10/19/22, 9:32 PM 𝐑𝐄𝐀𝐃𝐈𝐍𝐆 𝐏𝐀𝐑𝐓

𝐑𝐄𝐀𝐃𝐈𝐍𝐆 𝐏𝐀𝐑𝐓 Нийт оноо 27/29

👉 Students are going to read a Financial Times article about IFRS. The article comprises
13 multiple-choice questions, 6 true/false questions, and 10 questions related to word
search that test your understanding of main ideas and details

📢 𝐀𝐓𝐓𝐄𝐍𝐓𝐈𝐎𝐍:
📢 Please do not forget to click the 𝐒𝐔𝐁𝐌𝐈𝐓 button before time finishes! The Institute of
Foreign Languages 𝐖𝐈𝐋𝐋 𝐍𝐎𝐓 𝐁𝐄 𝐑𝐄𝐒𝐏𝐎𝐍𝐒𝐈𝐁𝐋𝐄 𝐅𝐎𝐑 any inaccurate test-taking
procedures related to technical problems, not submitted cases, etc.

🕒 Time limit: 40 min

Энэ маягтыг илгээхэд хариулагчийн имэйл хаяг ([email protected])-ийг

READING 6 онооны 6

𝐔𝐧𝐝𝐞𝐫𝐬𝐭𝐚𝐧𝐝𝐢𝐧𝐠 𝐭𝐡𝐞 𝐦𝐚𝐢𝐧 𝐩𝐨𝐢𝐧𝐭𝐬

𝐑𝐞𝐚𝐝 𝐭𝐡𝐞 𝐚𝐫𝐭𝐢𝐜𝐥𝐞 𝐛𝐞𝐥𝐨𝐰 𝐚𝐧𝐝 𝐝𝐞𝐜𝐢𝐝𝐞 𝐰𝐡𝐞𝐭𝐡𝐞𝐫 𝐭𝐡𝐞𝐬𝐞 𝐬𝐭𝐚𝐭𝐞𝐦𝐞𝐧𝐭𝐬 𝐚𝐫𝐞 𝐭𝐫𝐮𝐞 (𝐓) 𝐨𝐫
𝐟𝐚𝐥𝐬𝐞 (𝐅).

https://docs.google.com/forms/d/e/1FAIpQLScerzlpzqO32P6FwZWVxupOf3-KUa4FBunN3kG0pYX2V0UtbA/viewscore?viewscore=AE0zAgA5Hm3G… 1/15
10/19/22, 9:32 PM 𝐑𝐄𝐀𝐃𝐈𝐍𝐆 𝐏𝐀𝐑𝐓

𝐑𝐄𝐀𝐃𝐈𝐍𝐆 𝐀𝐑𝐓𝐈𝐂𝐋𝐄

https://docs.google.com/forms/d/e/1FAIpQLScerzlpzqO32P6FwZWVxupOf3-KUa4FBunN3kG0pYX2V0UtbA/viewscore?viewscore=AE0zAgA5Hm3G… 2/15
10/19/22, 9:32 PM 𝐑𝐄𝐀𝐃𝐈𝐍𝐆 𝐏𝐀𝐑𝐓

The European changeover to International Financial Reporting Standards 1/1

true

False

CEOs need to fully understand how these accounting and reporting 1/1
changes could affect the way their financial results look to outsiders.

true

False

The changeover to I FRS only involved changing a few numbers in the 1/1
accounts of the companies concerned.

true

False

Once companies had understood which accounting policies they had to 1/1
change, the major problems were over.

False

true

https://docs.google.com/forms/d/e/1FAIpQLScerzlpzqO32P6FwZWVxupOf3-KUa4FBunN3kG0pYX2V0UtbA/viewscore?viewscore=AE0zAgA5Hm3G… 3/15
10/19/22, 9:32 PM 𝐑𝐄𝐀𝐃𝐈𝐍𝐆 𝐏𝐀𝐑𝐓

The changeover experience was the same for each of the companies 1/1
involved.

False

true

Many European countries' old reporting standards had been designed 1/1
mainly with their respective tax authorities in mind.

true

False

VOCABULARY PART I 10 онооны 8

𝐖𝐨𝐫𝐝 𝐒𝐞𝐚𝐫𝐜𝐡

https://docs.google.com/forms/d/e/1FAIpQLScerzlpzqO32P6FwZWVxupOf3-KUa4FBunN3kG0pYX2V0UtbA/viewscore?viewscore=AE0zAgA5Hm3G… 4/15
10/19/22, 9:32 PM 𝐑𝐄𝐀𝐃𝐈𝐍𝐆 𝐏𝐀𝐑𝐓

𝐖𝐨𝐫𝐝 𝐒𝐞𝐚𝐫𝐜𝐡
𝐅𝐢𝐧𝐝 𝐰𝐨𝐫𝐝𝐬 𝐨𝐫 𝐩𝐡𝐫𝐚𝐬𝐞𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐚𝐫𝐭𝐢𝐜𝐥𝐞 𝐰𝐡𝐢𝐜𝐡 𝐟𝐢𝐭 𝐭𝐡𝐞𝐬𝐞 𝐦𝐞𝐚𝐧𝐢𝐧𝐠𝐬.

Note: First letter of each words should be written in a Capital Letter. (For instance;
Financial Institutions)

https://docs.google.com/forms/d/e/1FAIpQLScerzlpzqO32P6FwZWVxupOf3-KUa4FBunN3kG0pYX2V0UtbA/viewscore?viewscore=AE0zAgA5Hm3G… 5/15
10/19/22, 9:32 PM 𝐑𝐄𝐀𝐃𝐈𝐍𝐆 𝐏𝐀𝐑𝐓

a) the title of the manager with the greatest authority in the normal 0/1
everyday management of a company (paragraph B) C............, E............,
O............

Chief Executive Officers

Зөв хариултууд

Chief Executive Officer

chief executive officer

people who make an official record of all the money paid into and paid out 1/1
of businesses (paragraph B) b .... ... .

Bookkeepers

person who is in charge of the way a company reports its accounts to the 1/1
outside world (paragraph D) D ........ of E.. .. .... R. ... ... .

Director of External Reporting

a synonym for profitability (paragraph B) f. ..... .. p ..... .. . 1/1

Financial Performance

https://docs.google.com/forms/d/e/1FAIpQLScerzlpzqO32P6FwZWVxupOf3-KUa4FBunN3kG0pYX2V0UtbA/viewscore?viewscore=AE0zAgA5Hm3G… 6/15
10/19/22, 9:32 PM 𝐑𝐄𝐀𝐃𝐈𝐍𝐆 𝐏𝐀𝐑𝐓

the documents that are produced for investors at the end of the accounting 0/1
process (paragraph C)a) r .. ...... a ....... .

Reported account

Зөв хариултууд

reported accounts

Reported Accounts

Reported accounts

the documents that are produced for investors at the end of the accounting 1/1
process (paragraph C)a) f .. .....f....... s.. ....... .

Final Financial Statements

a synonym for the 'main methods of accounting' (paragraph C) k .... ... a 1/1
........ p ....... .

Key Accounting Policies

things which do not 'fit' in a company's accounts (paragraph C) a .... .. .. 1/1

Anomalies

https://docs.google.com/forms/d/e/1FAIpQLScerzlpzqO32P6FwZWVxupOf3-KUa4FBunN3kG0pYX2V0UtbA/viewscore?viewscore=AE0zAgA5Hm3G… 7/15
10/19/22, 9:32 PM 𝐑𝐄𝐀𝐃𝐈𝐍𝐆 𝐏𝐀𝐑𝐓

rules which force companies to publish a specific piece of information in 1/1

Disclosure Requirements

companies can get extra funds by selling shares here (paragraph G) c. ....... 1/1
m. .......

Capital Markets

VOCABULARY PART II 13 онооны 13

https://docs.google.com/forms/d/e/1FAIpQLScerzlpzqO32P6FwZWVxupOf3-KUa4FBunN3kG0pYX2V0UtbA/viewscore?viewscore=AE0zAgA5Hm3G… 8/15
10/19/22, 9:32 PM 𝐑𝐄𝐀𝐃𝐈𝐍𝐆 𝐏𝐀𝐑𝐓

𝐕𝐨𝐜𝐚𝐛𝐮𝐥𝐚𝐫𝐲 𝐝𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭
𝐔𝐬𝐞 𝐭𝐡𝐞 𝐯𝐞𝐫𝐛𝐬 𝐚𝐧𝐝 𝐯𝐞𝐫𝐛 𝐩𝐡𝐫𝐚𝐬𝐞𝐬 𝐭𝐨 𝐜𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐭𝐡𝐞 𝐟𝐨𝐥𝐥𝐨𝐰𝐢𝐧𝐠 𝐝𝐞𝐬𝐜𝐫𝐢𝐩𝐭𝐢𝐨𝐧 𝐨𝐟 𝐬𝐨𝐦𝐞 𝐨𝐟 𝐭𝐡𝐞
𝐬𝐭𝐞𝐩𝐬 𝐢𝐧𝐯𝐨𝐥𝐯𝐞𝐝 𝐢𝐧 𝐭𝐡𝐞 𝐩𝐫𝐨𝐜𝐞𝐬𝐬 𝐨𝐟 𝐜𝐡𝐚𝐧𝐠𝐢𝐧𝐠 𝐨𝐯𝐞𝐫 𝐭𝐨 𝐈𝐅𝐑𝐒.

https://docs.google.com/forms/d/e/1FAIpQLScerzlpzqO32P6FwZWVxupOf3-KUa4FBunN3kG0pYX2V0UtbA/viewscore?viewscore=AE0zAgA5Hm3G… 9/15
10/19/22, 9:32 PM 𝐑𝐄𝐀𝐃𝐈𝐍𝐆 𝐏𝐀𝐑𝐓

CEOs have to __________ ongoing developments in I FRS. 1/1

1. adjust

2. alter

3. change

4. educate

5. keep up to date with

6. prepare

7. produce

8. retrain

9. understand

CEOs have to __________ the impact of IFRS on the view of the company's 1/1
performance from the outside world.

1. adjust

2. alter

3. change

4. educate

5. keep up to date with

6. prepare

7. produce

8. retrain

9. understand

https://docs.google.com/forms/d/e/1FAIpQLScerzlpzqO32P6FwZWVxupOf3-KUa4FBunN3kG0pYX2V0UtbA/viewscore?viewscore=AE0zAgA5Hm3… 10/15
10/19/22, 9:32 PM 𝐑𝐄𝐀𝐃𝐈𝐍𝐆 𝐏𝐀𝐑𝐓

Companies have to _________ staff. 1/1

1. adjust

2. alter

3. change

4. educate

5. keep up to date with

6. prepare

7. produce

8. retrain

9. understand

Companies have to _________ data-collection systems 1/1

1. adjust

2. alter

3. change

4. educate

5. keep up to date with

6. prepare

7. produce

8. retrain

9. understand

https://docs.google.com/forms/d/e/1FAIpQLScerzlpzqO32P6FwZWVxupOf3-KUa4FBunN3kG0pYX2V0UtbA/viewscore?viewscore=AE0zAgA5Hm3… 11/15
10/19/22, 9:32 PM 𝐑𝐄𝐀𝐃𝐈𝐍𝐆 𝐏𝐀𝐑𝐓

Companies have to _________ pay policies. 1/1

1. adjust

2. alter

3. change

4. educate

5. keep up to date with

6. prepare

7. produce

8. retrain

9. understand

Companies have to _________ key accounting policies. 1/1

1. adjust

2. alter

3. change

4. educate

5. keep up to date with

6. prepare

7. produce

8. retrain

9. understand

https://docs.google.com/forms/d/e/1FAIpQLScerzlpzqO32P6FwZWVxupOf3-KUa4FBunN3kG0pYX2V0UtbA/viewscore?viewscore=AE0zAgA5Hm3… 12/15
10/19/22, 9:32 PM 𝐑𝐄𝐀𝐃𝐈𝐍𝐆 𝐏𝐀𝐑𝐓

Directors of External Reporting have to _________ the new style of accounts. 1/1

1. adjust

2. alter

3. change

4. educate

5. keep up to date with

6. prepare

7. produce

8. retrain

9. understand

CEOs have to _________ the market about the new style of reporting. 1/1

1. adjust

2. alter

3. change

4. educate

5. keep up to date with

6. prepare

7. produce

8. retrain

9. understand

https://docs.google.com/forms/d/e/1FAIpQLScerzlpzqO32P6FwZWVxupOf3-KUa4FBunN3kG0pYX2V0UtbA/viewscore?viewscore=AE0zAgA5Hm3… 13/15
10/19/22, 9:32 PM 𝐑𝐄𝐀𝐃𝐈𝐍𝐆 𝐏𝐀𝐑𝐓

CEOs have to _________ analysts and investors for any significant changes. 1/1

1. adjust

2. alter

3. change

4. educate

5. keep up to date with

6. prepare

7. produce

8. retrain

9. understand

𝐔𝐧𝐝𝐞𝐫𝐬𝐭𝐚𝐧𝐝𝐢𝐧𝐠 𝐞𝐱𝐩𝐫𝐞𝐬𝐬𝐢𝐨𝐧𝐬
𝐂𝐡𝐨𝐨𝐬𝐞 𝐭𝐡𝐞 𝐛𝐞𝐬𝐭 𝐞𝐱𝐩𝐥𝐚𝐧𝐚𝐭𝐢𝐨𝐧 𝐟𝐨𝐫 𝐞𝐚𝐜𝐡 𝐩𝐡𝐫𝐚𝐬𝐞 𝐟𝐫𝐨𝐦 𝐭𝐡𝐞 𝐚𝐫𝐭𝐢𝐜𝐥𝐞.

' ... has forced many Chief Executive Officers to 𝒓𝒐𝒍𝒍 𝒖𝒑 𝒕𝒉𝒆𝒊𝒓 𝒔𝒍𝒆𝒆𝒗𝒆𝒔.' 1/1
(lines 13-15)

start fighting

work very hard

https://docs.google.com/forms/d/e/1FAIpQLScerzlpzqO32P6FwZWVxupOf3-KUa4FBunN3kG0pYX2V0UtbA/viewscore?viewscore=AE0zAgA5Hm3… 14/15
10/19/22, 9:32 PM 𝐑𝐄𝐀𝐃𝐈𝐍𝐆 𝐏𝐀𝐑𝐓

' ... when they have 𝒓𝒆𝒂𝒄𝒉𝒆𝒅 𝒕𝒉𝒆 𝒇𝒊𝒓𝒔𝒕 𝒎𝒊𝒍𝒆𝒔𝒕𝒐𝒏𝒆.. .' (lines 15-16) 1/1

put in place the main parts of the new reporting system

experienced their first problems with the new reporting system

' ... but that is, in fact, 𝒂 𝒃𝒊𝒈 𝒅𝒆𝒂𝒍.. .' (lines 60-61) 1/1

very significant

a big business contract

' ... 𝒕𝒉𝒆 𝒆𝒙𝒕𝒆𝒏𝒕 of the change depends on the complexity of the company.' 1/1
(lines 66-68)

size

cost

END OF THE TEST 0 онооны 0

𝐃𝐎 𝐍𝐎𝐓 𝐅𝐎𝐑𝐆𝐄𝐓 𝐓𝐇𝐄 🆂🆄🅱🅼🅸🆃 𝐁𝐔𝐓𝐓𝐎𝐍 𝐁𝐄𝐅𝐎𝐑𝐄 𝐓𝐇𝐄 𝐓𝐈𝐌𝐄 𝐄𝐍𝐃𝐒 𝐎𝐍 𝐆𝐎𝐎𝐆𝐋𝐄
𝐂𝐋𝐀𝐒𝐒𝐑𝐎𝐎𝐌 𝐂𝐋𝐀𝐒𝐒𝐖𝐎𝐑𝐊.

Энэ маягтыг University of Finance and Economics дотор үүсгэсэн.

Маягт

https://docs.google.com/forms/d/e/1FAIpQLScerzlpzqO32P6FwZWVxupOf3-KUa4FBunN3kG0pYX2V0UtbA/viewscore?viewscore=AE0zAgA5Hm3… 15/15