairment tests required for?
What are impairment tests required for?
How should differences between IFRS and local GAAP be recorded?
How should differences between IFRS and local GAAP be recorded?
What is the main difference between the depreciation of an intangible asset with a defined useful life and one with an undefined useful life?
What is the main difference between the depreciation of an intangible asset with a defined useful life and one with an undefined useful life?
How should differences between IFRS and local GAAP be recorded?
How should differences between IFRS and local GAAP be recorded?
What is the consequence of unrecoverable accounts receivable?
What is the consequence of unrecoverable accounts receivable?
What is represented in OCI and specific reserves in equity?
What is represented in OCI and specific reserves in equity?
When did Italy adopt all IASB documents?
When did Italy adopt all IASB documents?
How should differences between IFRS and local GAAP be recorded?
How should differences between IFRS and local GAAP be recorded?
What is the balance?
What is the balance?
Which IAS prescribes the basis for presentation of financial statements for comparability?
Which IAS prescribes the basis for presentation of financial statements for comparability?
What are FIFO and weighted average cost?
What are FIFO and weighted average cost?
How is the bank account ledger balanced?
How is the bank account ledger balanced?
What is the purpose of recording transactions in the moment in which they occur?
What is the purpose of recording transactions in the moment in which they occur?
What is the purpose of journal entries and ledger accounts?
What is the purpose of journal entries and ledger accounts?
What is the difference between Italian GAAP and IAS 38 regarding intangible assets?
What is the difference between Italian GAAP and IAS 38 regarding intangible assets?
What is factoring?
What is factoring?
Which of the following is NOT an element of the International Accounting Framework?
Which of the following is NOT an element of the International Accounting Framework?
What is the basis for determining the useful life of an asset?
What is the basis for determining the useful life of an asset?
How many items must be included in the summarization services disclosure requirements?
How many items must be included in the summarization services disclosure requirements?
When should transactions be recorded?
When should transactions be recorded?
What is the main difference between Italian GAAP and IAS 38 regarding the revaluation model for intangible assets?
What is the main difference between Italian GAAP and IAS 38 regarding the revaluation model for intangible assets?
When did Italy make IFRS mandatory for public companies and those within the scope of consolidation?
When did Italy make IFRS mandatory for public companies and those within the scope of consolidation?
Why are inventory journal entries important?
Why are inventory journal entries important?
What is double entry bookkeeping?
What is double entry bookkeeping?
How are land and buildings accounted for?
How are land and buildings accounted for?
Which of the following statements are included in general purpose financial statements under IFRS?
Which of the following statements are included in general purpose financial statements under IFRS?
Why are inventory journal entries important?
Why are inventory journal entries important?
When did Italy adopt all IASB documents?
When did Italy adopt all IASB documents?
What is the purpose of impairment tests?
What is the purpose of impairment tests?
What is the purpose of OIC 11?
What is the purpose of OIC 11?
How many items must be included in the disclosure requirements for equity according to the text?
How many items must be included in the disclosure requirements for equity according to the text?
What is the purpose of double entry bookkeeping in accounting?
What is the purpose of double entry bookkeeping in accounting?
Which of the following is NOT required for presentation of financial statements under IFRS?
Which of the following is NOT required for presentation of financial statements under IFRS?
Is it required for financial statements to always be comparable under IFRS?
Is it required for financial statements to always be comparable under IFRS?
What must be prepared at the date of transition to IFRS?
What must be prepared at the date of transition to IFRS?
What is the difference between subsidiaries and associates?
What is the difference between subsidiaries and associates?
What is included in the ledger structure?
What is included in the ledger structure?
Which of the following is not a classification of investments according to the text?
Which of the following is not a classification of investments according to the text?
What must be prepared at the date of transition to IFRS?
What must be prepared at the date of transition to IFRS?
What is required for fair presentation of financial statements according to IFRS?
What is required for fair presentation of financial statements according to IFRS?
Which of the following is not a method for evaluating investments according to the text?
Which of the following is not a method for evaluating investments according to the text?
How are costs for unsold or unproduced items adjusted?
How are costs for unsold or unproduced items adjusted?
What are the nine items that must be included in the disclosure requirements for summarization services?
What are the nine items that must be included in the disclosure requirements for summarization services?
What is the balance sheet?
What is the balance sheet?
Where are the golden rules for preparing Italian financial statements found?
Where are the golden rules for preparing Italian financial statements found?
Which of the following is NOT one of the primary qualitative characteristics of financial statements according to the Conceptual Framework?
Which of the following is NOT one of the primary qualitative characteristics of financial statements according to the Conceptual Framework?
What is the difference between Italian GAAP and IAS 38 regarding intangible assets?
What is the difference between Italian GAAP and IAS 38 regarding intangible assets?
What does OIC 16 not allow?
What does OIC 16 not allow?
What information is included in financial statement notes?
What information is included in financial statement notes?
How are costs for unsold or unproduced items accounted for?
How are costs for unsold or unproduced items accounted for?
What are the fundamental elements of Italian financial statements?
What are the fundamental elements of Italian financial statements?
What is the derecognition of PPE?
What is the derecognition of PPE?
When did Italy make IFRS mandatory for public companies and those within the scope of consolidation?
When did Italy make IFRS mandatory for public companies and those within the scope of consolidation?
Which companies cannot use IFRS?
Which companies cannot use IFRS?
How do the disclosure requirements for equity in the text compare to those in IAS/IFRS?
How do the disclosure requirements for equity in the text compare to those in IAS/IFRS?
What is the balance sheet in accounting?
What is the balance sheet in accounting?
What is the difference between factoring with and without recourse?
What is the difference between factoring with and without recourse?
Flashcards
VAT
VAT
An indirect tax on goods and services, charged by the state government.
Intangible Asset
Intangible Asset
A non-physical asset, not a monetary value, that is used in a business.
Accounting
Accounting
The process of classifying and recording monetary transactions.
Current Assets
Current Assets
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Non-Current Assets
Non-Current Assets
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Investments
Investments
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Double-entry bookkeeping
Double-entry bookkeeping
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Trial Balance
Trial Balance
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Balance Sheet
Balance Sheet
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Impairment
Impairment
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Fixed Asset
Fixed Asset
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Trade Receivables
Trade Receivables
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Accrual Basis Accounting
Accrual Basis Accounting
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Cash Basis Accounting
Cash Basis Accounting
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IASB
IASB
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Assets
Assets
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Liabilities
Liabilities
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Equity
Equity
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Financial Statements
Financial Statements
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Inventory Valuation Methods
Inventory Valuation Methods
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IFRS
IFRS
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Transactions
Transactions
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Operating Cycle
Operating Cycle
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Impairment of Inventory
Impairment of Inventory
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Study Notes
- Accounting involves the classification and recording of monetary transactions.
- Transactions are events that cause a change in a company's financial position.
- Transactions can be cash, credit, barter, or paper transactions.
- Monetary events involve a transfer of money and result in a change in the company's financial position.
- Non-monetary events are not related to any exchange of money.
- The business cycle involves financing, purchasing fixed and current assets, processing and producing, and selling finished goods.
- External financing involves receiving money from an external institution, while internal financing involves receiving money from shareholders.
- Fixed assets are recorded as assets, while current expenses are recorded as costs.
- Inventory is the recording of all finished products and raw materials at the end of the year.
- Bookkeeping is the routine recording of business transactions.
- Double entry bookkeeping records transactions in a replicable manner
- Business transactions bring a double change in financial position
- Assets represent valuable things a company owns
- Liabilities represent obligations claimed by creditors
- Equity represents dotation of capital received by owners
- Changes in assets must be reflected in equal measure in liabilities and equity
- Balance sheet shows financial position at a specific point in time
- Income statement summarizes results of operating for a period of time
- Income statement records all costs and revenues during a period
- Revenue and expenses are recorded in the income statement.
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Description
Test your knowledge of basic accounting concepts with this informative quiz. From understanding the different types of transactions to the principles of double-entry bookkeeping, this quiz covers it all. Get ready to dive into the business cycle, learn about assets, liabilities, and equity, and discover how to read a balance sheet and income statement. Whether you're a business student or simply interested in learning more about accounting, this quiz is the perfect way to test and expand your knowledge.
