Acc Impact of COVID-19

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Question 1 of 10

1. Question
WHICH OF THE FOLLOWING ARE EXAMPLES OF CONSEQUENCES OF THE COVID-19 PANDEMIC?
- Reduced revenues whilst fixed costs continue
- Reduced cash flows
- Increased uncertainty about the entity’s ability to meet their obligations
- All of the above
Question 2 of 10

2. Question
WHEN THE GOING CONCERN BASIS OF ACCOUNTING IS USED, _______?
- assets and liabilities are recorded at liquidation values, which are determined only after the entity has entered into Business Rescue proceedings
- assets and liabilities are recorded on the basis that there is no impairment in their value
- assets and liabilities are recorded on the basis that the entity will be able to realize its assets and discharge its liabilities in the normal course of business
- assets and liabilities are recorded at their true values over their estimated useful life
Question 3 of 10

3. Question
WHICH OF THE FOLLOWING STATEMENTS ARE TRUE?
- An entity’s ability to continue as a going concern must be assessed for each reporting period
- The going concern assessment needs to be performed up to the date on which the financial statements are issued taking into account the economic consequences that exist at signing date and not only reporting date
- All of the above
- None of the above
Question 4 of 10

4. Question
WHICH ISA SETS OUT THE MAIN AUDITING AND ASSURANCE REQUIREMENTS RELATING TO GOING CONCERN?
- ISA 560
- ISA 570
- ISA 705
- ISA 750
Question 5 of 10

5. Question
DOES THE GOING CONCERN ASSESSMENT NEED TO BE PERFORMED UP TO THE DATE ON WHICH THE FINANCIAL STATEMENTS ARE ISSUED, TAKING INTO ACCOUNT THE ECONOMIC CONSEQUENCES THAT EXIST AT SIGNING DATE AND NOT …
- True.
- False.
Question 6 of 10

6. Question
MANAGEMENT MAY NEED TO CONSIDER A WIDE RANGE OF FACTORS RELATING TO CURRENT AND EXPECTED PROFITABILITY. WHICH OF THE FOLLOWING ARE EXAMPLES OF WHAT MANAGEMENT MAY CONSIDER?
- Expected impact on liquidity and profitability
- Has the company’s supply chain been disrupted?
- Impact of labour shortages due to illness
- All of the above
Question 7 of 10

7. Question
IN ASSESSING WHETHER THE GOING CONCERN ASSUMPTION IS APPROPRIATE, MANAGEMENT TAKES INTO ACCOUNT ALL AVAILABLE INFORMATION ABOUT THE FUTURE, WHICH IS AT LEAST, BUT IS NOT LIMITED TO, TWELVE MONTHS …
- True.
- False.
Question 8 of 10

8. Question
WHICH OF THE FOLLOWING SHOULD BE CONSIDERED BY MANAGEMENT AND COMPILERS OF AFS?
- Measurement of assets and liabilities
- The need to provide users of AFS with more robust disclosures regarding going concern
- (a) and (b)
- None of the above
Question 9 of 10

9. Question
IT IS CRUCIAL THAT AUDITORS AND INDEPENDENT REVIEWERS PERFORM ADDITIONAL PROCEDURES TO BE ABLE TO CONCLUDE ON GOING CONCERN – INCLUDING MANAGEMENT’S ASSESSMENT OF GOING CONCERN.
- True.
- False.
Question 10 of 10

10. Question
WHICH OF THE FOLLOWING ARE AREAS THAT USERS EXPECT INCREASED TRANSPARENCY ON?
- the impact of financial market volatility
- deteriorating credit or liquidity concerns
- government interventions (such as government grants)
- All of the above

Acc Impact of COVID-19

Acc Impact of COVID-19

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