Câu Hỏi 1
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Which of the following measurement base(s) should be used by an entity according to the
conceptual framework for financial reporting?
Select one:
a.
Current cost
b.
Historical cost
c.
Value in use
d.
Any of the answer is correct
Câu Hỏi 2
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The conceptual framework for financial reporting lists the qualitative characteristics of
financial statements.(i) Comparability;(ii) Verifiability;(iii) Timeliness;(iv) Understandability;(v)
Relevance;(vi) Faithful representation. Which two of the above are not included in the
enhancing qualitative characteristics listed by the conceptual framework?
Select one:
a.
(i) and (vii)
b.
(ii) and (v)
c.
(v) and (vi)
d.
(iv) and (v)
Câu Hỏi 3
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Which of the following statements is incorrect in relation to the recognition criteria for
elements of the financial statements?
Select one:
a.
Assets are recognised when it is potential that future economic benefits will flow to the entity and the
asset has a cost or value that can be measured reliably.
b.
Liabilities are recognised when it is probable that an outflow of resources embodying economic
benefits will result from the settlement of a present obligation and the amount at which settlement will
take place can be measured reliably.
c.
Income is recognised when an increase in future economic benefits related to a decrease in an asset
or an increase in a liability that has arisen can be measured reliably.
d.
Because equity is the arithmetic difference between assets and liabilities, a separate recognition
criteria for equity is not needed in the conceptual framework.
Câu Hỏi 4
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Which of the following accounting treatments correctly applies the principle of faithful
representation?
Select one:
a.
Reporting a transaction based on its legal status rather than its economic substance
b.
Recording the whole of the net proceeds from the issue of a loan note which is potentially convertible
to equity shares as debt (liability)
c.
Excluding a subsidiary from consolidation because its activities are not compatible with those of the
rest of the group
d.
Allocating part of the sales proceeds of a motor vehicle to interest received even though it was sold
with 0% (interest free) finance
Câu Hỏi 5
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Which one of the following would be classified as a liability?
Select one:
a.
The company purchased an investment 9 months ago for $120,000. The market for these investments
has now fallen and Company's investment is valued at $90,000.
b.
The company manufactures a product under licence. In 12 months' time, the licence expires and the
Company will have to pay $50,000 for it to be renewed.
c.
The company has estimated the tax charge on its profits for the year just ended as $165,000.
d.
The company is planning to invest in new machinery and has been quoted a price of $570,000.
Câu Hỏi 6
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What is the objective of general-purpose financial reporting?
a.
to provide companies with the option to select information that favors one set of interested parties over
another.
b.
to provide users with financial information that implies total freedom from error.
c.
to provide a metric for financial information used to determine when the boundary between two or
more entities should be disregarded and the entities considered to be a licensing arrangement
d.
to provide financial information about the reporting entity that is useful to present and potential equity
investors, lenders, and other creditors in making decisions in their capacity as capital providers
Câu Hỏi 7
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What is meant by comparability when discussing financial accounting information?
a.
Information that is measured and reported in a similar fashion across companies
b.
Information is timely
c.
Information is reasonably free from error
d.
Information has predictive or feedback value
Câu Hỏi 8
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Which of the following best describes the role of the IFRS Advisory Coucil?
Select one:
a.
To provide the IASB with the views of its members on standard setting projects
b.
To select the members of the IASB
c.
To prepare intepretations of International Accounting Standards
d.
To promote the use of International Accounting Standards amongst its members
Câu Hỏi 9
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Which of the following is a possible advantage of a rules-based system of financial reporting?
Select one:
a.
It offers accountants more protection in the event of litigation
b.
It encourages the exercise of professional judgement
c.
It prevents a fire-fighting approach to the formulation of standards
d.
It ensures that no standards conflict with each other
Câu Hỏi 10
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What is a purpose of having a conceptual framework?
a.
To make sure that economic activity can be identified with a particular legal entity
b.
To segregate activities among competing companies
c.
To enable the profession to more quickly solve emerging practical problems and to provide a
foundation from which to build more useful standards
d.
To provide comparable information for different companies
Câu Hỏi 11
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The International Accounting Standards Board’s (IASB’s) Conceptual Framework includes all
of the following except:
a.
Supplementary information
b.
Qualitative characteristics of accounting information
c.
Elements of financial statements
d.
Objective of financial reporting
Câu Hỏi 12
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Which of the following statements in relation to income is true?
Select one:
a.
The conceptual framework defines income as an increase in economic benefits which results in an
increase in equity.
b.
The conceptual framework requires that all items of income are reported on a net basis.
c.
Gains are normally reported separately from revenue in the Statement of profit or loss and other
comprehensive income due to the different probabilities attached to that type of income.
d.
Gains and revenue are different in nature and therefore are recognised as separate elements of the
financial statements per the conceptual framework.
Câu Hỏi 13
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Which of the following basic elements of financial statements is more associated with the
statement of financial position than the income statement?
a.
Gains
b.
Income
c.
Expenses
d.
Equity
Câu Hỏi 14
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Which of the following is a fundamental quality of useful accounting information?
a.
Conservatism
b.
Faithful representation
c.
Comparability
d.
Consistency
Câu Hỏi 15
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Comparability is identified as an enhancing qualitative characteristic in the IASB's
Conceptual Framework for Financial Reporting. Which of the following does NOT improve
comparability?
Select one:
a.
Prohibiting changes of accounting policy unless required by an IFRS or to give more relevant and
reliable information
b.
Disclosing discontinued operations in financial statements
c.
Restating the financial statements of previous years when there has been a change of accounting
policy
d.
Applying an entity's current accounting policy to a transaction which an entity has not engaged in
before
Câu Hỏi 16
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Which of the following is not true concerning a conceptual framework in accounting?
a.
It should be a basis for standard-setting
b.
It should allow practical problems to be solved more quickly by reference to it
c.
It should be based on fundamental truths that are derived from the laws of nature
d.
All of these answers are correct
Câu Hỏi 17
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Which of the following is a fundamental quality of useful accounting information?
a.
Materiality
b.
Neutrality
c.
Relevance
d.
Comparability
Câu Hỏi 18
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Changing the method of inventory valuation should be reported in the financial statements
under what qualitative characteristic of accounting information?
a.
Comparability
b.
Consistency
c.
Timeliness
d.
Verifiability
Câu Hỏi 19
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Company A issuing its annual financial reports within one month of the end of the year is an
example of which enhancing quality of accounting information?
a.
Verifiability
b.
Comparability
c.
Understandability
d.
Timeliness
Câu Hỏi 20
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Which of the bodies listed below is responsible for revewing International Accounting
Standards and issuing guidance on their application?
Select one:
a.
IFRS Foundation
b.
International Accounting Standards Board
c.
IFRS Intepretation Committee
d.
IFRS Advisory Council
