Finance Policies Case Study

1. 1. A customer purchases medical equipment from Concordia. When should revenue from this sale be recognized according to the Revenue Recognition policy?

A) When the invoice is issued B) When payment is received C) When control of goods is transferred to the customer D) At the end of the financial year

2. 2. Concordia is preparing its financial statements for the year-end. Which accounting standards must it comply with for international reporting?

A) Myanmar Financial Reporting Standards (MFRS) B) International Financial Reporting Standards (IFRS) C) Generally Accepted Accounting Principles (GAAP) D) Myanmar Anti-Money Laundering Law (2014)

3. 3. A department head requests the acquisition of a fixed asset worth 6 Lakhs MMK. Who must approve this request according to the Fixed Asset policy?

A) The Inventory Accountant B) The Compliance Officer C) The CFO or designated senior management D) Using the Last-In, First-Out (LIFO) method

4. 5. An employee is retiring after 20 years of service. How should Concordia recognize retirement benefits according to the Employee Benefits policy?

A) As an operating expense B) In line with IAS 19 and statutory requirements C) As a capital expenditure D) Only when the employee requests payment

5. 6. Concordia is planning to purchase equipment for a government tender. What procurement method should be used for this large-scale acquisition?

A) Direct purchase B) Request for Quotations (RFQ) C) Open tender D) Framework agreement

6. 7. A supplier requests an advance payment for imported goods. Under what circumstances is this allowed according to the Payment Processing policy?

A) Only for low-value items B) When necessary to secure products or services C) When the supplier is based in Myanmar D) Only for government tenders

7. 8. Concordia is reviewing its accounting policies. How often must this review be conducted according to the Policy Review guidelines?

A) Monthly B) Quarterly C) Annually D) Every two years

8. 9. A foreign currency transaction results in a gain due to exchange rate fluctuations. How should this gain be reported according to the Foreign Currency Management policy?

A) As part of operating expenses B) In the financial statements C) As deferred revenue D) It should not be reported

9. 10. Concordia is preparing its budget for the next fiscal year. What type of budget should include planned investments in fixed assets and infrastructure?

A) Operating budget B) Capital expenditure budget C) Procurement budget D) Revenue recognition budget

1. Finance Policy (ငွေကြေးဆိုင်ရာ မူဝါဒ)

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Finance Policies Case Study

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