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Accounting Reviewer

The document outlines key topics in accounting, including the development of a financial reporting framework, presentation of financial statements, and the classification of financial and non-financial assets and liabilities. It addresses specific accounting principles such as adjusting entries, measurement of financial assets, inventory accounting, and equity transactions. Additionally, it covers lease accounting under PAS 17 and PFRS 16, highlighting the differences between operating and finance leases.

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glydel.gitgano.23
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2 views2 pages

Accounting Reviewer

The document outlines key topics in accounting, including the development of a financial reporting framework, presentation of financial statements, and the classification of financial and non-financial assets and liabilities. It addresses specific accounting principles such as adjusting entries, measurement of financial assets, inventory accounting, and equity transactions. Additionally, it covers lease accounting under PAS 17 and PFRS 16, highlighting the differences between operating and finance leases.

Uploaded by

glydel.gitgano.23
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Custom Accounting Reviewer

1. Development of Financial Reporting Framework


Summary: Covers the accounting process (adjusting entries, accrual/deferral), conceptual

framework (March 2018), objectives and qualitative characteristics of financial information, and basic

financial statements.

1. What are the different types of adjusting entries?

2. Explain the objective of general purpose financial statements.

3. Differentiate between relevance and faithful representation.

2. Presentation of Financial Statements


Summary: Includes the structure and content of financial statements, such as the balance sheet,

income statement, and classification between current and non-current items.

1. What is the purpose of classifying assets as current or non-current?

2. Describe the components of other comprehensive income.

3. Financial Assets
Summary: Focuses on classification and measurement of financial assets like cash, receivables,

and investments measured at FVPL, FVOCI, and amortized cost.

1. Differentiate between financial assets measured at FVPL and FVOCI.

2. How are trade receivables initially and subsequently measured?

4. Non-Financial Assets
Summary: Deals with inventory accounting under PAS 2, including methods like FIFO, weighted

average, and net realizable value.

1. What is the difference between FIFO and weighted average methods?

2. How is net realizable value computed?


5. Financial and Non-Financial Liabilities
Summary: Covers the recognition and measurement of liabilities, debt restructuring, provisions, and

contingent liabilities under PAS 37.

1. What are the criteria for recognizing a provision?

2. Define contingent liabilities and provide examples.

6. Equity
Summary: Includes accounting for share capital transactions, dividends, retained earnings, OCI, and

share-based payments (IFRS 2).

1. How are treasury shares accounted for?

2. What are the effects of dividends on equity?

7. Other Topics: Leases (PAS 17 / PFRS 16)


Summary: Discusses the accounting treatment of operating and finance leases under PAS 17 and

PFRS 16.

1. What are the differences between operating and finance leases?

2. How does PFRS 16 affect the lessee's financial statements?

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