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PAS 27 Separate Financial Statements: Quiz

This document provides guidance on separate financial statements under PAS 27. Separate financial statements are those presented by an entity in addition to its consolidated financial statements. They represent the financial position and performance of the parent company alone, without including subsidiaries, joint ventures, or associates. The document contains two sample quiz questions related to separate financial statements, including how to account for investments in associates.

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Hassanhor Guro Bacolod
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3K views

PAS 27 Separate Financial Statements: Quiz

This document provides guidance on separate financial statements under PAS 27. Separate financial statements are those presented by an entity in addition to its consolidated financial statements. They represent the financial position and performance of the parent company alone, without including subsidiaries, joint ventures, or associates. The document contains two sample quiz questions related to separate financial statements, including how to account for investments in associates.

Uploaded by

Hassanhor Guro Bacolod
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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PAS 27 Separate Financial Statements


QUIZ:
1. These are those presented in addition to consolidated financial statements or the financial
statements of an entity with an investment in associate or joint venture that is accounted for
using equity method in accordance with PAS 28.
a. Individual financial statements
b. Separate financial statements
c. Consolidate financial statements
d. Equity financial statements

2. Entity A acquired an investment in associate for ₱1M many years ago. At the end of the current
reporting period, the investment has a fair value of ₱2.9M. If the equity method is used, the
investment would have a current carrying amount of ₱2.6M. In Entity A’s separate financial
statements, the investment should be valued at
a. 1,000,000.
b. 2,600,000.
c. 2,900,000.
d. any of these, as a matter of an accounting policy choice

“Ask and it will be given to you; seek and you will find; knock and the door will be opened to
you. For everyone who asks receives; the one who seeks finds; and to the one who knocks, the
door will be opened.” (Matthew 7:7-8)

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