MCQ Collection
japan-cpa-short-answer MCQs
Practice japan-cpa-short-answer questions with answers and explanations.
Choose an option to check your answer.
A.
Materiality is irrelevant
B.
A material prior-period error is corrected using the method required by the applicable framework
C.
Errors are never disclosed
D.
It is treated as current revenue
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Correct Answer: B. A material prior-period error is corrected using the method required by the applicable framework
Explanation:
Error correction differs from changes in estimate.
Choose an option to check your answer.
A.
Materiality is irrelevant
B.
It is treated as current revenue
C.
A material prior-period error is corrected using the method required by the applicable framework
D.
Errors are never disclosed
Show Answer
Correct Answer: C. A material prior-period error is corrected using the method required by the applicable framework
Explanation:
Error correction differs from changes in estimate.
Choose an option to check your answer.
A.
All later events are ignored
B.
All later events rewrite every account
C.
Events after the reporting period are adjusted or disclosed depending on whether they provide evidence about conditions at period end
D.
Disclosure is prohibited
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Correct Answer: C. Events after the reporting period are adjusted or disclosed depending on whether they provide evidence about conditions at period end
Explanation:
The distinction is between adjusting and non-adjusting events.
Choose an option to check your answer.
A.
Estimates never change
B.
A change in estimate is generally recognised prospectively unless the applicable standard requires otherwise
C.
It is always fraud
D.
It rewrites all past statements automatically
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Correct Answer: B. A change in estimate is generally recognised prospectively unless the applicable standard requires otherwise
Explanation:
New information can change estimates without being an error.
Choose an option to check your answer.
A.
A change in estimate is generally recognised prospectively unless the applicable standard requires otherwise
B.
It is always fraud
C.
It rewrites all past statements automatically
D.
Estimates never change
Show Answer
Correct Answer: A. A change in estimate is generally recognised prospectively unless the applicable standard requires otherwise
Explanation:
New information can change estimates without being an error.
Choose an option to check your answer.
A.
A change in estimate is generally recognised prospectively unless the applicable standard requires otherwise
B.
Estimates never change
C.
It rewrites all past statements automatically
D.
It is always fraud
Show Answer
Correct Answer: A. A change in estimate is generally recognised prospectively unless the applicable standard requires otherwise
Explanation:
New information can change estimates without being an error.
Choose an option to check your answer.
A.
It is always fraud
B.
Estimates never change
C.
It rewrites all past statements automatically
D.
A change in estimate is generally recognised prospectively unless the applicable standard requires otherwise
Show Answer
Correct Answer: D. A change in estimate is generally recognised prospectively unless the applicable standard requires otherwise
Explanation:
New information can change estimates without being an error.
Choose an option to check your answer.
A.
Estimates never change
B.
It is always fraud
C.
A change in estimate is generally recognised prospectively unless the applicable standard requires otherwise
D.
It rewrites all past statements automatically
Show Answer
Correct Answer: C. A change in estimate is generally recognised prospectively unless the applicable standard requires otherwise
Explanation:
New information can change estimates without being an error.
Choose an option to check your answer.
A.
All later events rewrite every account
B.
All later events are ignored
C.
Disclosure is prohibited
D.
Events after the reporting period are adjusted or disclosed depending on whether they provide evidence about conditions at period end
Show Answer
Correct Answer: D. Events after the reporting period are adjusted or disclosed depending on whether they provide evidence about conditions at period end
Explanation:
The distinction is between adjusting and non-adjusting events.
Choose an option to check your answer.
A.
Exchange rates are ignored
B.
Only historical cash rates may be used forever
C.
Foreign-currency transactions are translated using the rates required by the reporting framework and exchange differences are recognised accordingly
D.
Currency differences are inventory
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Correct Answer: C. Foreign-currency transactions are translated using the rates required by the reporting framework and exchange differences are recognised accordingly
Explanation:
Translation rules preserve consistent measurement.
Choose an option to check your answer.
A.
Currency differences are inventory
B.
Exchange rates are ignored
C.
Only historical cash rates may be used forever
D.
Foreign-currency transactions are translated using the rates required by the reporting framework and exchange differences are recognised accordingly
Show Answer
Correct Answer: D. Foreign-currency transactions are translated using the rates required by the reporting framework and exchange differences are recognised accordingly
Explanation:
Translation rules preserve consistent measurement.
Choose an option to check your answer.
A.
Currency differences are inventory
B.
Only historical cash rates may be used forever
C.
Foreign-currency transactions are translated using the rates required by the reporting framework and exchange differences are recognised accordingly
D.
Exchange rates are ignored
Show Answer
Correct Answer: C. Foreign-currency transactions are translated using the rates required by the reporting framework and exchange differences are recognised accordingly
Explanation:
Translation rules preserve consistent measurement.
