Morning guys!
How many of these riddles can you answer?
1. I am an accounting standard, I determine how to recognize and measure all you earn? What am I?
2. I occur when carrying amount exceeds recoverable value. What am I?
3. I am the only financial statement prepared on cash basis. What am I?
4. We are the 3 local standards which are not included in IFRS but still in use in Nigeria. What are we?
5. I am a threat that occurs due to a long or close relationship or being too sympathetic with clients. What am I?
6. I am an expense in the profit or loss account remitted to the government. What am I?
7. I am the process of marrying my own accounts with my parent's accounts. What am I?
8. I am the longest of the 5 fundamental principles in the code of ethics. What am I?
9. I am the stock valuation method prohibited by IAS 2 - Inventory . What am I?
10. I am a type of asset governed by IAS 41 - Agriculture. What am I?
11. I am the reward for labour expensed in the profit or loss account. What am I
12. I am the only item required to be treated prospectively by IAS 8. What am I?
13. I am the standard that prescribes the treatment for properties held for rental income and capital appreciation. What am I?
14. I am the point where no profit or loss is made. What am I?
15. I am the ratio that expresses the relationship between current assets and current liabilities. What am I?
Let's get learning! Comment below! Answers would be uploaded soon.
Note: You can now subscribe to the blog posts.
For any clarifications, please mail:
Nneomakristen@gmail.com
Have a wonderful day!
How many of these riddles can you answer?
1. I am an accounting standard, I determine how to recognize and measure all you earn? What am I?
2. I occur when carrying amount exceeds recoverable value. What am I?
3. I am the only financial statement prepared on cash basis. What am I?
4. We are the 3 local standards which are not included in IFRS but still in use in Nigeria. What are we?
5. I am a threat that occurs due to a long or close relationship or being too sympathetic with clients. What am I?
6. I am an expense in the profit or loss account remitted to the government. What am I?
7. I am the process of marrying my own accounts with my parent's accounts. What am I?
8. I am the longest of the 5 fundamental principles in the code of ethics. What am I?
9. I am the stock valuation method prohibited by IAS 2 - Inventory . What am I?
10. I am a type of asset governed by IAS 41 - Agriculture. What am I?
11. I am the reward for labour expensed in the profit or loss account. What am I
12. I am the only item required to be treated prospectively by IAS 8. What am I?
13. I am the standard that prescribes the treatment for properties held for rental income and capital appreciation. What am I?
14. I am the point where no profit or loss is made. What am I?
15. I am the ratio that expresses the relationship between current assets and current liabilities. What am I?
Let's get learning! Comment below! Answers would be uploaded soon.
Note: You can now subscribe to the blog posts.
For any clarifications, please mail:
Nneomakristen@gmail.com
Have a wonderful day!
Hmmnn.,,ok let's try this.
ReplyDelete1. IAS 18- Revenue recognition; 2. Impairment;
4. Not sure of the SAS nos. but they cover telecomms, petroleum (upstream) and not sure of the last; 5. Familiarity threat; 6. Tax; 7. Consolidation;
9. Last In First Out (LIFO); 10. Biological assets; 11. Salaries; 13. IAS 40- Investment property;15. Current ratio
1. Revenue recognition IAS18 2. IMPAIRMENT OF ASSET 3. STATEMENT OF CASH FLOW IAS7 4. Will come back 5. Threat of association or familarity 6. Tax 7. Group account 8. Professional behaviour and due care 9. LIFO 10. Biological asset 11. Wages or salaries 12. Accounting estimate 13. IAS 40 investment property 14. Break even point 15. Current ratio
ReplyDeleteSAS 14: Accounting for petroleum Industry(Downstream), SAS 17: Accounting for petro Ind. (Upstream), SAS 25: Telecomm. Activities.......... That's the answer to No 4.
ReplyDelete