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2 In the case of a bank overdraft: A. GAAP typically includes the amount in cash and cash equivalents. B. IFRS typically includes the amount

2

In the case of a bank overdraft:

A.

GAAP typically includes the amount in cash and cash equivalents.

B.

IFRS typically includes the amount in cash equivalents but not in cash.

C.

GAAP typically treats the overdraft as a liability, and reports the amount in the financing section of the statement of cash flows.

D.

IFRS typically treats the overdraft as a liability, and reports the amount in the investing section of the statement of cash flows.

Under IFRS, significant non-cash transactions:

A.

are classified as operating, if they are related to income items.

B.

are excluded from the statement of cash flows and disclosed in narrative form or summarized in a separate schedule.

C.

are classified as an investing or financing activity.

D.

are classified as an operating activity, unless they can be specifically identified with financing or investing activities.

Question 3

For purposes of the statement of cash flows, under IFRS interest paid is treated as:

A.

an operating activity in all cases.

B.

an investing or operating activity, depending on use of the borrowed funds.

C.

either a financing or investing activity.

D.

either an operating or financing activity, but treated consistently from period to period.

Question 4

For purposes of the statement of cash flows, under IFRS income taxes paid are treated as:

A.

cash flows from operating activities unless they can be separately identified as part of investing or financing activities.

B.

an operating activity in all cases.

C.

an investing or operating activity, depending on whether a refund is received.

D.

either an operating, financing or investing activity, but treated consistently to other companies in the same industry.

Question 5

Which of the following is false?

A.

In general, IFRS note disclosures are more expansive compared to GAAP.

B.

GAAP and IFRS have similar standards on subsequent events.

C.

Both IFRS and GAAP require interim reports although the reporting frequency varies.

D.

Segment reporting requirements are very similar under IFRS and GAAP.

Question 6

Subsequent events are reviewed through which date under IFRS?

A.

Statement of financial position date.

B.

Sixty days after the year-end date.

C.

Date of independent auditors opinion.

D.

Authorization date of the financial statements.

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