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1 point 15. All of the following are required when classifying receivables, except * O Indicate the receivables classified as current and non-current O Disclose
1 point 15. All of the following are required when classifying receivables, except * O Indicate the receivables classified as current and non-current O Disclose any receivables pledged as collateral O Disclose all significant concentrations of credit risk arising from receivables O All of the choices are required when classifying receivables 1 point 16. A gain or loss arising on the initial recognition of biological assets and from a change in the fair value less costs to sell of a biological asset shall be included in:* O Profit or loss for the period O Other comprehensive income O A separate revaluation reserve Either in the profit or loss or the other comprehensive income for the period 17. A 120-day, 15% interest bearing note receivable is discounted 1 point to a bank at 18% after being held for 45 days. The proceeds received from the bank upon discounting would be the: * O Maturity value less discount at 18% for 120 days O Maturity value less discount at 15% for 75 days O Maturity value less discount at 18% for 45 days O Maturity value less discount at 18% for 75 days 1 point 18. An entity, with an investment in debt securities carried as FVOCI, deemed its original business model as not applicable starting November 30, 2020, and decided to reclassify its investment as FVPL. Which of the following statements is true?[ The reclassification shall be made on November 30, 2020; the investment is O transferred at fair value from FVOCI to FVPL; the cumulative gain or loss previously recognized in OCI is transferred to retained earnings The reclassification shall be made on January 1, 2021; the investment is transferred at fair value from FVOCI to FVPL; the cumulative gain or loss previously recognized in OCI is transferred to retained earnings The reclassification shall be made on November 30, 2020; the investment is O transferred at fair value from FVOCI to FVPL; the cumulative gain or loss previously recognized in OCI is transferred to profit or loss The reclassification shall be made on January 1, 2021; the investment is transferred O at fair value from FVOCI to FVPL; the cumulative gain or loss previously recognized in OCI is transferred to profit or loss
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