Filling the blanks or enumeration; write your answers in the rows below the question Using the PFRS for SEs text as reference: Write 3 examples of assets or asset accounts that are basic financial instruments covered by (and cited in the scope of) PFRS for SEs Section 6 Basic Financial Instruments. 1 1 1 Using the PFRS for SEs text as reference: Write 2 examples of liabilities or liability accounts that are basic financial instruments covered by PFRS for SEs Section 6 Basic Financial Instruments 1 1 Now, to relate our knowledge of what the PFRS for SEs text tell us to what FS show. From the Illustrative FS for the PFRS for SEs, write 3 rows (account groupings) in the illustrative Statement of Financial Position where assets or liabilities which are Financial Instruments are included (grouped for FS presentation purposes). 1 1 1 What is the point when financial instruments must be recognized by the entity? 1 Are Inventories financial instruments? Write Yes or No below. 1 The FIFO (First In, First Out) "flow of cost" assumption for costing inventories sold is acceptable under the PFRS for SEs. Write Yes or No below. 1 The LIFO (Last In, First Out) "flow of cost" assumption for costing inventories sold is acceptable under the PFRS for SES. Write Yes or No below. 1 Other than accounting policies adopted for them, write 3 disclosures in the face of the FS or in the Notes) that are required for financial instruments. Disclosures for specific financial instruments are acceptable as answers provided that the you also state the nature of the financial instrument (like Trade accounts receivable). 1 1 1 Other than accounting policies adopted for them, write 3 FS disclosures (in the face of the FS or in the Notes) that are required for Inventories. 1 1 1 What is the difference between initial recognition of trade (sales related) receivables collectible in the short term (like under normal industry credit terms of 15 days), and receivables collectible over a period of, say, 5 years (like a non-trade loan receivable). Write your answer below. a) Such short-term trade receivables are initially recognized at (write your answer in the blank below) - b) Such long-term receivables are initially recognized at (write your answer in the blank below) - c) What is it that requires the difference in the recognition rules for cases a) and b) above or what needs to be separately accounted for in the case of long-term receivables? Note: The same thing is the reason to the corresponding initial recognition rules for short-term trade payables and long-term payables. Subsequent measurement of receivables and payables must be at "amortized cost". Write how amortized cost is computed. Write a condition that calls for the derecognition (zeroing out in the accounts) of a financial asset (like a receivable). Write a condition that calls for the derecognition (zeroing out in the accounts) of a financial liability (like a payable). Write below 3 examples of costs that must be included as cost of Inventory: Write below 2 examples of costs that must not be included as cost of inventory or must be deducted from the cost of Inventory: End