According to the International Accounting Standards Board, in whose interests are financial reporting standards issued?
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1 .Based on the above information, what figure should appear in A’s income statement for the year ended 30 November 2011 for sales revenue?
A USD 748,960 B USD 748,800 C USD 744,960 D USD 743,560
2 .A trader who fixes her prices by adding 50% to cost actually achieved a mark-up of 45%.Which of the following factors could account for the shortfall?
A Sales were lower than expected. B Opening inventories had been overstated. C Closing inventories were higher than opening inventories. D Goods taken from inventories by the proprietor were recorded by debiting drawings and crediting purchases with the cost of the goods.
3 .Whose needs are general purpose financial statements intended to meet?
A Shareholders of incorporated entities B The general public C Users of financial statements D Regulatory authorities
4 .Which body develops International Financial Reporting Standards?
A IASB B IFRS Foundation C IFRS IC D IFRS Advisory Council
6 .There are __ members of the IASB and__ voting members of the IFRS IC. Good corporate governance suggests that an audit committee must consist of at least __ independent non-executive directors and __ executive directors.Which one of the following number combination, in order, correctly fit these statements?
A 3, 16, 2, 2 B 12, 12, 3, 1 C 15, 10, 5, 1 D 16, 14, 3, 0
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 correct? (1) The carrying value of inventory should be as close as possible to net realisable value.(2) The valuation of finished goods inventory must include production overheads.(3) Production overheads included in valuing inventory should be calculated by reference to the company’s normal level of production during the period.(4) In assessing net realisable value, inventory items must be considered separately, or in groups of similar items, not by taking the inventory value as a whole.
A (1) and (2) only B (1) and (3) only C (2), (3) and (4) D (3) and (4) only
