Consider the following statements:(1) Items are reported in the statement of financial position based on the presumption that the entity will not be required to significantly reduce the scale of its operations(2) Non-current assets are always valued at historical cost in the statement of financial positionWhich of the following is correct?
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1 .Consider the following statements about the IASB’s Conceptual Framework for Financial Reporting (the Conceptual Framework):(1) As it sets out underlying concepts, the Conceptual Framework will not be changed(2) The Conceptual Framework is intended to assist users in interpreting financial statements(3) The Conceptual Framework is an International Financial Reporting StandardWhich of the above statements is/are true?
A 1 only B 2 only C 1 and 2 only D 2 and 3 only
2 .A company includes in inventory goods received before the year end for which invoices are not received until after the year end.Which of the following concepts is the company applying?
A Historical cost B Accruals C Going concern D Substance over form
3 .Which one of the following best describes the objective of management’s stewardship of a company?
A Profit maximisation B Safeguarding cash C Accountability for company’ assets D High dividends for shareholders
4 .What is the primary objective of general purpose financial statements?
A To provide financial information to the users of such information B To maintain records of assets and liabilities C To show the results of management’s stewardship D To fulfil statutory requirements
5 .Which of the following is the basis on which allowance for depreciation is charged to the statement of profit or loss?
A Accruals B Going concern C Prudence D Historical cost
7 .Which of the following statements about accounting concepts and the characteristics of financial information is correct?(1) The concept of substance over form means that the legal form of a transaction must be reflected in financial statements, regardless of the economic substance.(2) Under the recognition concept only items capable of being measured in monetary terms can be recognised in financial statements.(3) It may sometimes be necessary to exclude information that is relevant and reliable from financial statements because it is too difficult for some users to understand.
A 1 only B 2 only C 3 only D None of these statements
8 .Which of the following are necessary characteristics of “faithful representation” of information?(1) Information is free from bias.(2) Information is complete within the bounds of materiality and cost.(3) Information is free from material error.
A 1 and 2 only B 1 and 3 only C 2 and 3 only D 1, 2 and 3
9 .A sole trader is USD5,000 overdrawn at her bank. She receives USD1,000 from a credit customer.Which elements of the financial statements will change due to this transaction?
A Assets and liabilities only B Liabilities only C Assets only D Assets, liabilities and equity
10 .The IASB’s Conceptual Framework for Financial Reporting (the Conceptual Framework) sets out the concepts that underlie the preparation and presentation of financial statements for external users.According to the Conceptual Framework, which of the following describes the inclusion of an amount in the financial statements”?
A Disclosure B Faithful presentation C Measurement D Recognition
