1. The objectives of financial statements are met by:
• Statement of financial positions, statement of profit loss & other comprehensive income.
• Cash flow statement, statement of changes in equity, supporting notes.
• All of above.
Check Answer
2. Fundamental qualitative characteristics of useful financial informations are :
• Comparability & verifiability
• Relevance and faithful representation
• Timeliness and understandability
Check Answer
3. Enhancing qualitative characteristics of useful financial informations are :
• Comparability & verifiability.
• Timeliness, understandability, Comparability & verifiability.
• All above
Check Answer
4. Information is material if omitting it or misstating it could influence decisions that users make on the basis of financial information about a specific reporting entity.
• False
• True
• True for corporate sector entities only.
Check Answer
5. Faithful representation of financial information have following characteristics
• Complete
• Neutral
• Free from error, complete & neutral.
Check Answer
6. Frame work discusses the following items of financial statements
• Assets & Liability
• Assets , Liability & equity only
• Assets, Liability, equity, income & expenses.
Check Answer
7. Assumptions of going concern and accrual are explained in
• Framework
• IAS 1
• In all IFRS
Check Answer
8. Conceptual frame work allow only one measurement bases for elements of financial statements
• Correct
• Incorrect
• Partially correct
Check Answer
9. Conceptual frame is
• An IFRS
• Not IFRS
• An IAS
Check Answer
10. Financial reporting provide
• Exact information about value of reporting entity
• Assistance in making judgment of value of reporting entity
• All of above
Check Answer
