Welcome to the IFRS QuizTest your IFRS Knowlegde by taking this quiz!Submit details listed below to: 1. Get the answers to the questions 2. Get a free eBook - IFRS: Changing the financial landscapeThis IFRS test comprises of 20 multiple-choice questions that you can answer in few minutes and put your IFRS knowledge to good use!Please fill in the E-mail Address below and then start your quiz! Email Address Compulsorily convertible preference share convertible at a variable number of shares will be classified as?EquityLiabilityAssetCompound instrumentCustomer 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?1,0004008001,200Which of the following is not a purpose of a financial reporting conceptual framework?Development of new reporting practicesEvaluation of existing reporting practicesEnforcement of existing reporting practicesWhich of the following relate to financial position in a set of financial statements?Assets, liabilities, income and expensesAssets, liabilities and equityIncome and expensesIncome, expenses and liabilitiesWhat is the net amount an entity expects to obtain for an asset at the end of its useful life?Residual valueDepreciated valuePresent valueFair valueA company purchases land with an office building. The building has a useful life of 20 years. How should the land be depreciated?Depreciate over 20 yearsDepreciate over useful life of the landDon’t depreciate the landNone of these"On 1 March 2012 PQR Ltd. purchased an upgrade package from Plant Co at a cost of 30,000. The upgrade took a total of two days where new components were added to the machine. This will enable PQR Ltd. to increase production without the need to purchase a new machine. Should the additional expenditure be capitalised or expensed?"YesNoNon Redeemable preference shares issued with no fixed dividend each year will be classified as?EquityLiabilityAssetCompound instrumentHow can a company determine if any assets are stolen?Physical VerificationAssets written off in booksCheck with the facility teamRegister verification"A company purchased a property on 1 April 2014. The property elements with estimated life are as follows : Land - 200,000 - 50 years Building - 12,00,000 - 50 years Furniture and fixtures - 50,000 - 10 years Calculate the annual depreciation charge for the property for the year ended 31 March 2019"29,00024,00028,00033,000Which of the following is a depreciation method?Straight-line methodResidual methodReplacement methodAll of aboveWhich of the data point mentioned is most important and should be captured in a fixed assets register?All of the belowSerial number of assetsDate put to useAsset location"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?"AgentPrincipalWhich of the following is NOT a qualitative characteristic of a financial statement prepared under IFRS?CompletenessVerifiabilityUnderstandabilitySelf-explanatoryWhich item forms part of the statement of other comprehensive income?Forex revaluation of assets and liabilitiesForeign exchange gains and losses arising from translationsIneffective portion of cash flow hedgeDividend declared by the companyTime is Up!