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International Accounting Standard (IAS) Online Test

Topics Covered

  • Impairment
  • Inventory
  • Borrowing Costs
  • Interim Reports
  • Presentation of Financial Statements
  • Intangible Assets
  • Prior Period Errors
  • Accounting Estimates

Useful for hiring

  • IAS Executive
  • Finance Manager
  • Senior Accountant

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Question

AVS Ltd issued bonds last year. The current year is 2018. Against these bonds, AVS is expected to receive a fixed amount of payment every month until its maturity which is to be in the year 2022. On 2022, the bonds are to be returned to AVS Ltd with the amount reimbursed back to the investor.

How does the International Accounting Standards recommend presenting these in the Financial Statements?

Answer
    • Financial assets at fair value through profit or loss
       

    • Available-for-sale financial assets
       

    • Loans and receivables
       

    • Held-to-maturity investments
       

Question

Healthcare Ltd has multiple units within their single company, comprising various projects such as Hormone projects and Biogenetic Projects. In their Financial Statements, they showed the entire investments of these projects as Capital Work in Progress (CWIP). This includes the buildings, machinery, furniture, etc.

Is Healthcare correct in recording these assets as per the International Accounting Standards?

Answer
    • Yes. These assets have not been used yet for operation.
       

    • No. If the assets are already able to provide management intended use, they should be capitalized as their own item and depreciated.
       

    • No. They should not appear at the financial statements at all but expensed until used.
       

    • Yes. The total unit or project should be capitalized and depreciated together.
       

Question

Son Ltd, operating in the USA, has a related Party at India with which it has multiple transactions. The different currencies bring here the need of IAS 21 Foreign Currency Exchanges. Which of the following is correct according to IAS 21?

Answer
    • Son Ltd will need to present Financial statements amounts in their original currency, which is both Rupees and USD.
       

    • Son Ltd will only record transactions which were of local currency.
       

    • Son Ltd will only record transactions which were of foreign currency.
       

    • Son Ltd will present all transactions but only in their local currency, converting foreign currency transactions to functional currencies.
       

Test details:

International Accounting Standard (IAS) skills test will evaluate a candidate's practical knowledge and will identify whether the candidate is ready to be employed. International Accounting Standard (IAS) assessment test can be taken by candidates from anywhere in the comfort of their time zone.

International Accounting Standard (IAS) pre-employment test may contain MCQ's (Multiple Choice Questions), MAQ's (Multiple Answer Questions), Fill in the Blank, Descriptive, Whiteboard Questions, Audio / Video Questions, True or False.

Test Duration: 20 minutes

10 Application Questions

Test description:

International Accounting Standards (IASs) were issued by the antecedent International Accounting Standards Council (IASC) and endorsed and amended by the International Accounting Standards Board (IASB).The purpose of these standards is to ensure that the financial centers of the world, which have become more interconnected than ever, can use a global financial reporting framework. It ensures effective and transparent regulation of financial markets. 
 
International Accounting Standard (IAS) online test helps recruiters and hiring managers to assess candidate’s ability to work in compliance with International Accounting Standards. Online International Accounting Standard (IAS) test is created & validated by experienced industry experts to assess & hire Sr. accountant as per the industry standards.
 
International Accounting Standard (IAS) assessment test helps to screen the candidates who possess traits as follows: 
 
1.  Strong knowledge of accounting standards and regulators of finance domain 
2.  Familiarity with financial statements, revenue, foreign exchange currency
3.  Excellent knowledge of IAS along with global financial procedures
4.  Ability to understand the international financial markets and accounting estimates

Interview Mocha’s test platform is secure and reliable. All the test assessment data is safeguarded with required security features. Features like window violation and webcam proctoring help detect cheating during the test. Candidate feedback module will ensure candidates are having excellent experience with Interview Mocha.
 
Online International Accounting Standard (IAS) test is designed with consideration of EEOC guidelines for candidate assessment. It will help recruiters to assess and hire diverse talent without any bias.

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