IAS 21 on The Effects of Changes in Foreign Exchange Rates allows to use ____________ rates to record monetary items on the closing date of the balance sheet.

• A) historic
• B) average
• C) closing
• D) nominal

Net income of Rs. 100,000 and EPS of Rs. 0.50 will yield _____________ ordinary shares.

• A) 200,000
• B) 250,000
• C) 50,000
• D) 100,000

Under IAS32, if a settlement provision depends on an event outside the control of the issuer and holder, the instrument must be presented as a ______________.

• A) liability
• B) instrument
• C) conversion
• D) option

Hedge accounting can only be applied when the hedge is expected to be _________.

• A) compliant
• B) complete
• C) profitable
• D) effective

IAS 33 on earnings per sahre requires diluted EPS to reflect the effect of _____________ ordinary shares.

• A) expired
• B) potential
• C) restricted
• D) issued

Treasury shares should be presented in the statement of financial position as a __________, as per IAS 32.

• A) deduction
• B) expense
• C) asset
• D) revenue

The approach to fair value measurement under IFRS 13 is based on ____________.

• A) entity
• B) asset
• C) entry
• D) exit

Under IAS 34 on interim financial reporting, the appropriate treatment when an entity experiences a significant seasonal effect on its operations during the interim period is to _____________ it.

• A) estimate
• B) ignor
• C) disclose
• D) adjust

IAS 40 on investment proprty requires to recognize gains or losses arising from fair value adjustments on such property in _____________.

• A) liability
• B) equity
• C) reserves
• D) income

IAS 40 on investment property allows a choice between the cost model and ___________ value model.

• A) income
• B) revenue
• C) depreciation
• D) fair

IFRS 15 on revenue from contracts with customers requires disclosure of revenue disaggregated based on ____________.

• A) geography
• B) source
• C) type
• D) timing

IAS 34 on interim financial stateemnts urges entities to disclose events that are significant and ____________.

• A) contingent
• B) unpredictable
• C) nonrecurring
• D) unusual

As per IFRS 16 on leases, the lease term is reassessed if there is a significant change in ________________.

• A) value
• B) control
• C) duration
• D) intention

IFRS 15 on revenue from contracts with customers uses ____________ method to recognize revenue over time.

• A) incremental
• B) deferred
• C) output
• D) weighted

As per IFRS 13 on fair value measurement, when determining the fair value of an asset, the principal market should not be identified based on the following characteristics, EXCEPT ___________.

• A) active
• B) highest
• C) least
• D) most

If a lease modification results in an additional right-of-use for the lessee, IFRS 16 on leases treats this as a/an ____________________.

• A) separate
• B) adjustment
• C) remeasurement
• D) increase

Under IAS 36 on impairment of assets, an asset is tested for impairment, if there is an indication that its carrying amount may not be _____________.

• A) sufficient
• B) stable
• C) recoverable
• D) relevant

As per IAS 33 on earnings per share, restating of prior period EPS ensures comparability following changes in ___________.

• A) policies
• B) dividends
• C) earnings
• D) shares

As per IAS 34 on interim financial reporting, _____________ is a primary consideration when applying the going concern assumption in interim financial statements.

• A) profitability
• B) continuity
• C) solvency
• D) liquidity

Under IAS 36 on impairment of assets, when impairment is recognized, the loss is recorded as an __________ item.

• A) liability
• B) equity
• C) expense
• D) revenue