Which ONE of the following is stated as an underlying assumption according to theIASB’s Conceptual Framework for Financial Reporting?
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1 .In order to detect an understatement of sales, which of the following procedures wouldbe most effective?
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2 .Growers Co is a garden centre with 20 locations employing over two hundred people. To copewith the current and expected future annual increase in transactions, Growers hasimplemented a centralised computer system linked to processing and checkout terminals ateach centre. The new system will significantly improve the timing and quality of themanagement control information. A well-qualified and experienced internal audit team wasalso recently appointed.What area of the external audit will see an increased emphasis on obtaining auditassurance?
A Walk-through testing B Controls testing C Substantive testing of transactions D Substantive testing of balances
3 .Which of the following types of evidence would an auditor be most likely to examine todetermine whether internal controls are operating as designed?
A Gross margin information regarding the client’s industry B Confirmation of receivables verifying account balances C Sales orders documenting credit approval D Anticipated results documents in budgets or forecasts
4 .What assertion is an auditor testing when the auditor gathers evidence related to anentity’s control of obtaining credit approval before shipping goods to customers?
A Rights and obligations B Existence C Valuation and allocation
5 .What assertion is an auditor testing when the auditor gathers evidence to detect salesmade after the end of the year that have been recorded before year end?
A Cut-off B Accuracy C Completeness
7 .The International Accounting Standards Board’s uses the Conceptual Framework forFinancial Reporting (Framework) to assist in developing new standards.Which one of the following is NOT covered by the Framework?
A The format of financial statements B The objective of financial statements C Concepts of capital maintenance D The elements of financial statements
8 .An item meets the definition of an element in accordance with the Conceptual Framework forFinancial Reporting.Which of the following criteria must be met for item to be recognised in the financialstatements?(1) It is probable that any future economic benefit associated with the item will flow toor from the entity.(2) The item has a cost or value that can be measured with reliability.(3) The rights or obligations associated with the item are controlled by the reportingentity.
A 1 only B 2 only C 1 and 2 only D 1, 2 and 3
9 .Which of the following statements about the characteristics of financial information iscorrect?(1) Faithful representation means that the legal form of a transaction must be reflectedin financial statements, regardless of the economic substance.(2) Under the recognition concept only items capable of being measured in monetaryterms can be recognised in financial statements.(3) It may sometimes be necessary to exclude information that is relevant and reliablefrom 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
10 .Which of the following statements are correct?(1) The money measurement concept requires all assets and liabilities to be accountedfor at original (historical) cost.(2) Faithful representation means that the economic substance of a transaction should bereflected in the financial statements, not necessarily its legal form.(3) The realisation concept means that profits or gains cannot normally be recognised inthe statement of profit or loss until cash has been received.
A 1 and 2 only B 1 and 3 only C 2 and 3 only D All three statements
