Question $1($Mandatory$)(0\mathrm{.}5$ points$)$

$$

The IFRS refers to nonpublic companies as SMEs.

Question $1$ options:

TrueFalse

Question $2($Mandatory$)(1$ point$)$

$$

Professor B presents a formula to deal with the complication of consolidation,$$P $+$S $+$ADJ$.+$GW $+$CONTIGENTCY$.$This formula is applicable to all merger and acquisition types.$$

Question $2$ options:

TrueFalse

Question $3($Mandatory$)(1$ point$)$

$$

The Parent company must eliminate their investment accounts for unaffiliated subsidiaries to facilitate consolidation.

Question $3$ options:

TrueFalse

Question $4($Mandatory$)(1$ point$)$

$$

ASC $270$offers accounting guidance on Integral and Discrete presentations for interim reporting.$$Another point to note regarding Interim reporting is$$tax must be estimated using the annual effective tax rate $($on an$$annualized basis$).$

Question $4$ options:

TrueFalse

Question $5($Mandatory$)(1$ point$)$

$$

According to Professor B$,$the IASB superseded the IASC in April $2001.$ IAS standards came from the IASC in the past but today the IASB issues IFRS standards as it relates to international accounting guidance.

Question $5$ options:

TrueFalse