1.

__________________ is the objective of this standard to ensure that appropriate

recognition criteria and measurement bases are applied to provisions, contingent
liabilities and contingent assets and that sufficient information is disclosed in the notes to
enable users to understand their nature, timing and amount.

a) IAS 21 b) IAS 32 c) IAS37

2. A _________________ is a liability of uncertain timing or amount.

a) Provisions b) Contingent Liability c) Contingent Assets

3. A _________________ is a possible obligation that arises from past events and whose
existence will be confirmed only by the occurrence or non-occurrence of one or more
uncertain future events not wholly within the control of the entity.

a) Provisions b) Contingent Liability c) Contingent Assets

4. A _________________ is a possible asset that arises from past events and whose existence
will be confirmed only by the occurrence or non-occurrence of one or more uncertain future
events not wholly within the control of the entity.

a) Provisions b) Contingent Liability c) Contingent Assets

5._________________ is the objective of this standard to prescribe the accounting treatment

for intangible assets that are not dealt with specifically in another standard.

a) IAS 38 b) IAS 39 c) IAS 40

6. An_________________ is an identifiable non-monetary asset without physical substance.

a) Goodwill b) intangible assets c) tangible assets

7. In accordance with _________________, if an intangible asset is acquired in a business
combination, the cost of the intangible asset is its fair value at the acquisition date.

a) IFRS 3 b) IFRS2 c) IFRS1

8. Internally generated _________________ will not be recognized as an asset.

a) Profits b) Loss c) Goodwill

9. If an intangible asset is accounted for using the _________________, all the other assets in
its class shall also be accounted for using the same model, unless there is no active market for
those assets.

a) Revaluation model b) Cost model c) Fair price model

10. If an intangible asset is accounted for using the _________________, it will be carried at
its cost less any accumulated amortization and any accumulated impairment losses.

a) Revaluation model b) Cost model c) Fair price model

11. An_________________ is a market in which the items traded are homogenous, willing
buyers and sellers are found and prices are available to the public.

a) Dormant market b) Active market c) Normal market

12._________________ is the period over which an asset is expected to be available for use
by an entity.

a) Useful life b) depreciation c) Amortisation

13. To determine whether an intangible asset is impaired, an entity applies
_________________.

a) IAS 23 b) IAS 24 c) IAS36

14. The _________________ of an intangible asset is the estimated amount that an entity
would currently obtain from the disposal of the asset, after deducting the estimated cost of
asset, if the asset were already of the age and in the condition expected at the end of its useful
life.

a) Residual Value b) Scrap Value c)

Depreciation Value

15. An intangible asset with an indefinite useful life shall not be _________________.

a) Amortised b) Depreciated c) Appreciated

16. In accordance with _________________, an entity is required to test an intangible asset

with an indefinite useful life for impairment by comparing its recoverable amount with its
carrying amount annually, and whenever there is an indication that an intangible asset may
be impaired.

a) IAS 36 b) IAS 37 c) IAS 39

17. The change in the useful life assessment from indefinite to finite shall be accounted for as
a change in an accounting estimate in accordance with _________________.

a) IAS 8 b) IAS 9 c) IAS10

18._________________ is the objective of this standard to establish principles for

recognizing and measuring financial assets, financial liabilities and some contracts to buy or
sell non-financial items.

a) IAS 39 b) IAS 40 c) IAS41

19._________________ , a hedge of the exposure to changes in fair value of a recognized
asset or liability or an unrecognized firm commitment, or an identified portion of such an
asset, liability or firm commitment, that is attributable to a particular risk and could affect
profit or loss.

a) Fair value hedge b) cash flow hedge c) hedge of net investment in foreign
operations

20._________________, a hedge of the exposure to variability in cash flows that is

attributable to a particular risk associated with a recognized asset or liability or a highly
probable forecast transaction and could affect profit or loss.

a) Fair value hedge b) cash flow hedge c) hedge of net investment in foreign
operations

21._________________ is the objective of this standard to prescribe the accounting

treatment for investment property and related disclosure requirements.

a) IAS 24 b) IAS35 c) IAS 40

22._________________ is the objective of this standard to prescribe the accounting

treatment and disclosures related to agricultural activity.

a) IAS 32 b) IAS 41 c) IAS 36

23._____________ sets out the concepts that underlie the preparation and presentation of
financial statements for external users.

a) IFRS b) Framework c) Accounting standards

24. A _________________ supported by strong governance, high quality standards, and firm
regulatory framework is the key to economic development.

a) Financial reporting b) Financial statement c) Accounting standards

25. Give any one objective of IFRS _________________

26. IFRS comprises of _________________.

27. The objective of this _____________________- is to ensure that an entity’s first financial
statements and its interim financial reports for part of the period covered by those financial
statements, contains high quality information.

a) IFRS 2 b) IFRS 3 c) IFRS 1

28. The objective of this _____________________ requires an entity to recognize share

based payment transactions in its financial statements, including transactions with employees
or other parties to be settled in cash, other assets, or equity instruments of the entity.

a) IFRS 2 b) IFRS 4 c) IFRS 5

29. The objective of this _____________________ is to enhance the relevance, reliability

and comparability of the information that a reporting entity provides in its financial
statements about a business combination and its effects.

a) IFRS3 b) IFRS 4 c) IFRS 5

30. The objective of this _____________________ is to specify the accounting for the assets
held for sale and the presentation and disclosure of discontinued operations.

a) IFRS6 b) IFRS 4 c) IFRS 5