Question 1

Which of the following is one of the basic financial  statements according to PAS 1?

Accepted Answer

Statement of Financial Position

Answer

Statement of Financial Performance

Answer

Statement of Cost of Goods Manufactured

Answer

Audited Financial Statements

Question 2

What of the following is not an element of the Statement of Financial Position?

Accepted Answer

Sales

Answer

Liabilities

Answer

Assets

Answer

Owner's Equity

Question 3

Which of the following is not an element of Statement of Comprehensive Income

Accepted Answer

Assets

Answer

Sales

Answer

Revenue

Answer

Expenses

Question 4

Which of the following is an element of Statement of Changes in Equity?

Accepted Answer

Retained Earnings

Answer

Cost of sales

Answer

Sales

Answer

Cash and cash equivalents

Question 5

Which is a non-cash transaction?

Accepted Answer

Depreciation of fixed assets

Answer

Withdrawal of capital for personal use

Answer

Payment of Expenses

Answer

Collection of receivables

Related quizzes