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This IFRS test comprises of 20 multiple-choice questions that you can answer in few minutes and put your IFRS knowledge to good use!

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An entity breached the provision of a 3 year loan arrangement before the end of the reporting period due to which the liability has become payable on demand. However, after the reporting date but before approval of the financial statements, the lender has agreed not to demand payment as a consequence of the breach. How should the obligation be classified on the reporting date

1 out of 20

In valuation of inventory the fixed production overheads are allocated based on which measure?

2 out of 20

The leasing standard Ind AS 116 is not applicable to short term lease and lease of assets which the underlying value is low?

3 out of 20

A contract is or contain a lease if it has which of the following feature?

4 out of 20

Compulsorily convertible preference share convertible at fixed number of shares will be classified as?

5 out of 20

Customer buys an industrial AC and post-sales maintenance pack for USD 1,200. PQR sells the AC on its own for USD 1,000. PQR sells the maintenance pack on its own for USD 500. at what price should the revenue from AC be recorded?

6 out of 20

"Company XYZ bought a machine on 1.April. 2016 that helps them produce widgets. The machine cost $30,000 and is expected to last 10 years. It's salvage value is $3,000. Due to slow-down the machine was out of use for a period of one year from 1.April.2017 to 31.March 2018.

Calculated depreciation charge for the year 2018-19 as per SLM."

7 out of 20

If one large asset has a number of individual components with different useful lives, how should this be depreciated?

8 out of 20

Redeemable preference shares issued with 5% fixed dividend each year subject to availability of distributable profits will be classified as?

9 out of 20

How can a company determine if any assets are stolen?

10 out of 20

Employee benefits can be classified into how many types?

11 out of 20

Gratuity is which type of employment benefit?

12 out of 20

"An entity operates a website that enables customers to purchase good from a range of suppliers who deliver the goods directly to the customer. When a good is purchased via the website, the entity is entitled to a commission of 10% of the sales price.

In this situation, the entity is acting as an agent or principal?"

13 out of 20

A single contract with a customer could include more than one performance obligation and it is necessary to identify each performance obligation in the contract. True or False?

14 out of 20

Which item forms part of the statement of other comprehensive income?

15 out of 20

What is the step no. 3 to the 5-step revenue model?

16 out of 20

Which criteria needs to be evaluated to determine whether an instrument is debt or equity?

17 out of 20

A gym owner enters into contract with a customer for one year of access to any of its gym facilities for an annual payment of Rs. 5,000. How should the revenue be recognised?

18 out of 20

Which of the following is not a component of a Statement of Financial Position?

19 out of 20

How should an asset be initially recognised in the financial statements?

20 out of 20