1. Name if IAS 1 is
• Conceptual framework
• Presentation of financial statements.
• Inventories
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2. IAS 1 sets out rules on
• Content of financial statements
• Form of financial statements.
• Both content and form of financial statements
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3. IAS 1 requires an entity to present current and non-current assets, and current and non-
Current liabilities, as separate classifications on the face of its statement of financial
Position (fill in the blank line) _______________________________________.
• In each and every condition.
• Unless a liquidity presentation provides more relevant and reliable information.
• On presentation of first financial statements.
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4. IAS 1 required to present on the face of statement of financial position as separate classification for the following
• Current and non-current assets only
• Current and non-current liabilities only
• Current and non-current assets, Current and non-current liabilities
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5. For presenting assets and liabilities of the face of statement of financial position IAS 1
• Restricts to classify only as current and non-current classification.
• Allows mixed approach of current non-current distinction with order of liquidity.
• Restrict to choose current non-current distinction or order of liquidity.
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6. Statement of profit or loss and other comprehensive income
• Provides information about the performance of an entity in a period
• Provides information about the financial position of an entity at specific date
• Provides information about the changes in equity during a period.
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7. Statement of profit or loss and other comprehensive income
• Consist of five parts
• Consist of three parts
• Consist of two parts
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8. Statement of changes in equity (SOCIE)
• Provides information about the financial position of an entity at specific date.
• Shows the amount at the beginning of the period, changes during the period, and the amount at the end of the period for each component of equity.
• Provides information about the performance of an entity in a period.
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9. Notes to the financial statements contain information in addition to that presented in the statement of financial position, statement of comprehensive income, statement of changes in equity and statement of cash flows.
• True.
• False
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10. IAS 1 is also applicable to
• Structure and content of interim financial statements.
• Interim financial statements up to general features.
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