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1. The sources of regulation which comprise the regulatory framework for financial reporting include:
2. “Accounting standards set out the broad rules which govern financial reporting but do not lay down the detailed accounting treatments of transactions and other items”. True or False?
3. The abbreviation “GAAP” stands for:
4. Standards issued by the International Accounting Standards Board (IASB) are known as:
5. The body to which the International Accounting Standards Board is responsible is:
6. One of the main advantages of standardisation in financial reporting is:
7. IFRS1 First-time Adoption of International Financial Reporting Standards defines the date of transition to IFRS as:
8. “An entity which adopts international financial reporting standards must always adhere to the requirements of every standard, no matter what the circumstances”. True or False?
9. The role of the IFRS Advisory Council is to:
10. The word “entity” as used by the IASB refers to:
11. An entity prepares its first IFRS financial statements for the year to 30 September 2016. These financial statements provide comparative figures for the previous year. The date of transition to IFRS is:
12. An entity prepares its first IFRS financial statements for the year to 30 September 2016. These financial statements provide comparative figures for the previous year. The accounting policies used when preparing the comparative information for the year to 30 September 2015 must comply with IFRS as at:
13. Which of the following identifies the assumption(s) underpinning the preparation of general purpose financial statements in accordance with the Conceptual Framework? Select which two options are correct.
14. A conceptual framework for financial reporting is:
15. The 2010 version of the IASB Conceptual Framework was developed jointly with:
16. The primary users of general purpose financial reports are:
17. The fundamental qualitative characteristics of financial information are:
18. The enhancing qualitative characteristics of financial information include:
19. Which of the following is not a contributory factor towards faithful representation?
20. Allowing a choice of alternative accounting treatments improves the consistency and comparability of financial statements. True or False?
21. The elements of financial statements which relate to financial position are:
22. If the current cost measurement basis is used, assets are measured at:
23. Under the concept of physical capital maintenance, profit is defined in terms of the increase in an entity’s operating capability during an accounting period. True or False?
24. Recognition is the process of:
25. The underlying assumption that is identified in the 2010 version of the IASB Conceptual Framework is: