In accordance with PAS 1, which of the following gains or losses from reclassification of financial assets need not be presented separately in the profit or loss section or the statement of profit or loss? A.None of these. B. Reclassification of financial assets out of the FVTOCI measurement category to FVTPL C. Reclassification of financial assets out of the FVTPL measurement category. D.Reclassification of financial assets out of the amortized cost measurement category to FVTPL

In accordance with PAS 1, which of the following gains or losses from reclassification of financial assets need not be presented separately in the profit or loss section or the statement of profit or loss? A.None of these. B. Reclassification of financial assets out of the FVTOCI measurement category to FVTPL C. Reclassification of financial assets out of the FVTPL measurement category. D.Reclassification of financial assets out of the amortized cost measurement category to FVTPL

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 4MC: Which of the following statements about capitalizing costs is correct? A. Capitalizing costs refers...

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10. In accordance with PAS 1, which of the following gains or losses from reclassification of financial assets need not be presented separately in the profit or loss section or the statement of profit or loss?a. Reclassification of financial assets out of the amortized cost measurement category to FVTPL. b. Reclassification of financial assets out of theFVTOCI measurement category to FVTPL.c. Reclassification of financial assets out of the FVTPLmeasurement category. d. None of these. 11. In accordance with PAS 1, which of the following expenses need not be presented separately in the profit or loss section or the statement of profit or loss? a. Finance costsb. Share of loss of associates c. Tax expensed. Depreciation expense 12. You are preparing the income statement of Anonymous Company for the year ended December 31, 2020. You determine that company's income from continuing operations before income taxes is P2,400,000.…
10. In accordance with PAS 1, which of the following gains or losses from reclassification of financial assets need not be presented separately in the profit or loss section or the statement of profit or loss?a. Reclassification of financial assets out of the amortized cost measurement category to FVTPL. b. Reclassification of financial assets out of theFVTOCI measurement category to FVTPL.c. Reclassification of financial assets out of the FVTPLmeasurement category. d. None of these.
In accordance with PAS 1, the profit or loss section or the statement of profit or loss shall include line item for gains and losses from derecognition of Group of answer choices Financial assets measured at fair value through profit or loss. Financial assets measured at amortized cost. All of these. Financial assets measured at fair value through other comprehensive income.
Which of the following is not included in the computation of profit or loss? Interest Expense on Plan Assets Actuarial Gains or Losses Settlement Gains or Losses Interest Expense on Asset Ceiling
Which statement is incorrect regarding reclassification of financial assets? a) Reclassifications to FVTPL measurement category result to amounts recognized in profit or loss. b.)The effective interest rate is determined on the basis of the fair value of the asset at the reclassification date when an entity reclassifies a financial asset out of FVTPL measurement category. c.) The effective interest rate and the measurement of expected credit losses are not adjusted as a result of the reclassification from AC measurement category to FVTOCI and vice versa. d.) All reclassifications out of FVTOCI measurement category result in ‘reclassification adjustm
1. On derecognition of a financial asset , the difference between the consideration received and the carrying amount of the financial asset shall be: 2 points a. Recognized in other comprehensive income for financial asset at amortized cost and profit or loss for financial asset at fair value. b. Recognized in profit or loss only for financial asset measured at amortized cost. c. Recognized in profit or loss only for financial asset measured at fair value. d. Recognized in profit or loss for both financial asset at fair value and financial asset at amortized cost. 2. The entity purchased government bonds. The entity’s business model in managing financial assets is to collect contractual cash flows that are solely payments of principal and interest on the principal amount outstanding. Which of the following is the most appropriate classification for the investment in bonds? 2 points a. At fair value through profit or loss. b. At amortized cost.…
1. On derecognition of a financial asset , the difference between the consideration received and the carrying amount of the financial asset shall be: 2 points a. Recognized in other comprehensive income for financial asset at amortized cost and profit or loss for financial asset at fair value. b. Recognized in profit or loss only for financial asset measured at amortized cost. c. Recognized in profit or loss only for financial asset measured at fair value. d. Recognized in profit or loss for both financial asset at fair value and financial asset at amortized cost. 2. The entity purchased government bonds. The entity’s business model in managing financial assets is to collect contractual cash flows that are solely payments of principal and interest on the principal amount outstanding. Which of the following is the most appropriate classification for the investment in bonds? 2 points a. At fair value through profit or loss. b. At amortized cost.…
Which statement is incorrect regarding reclassification of financial assets? All reclassifications out of FVTOCI measurement category result in 'reclassification. adjustment. The effective interest rate and the measurement of expected credit losses are not adjusted as a result of the reclassification from AC measurement category to FVTOCI and vice versa. Reclassifications to FVTPL measurement category result to amounts recognized in profit or loss. The effective interest rate is determined on the basis of the fair value of the asset at the reclassification date when an entity reclassifies a financial asset out of FVTPL measurement category.
All financial assets are initially measured at fair value plus transaction costs, except A. Amortized cost C.None of these C. Fair value through profit and loss D. Fair value through OCI
Discuss the appropriate treatment in the income statement for the following items: a. Loss on discontinued operations. b. Non-controlling interest allocation.
What is the purpose of recognizing depreciation on the financial statements? Is it designed to report PPE at fair value on the balance sheet?
Which of the following observations refers to the term differential? Select one: a. Excess of investment amount over fair value of net assets b. Excess of Investment amount over book value net assets c. Excess of fair value over book value of net assets d. Excess of fair value over historical cost of assets