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.

1 .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

题型: 单选题 提问时间: 2021-08-24

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2 .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

题型: 单选题 提问时间: 2021-08-24

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3 .Which ONE of the following is stated as an underlying assumption according to theIASB’s Conceptual Framework for Financial Reporting?

A Neutrality B Accruals C Relevance D Going concern

题型: 单选题 提问时间: 2021-08-24

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4 .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

题型: 单选题 提问时间: 2021-08-24

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5 .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

题型: 单选题 提问时间: 2021-08-24

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7 .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

题型: 单选题 提问时间: 2021-08-24

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8 .IFRS 13 Fair Value Measurement sets out a fair value hierarchy that categorises inputs intothree levels.Which of the following inputs would have the highest authority?

A Unobservable inputs B Directly observable inputs other than quoted prices C Quoted prices in active markets at the measurement date D Market-corroborated inputs

题型: 单选题 提问时间: 2021-08-24

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9 .The following are possible methods of measuring assets and liabilities other than historicalcost:(1) Current cost(2) Realisable value(3) Present value(4) Replacement costAccording to the IASB’s Conceptual Framework for Financial Reporting which of themeasurement bases above can be used by an entity for measuring assets and liabilitiesshown in its statement of financial position?

A 1 and 2 only B 1, 2 and 3 only C 2 and 3 only D All four

题型: 单选题 提问时间: 2021-08-24

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10 .The IASB’s Conceptual Framework for Financial Reporting identifies qualitativecharacteristics of financial statements.Which TWO of the following characteristics are fundamental qualitative characteristicsaccording to the IASB’s Framework?(1) Relevance(2) Understandability(3) Faithful representation(4) Comparability

A 1 and 2 only B 1 and 3 only C 2 and 4 only D 3 and 4 only

题型: 单选题 提问时间: 2021-08-24

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