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  • PAS 8 Accounting Policies, Changes in Accounting: Estimates & Errors

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    Hassanhor Guro Bacolod
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    This document provides a quiz on PAS 8 Accounting Policies, Changes in Accounting Estimates & Errors. The quiz contains 5 multiple choice questions that test understanding of key concepts from PAS 8, including: 1) the definition of accounting policies, 2) what constitutes a change in accounting estimate versus a change in accounting policy, 3) when a change in accounting policy is permitted according to PAS 8, and 4) how different types of changes should be treated.

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    Accounting

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    PAS_8

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    This document provides a quiz on PAS 8 Accounting Policies, Changes in Accounting Estimates & Errors. The quiz contains 5 multiple choice questions that test understanding of key concepts from PAS 8, including: 1) the definition of accounting policies, 2) what constitutes a change in accounting estimate versus a change in accounting policy, 3) when a change in accounting policy is permitted according to PAS 8, and 4) how different types of changes should be treated.

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    4K views1 page

    PAS 8 Accounting Policies, Changes in Accounting: Estimates & Errors

    Uploaded by

    Hassanhor Guro Bacolod
    This document provides a quiz on PAS 8 Accounting Policies, Changes in Accounting Estimates & Errors. The quiz contains 5 multiple choice questions that test understanding of key concepts from PAS 8, including: 1) the definition of accounting policies, 2) what constitutes a change in accounting estimate versus a change in accounting policy, 3) when a change in accounting policy is permitted according to PAS 8, and 4) how different types of changes should be treated.

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    © All Rights Reserved
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    Page |1

    PAS 8 Accounting Policies, Changes in Accounting


    Estimates & Errors
    QUIZ:

    1. According to PAS 8, these are the specific principles, bases, conventions, rules and practices
    applied by an entity in preparing and presenting financial statements.
    a. Accounting policies c. Accounting standards
    b. Accounting estimates d. Accounting assumptions

    2. A change in the pattern of consumption of economic benefits from an asset is most likely a
    a. change in accounting policy. c. error.
    b. change in accounting estimate. d. any of these

    3. PAS 8 permits a change in accounting policy only if the change


    a. is required by a PFRS
    b. results in reliable and more relevant information
    c. a or b
    d. PAS 8 does not permit a change in accounting policy

    4. These arise from misapplication of accounting policies, mathematical mistakes, oversights or


    misinterpretations of facts, or fraud.
    a. Error
    b. Change in accounting estimate
    c. Change in accounting policy
    d. Impracticable application

    5. How should the following changes be treated, according to PAS 8?


    I. A change is to be made in the method of calculating the provision for uncollectible
    receivables.
    II. Investment properties are now measured at fair value, having previously been measured at
    cost.
    Change (1) Change (2)
    a. Change of accounting policy Change of accounting policy
    b. Change of accounting policy Change of accounting estimate
    c. Change of accounting estimate Change of accounting policy
    d. Change of accounting estimate Change of accounting estimate

    “The name of the Lord is a strong tower; the righteous run to it and are safe.” (Proverbs 18:10)
    - END -

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