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Course 171030- A Guide to IFRS
  Final Exam
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171030v - A Guide to IFRS

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2 CPE Credit Hours

Final Exam
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Read 'Chapter 0: Course Material' & answer the following question(s):
1. Inventory should be stated at
2. FIFO inventory equals
3. IAS 16 requires that revaluation surplus resulting from initial revaluation of property, plant, and equipment should be treated in one of the following ways. Which of the four options mirrors the requirements of IAS 16?
4. An impairment loss that relates to an asset that has been revalued should be recognized in
5. The classification of a lease as either an operating or finance lease is based on
6. "Bill and hold" sales, in which delivery is delayed at the buyer's request but the buyer assumes title and accepts invoicing, should be recognized when
7. IFRS prohibits use of ______________________ to account for long-terms construction contracts.
8. “Value in use” is
9. IAS 36 applies to which of the following assets?
10. What is the objective of financial statements according to the Framework?
11. Which of the following is not a qualitative characteristic of financial statements according to the Framework?
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