10. In accordance with PAS 1, which of the following gains or losses from reclassification of financial assets need not be presented separately in the profit or loss section or the statement of profit or loss? a. Reclassification of financial assets out of the amortized cost measurement category to FVTPL. b. Reclassification of financial assets out of the FVTOCI measurement category to FVTPL. c. Reclassification of financial assets out of the FVTPL measurement category. d. None of these.

10. In accordance with PAS 1, which of the following gains or losses from reclassification of financial assets need not be presented separately in the profit or loss section or the statement of profit or loss? a. Reclassification of financial assets out of the amortized cost measurement category to FVTPL. b. Reclassification of financial assets out of the FVTOCI measurement category to FVTPL. c. Reclassification of financial assets out of the FVTPL measurement category. d. None of these.

Financial & Managerial Accounting

13th Edition

ISBN:9781285866307

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter26: Cost Allocation And Activity-Based Costing

Section: Chapter Questions

Problem 7DQ

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10. In accordance with PAS 1, which of the following gains or losses from reclassification of financial assets need not be presented separately in the profit or loss section or the statement of profit or loss?a. Reclassification of financial assets out of the amortized cost measurement category to FVTPL. b. Reclassification of financial assets out of theFVTOCI measurement category to FVTPL.c. Reclassification of financial assets out of the FVTPLmeasurement category. d. None of these. 11. In accordance with PAS 1, which of the following expenses need not be presented separately in the profit or loss section or the statement of profit or loss? a. Finance costsb. Share of loss of associates c. Tax expensed. Depreciation expense 12. You are preparing the income statement of Anonymous Company for the year ended December 31, 2020. You determine that company's income from continuing operations before income taxes is P2,400,000.…
In accordance with PAS 1, which of the following gains or losses from reclassification of financial assets need not be presented separately in the profit or loss section or the statement of profit or loss? A.None of these. B. Reclassification of financial assets out of the FVTOCI measurement category to FVTPL C. Reclassification of financial assets out of the FVTPL measurement category. D.Reclassification of financial assets out of the amortized cost measurement category to FVTPL
In accordance with PAS 1, the profit or loss section or the statement of profit or loss shall include line item for gains and losses from derecognition of Group of answer choices Financial assets measured at fair value through profit or loss. Financial assets measured at amortized cost. All of these. Financial assets measured at fair value through other comprehensive income.
According to PFRS 9, which of the following represents a cessation of a financial asset’s impairment accounting? Reclassification of the financial asset from Amortized cost to FVPL Reclassification of the financial asset from FVPL to Amortized cost Reclassificatioimpairn of the financial asset from Amortized cost to FVOCI Reclassification of the financial asset from FVOCI to Amortized cost
Which statement is incorrect regarding reclassification of financial assets? a) Reclassifications to FVTPL measurement category result to amounts recognized in profit or loss. b.)The effective interest rate is determined on the basis of the fair value of the asset at the reclassification date when an entity reclassifies a financial asset out of FVTPL measurement category. c.) The effective interest rate and the measurement of expected credit losses are not adjusted as a result of the reclassification from AC measurement category to FVTOCI and vice versa. d.) All reclassifications out of FVTOCI measurement category result in ‘reclassification adjustm
Which statement is incorrect regarding reclassification of financial assets? All reclassifications out of FVTOCI measurement category result in 'reclassification. adjustment. The effective interest rate and the measurement of expected credit losses are not adjusted as a result of the reclassification from AC measurement category to FVTOCI and vice versa. Reclassifications to FVTPL measurement category result to amounts recognized in profit or loss. The effective interest rate is determined on the basis of the fair value of the asset at the reclassification date when an entity reclassifies a financial asset out of FVTPL measurement category.
Consider the following statements:I. If the financial asset is reclassified from amortized cost to FVOCI, the financial asset is measured at fair value at the reclassification date and a new effective interest rate must be determined based on the new carrying amount or fair value at reclassification date.II. The difference between previous carrying amount and fair value of a financial asset when reclassified from amortized cost to FVPL is recognized in profit or loss.III. The cumulative gain or loss previously recognized in other comprehensive incomeis reclassified to profit or loss at reclassification date when the financial asset is reclassified from FVOCI to FVPL.IV. The original effective rate is not adjust for financial assets that are reclassified from FVPL to FVOCI.State whether the foregoing statements are incorrect.a. I and II are incorrectb. II and III are incorrectc. I and IV are incorrectd. All the statements are incorrect
1. On derecognition of a financial asset , the difference between the consideration received and the carrying amount of the financial asset shall be: 2 points a. Recognized in other comprehensive income for financial asset at amortized cost and profit or loss for financial asset at fair value. b. Recognized in profit or loss only for financial asset measured at amortized cost. c. Recognized in profit or loss only for financial asset measured at fair value. d. Recognized in profit or loss for both financial asset at fair value and financial asset at amortized cost. 2. The entity purchased government bonds. The entity’s business model in managing financial assets is to collect contractual cash flows that are solely payments of principal and interest on the principal amount outstanding. Which of the following is the most appropriate classification for the investment in bonds? 2 points a. At fair value through profit or loss. b. At amortized cost.…
1. On derecognition of a financial asset , the difference between the consideration received and the carrying amount of the financial asset shall be: 2 points a. Recognized in other comprehensive income for financial asset at amortized cost and profit or loss for financial asset at fair value. b. Recognized in profit or loss only for financial asset measured at amortized cost. c. Recognized in profit or loss only for financial asset measured at fair value. d. Recognized in profit or loss for both financial asset at fair value and financial asset at amortized cost. 2. The entity purchased government bonds. The entity’s business model in managing financial assets is to collect contractual cash flows that are solely payments of principal and interest on the principal amount outstanding. Which of the following is the most appropriate classification for the investment in bonds? 2 points a. At fair value through profit or loss. b. At amortized cost.…
8. The profit or loss section or the statement of profit or loss shall include the following line items, excepta. Gains and losses on distribution of non-cash assets to owners.b. Revenue, presenting separately interest revenue calculated using the effective interest methodc. A single amount for the total of discontinuedoperationsd. Impairment losses (including reversals of impairment losses or impairment gains) determined in accordance with PAS 36. 9. In accordance with PAS 1, the profit or loss section or the statement of profit or loss shall include line item for gains and losses from derecognition ofa. Financial assets measured at fair value through profit or loss.b. Financial assets measured at fair value through other comprehensive income.c. Financial assets measured at amortized cost. d. All of these.
Which statement is incorrect regarding reclassification of financial assets? Group of answer choices The effective interest rate and the measurement of expected credit losses are not adjusted as a result of the reclassification from AC measurement category to FVTOCI and vice versa. The effective interest rate is determined on the basis of the fair value of the asset at the reclassification date when an entity reclassifies a financial asset out of FVTPL measurement category. All reclassifications out of FVTOCI measurement category result in ‘reclassification adjustment’. Reclassifications to FVTPL measurement category result to amounts recognized in profit or loss.
According to PFRS 9, impairment gain A. Should result to carrying amount of financial asset in excess of its carrying amount assuming no impairment loss had been recognized previously B. Should result to carrying amount of financial asset in excess of its new recoverable amount C.Is amortized over the remaining term of the receivable D. Is recognized in profit or loss