Financial Statements IASB Quiz

Pregunta 1 de 13

1

"Going Concern Basis" is an underlying assumption of financial statements.

Selecciona uno de los siguientes:

VERDADERO
FALSO

Explicación

Pregunta 2 de 13

1

Using the accrual basis underlying assumption, the effects of transactions and other events are recognised when the cash is received or paid not when they occur.

Selecciona uno de los siguientes:

VERDADERO
FALSO

Explicación

Pregunta 3 de 13

1

Relevant information is capable of making a difference in the decisions made by users. Relevance requires financial information to be related to what?

Selecciona una de las siguientes respuestas posibles:

An economic decision
An entity specific decision

Explicación

Pregunta 4 de 13

1

The financial information in the financial reports should represent what it purports to represent. Meaning, it should show what really are present and what really happened..

Selecciona uno de los siguientes:

VERDADERO
FALSO

Explicación

Pregunta 5 de 13

1

There are four possible measurement bases for assets: historical cost, current cost, present value and which other?

Selecciona una de las siguientes respuestas posibles:

Past Cost
Net Realisable Value

Explicación

Pregunta 6 de 13

1

Rellena los espacios en blanco para completar el texto.

DEFINITION of 'Historical Cost' A measure of value used in accounting in which the price of an on the balance sheet is based on its or cost when acquired by the company.

Explicación

Pregunta 7 de 13

1

Selecciona la opción correcta del menú desplegable para completar el texto.

A method of accounting in which assets are valued on the basis of their current replacement cost, and increases in their ( value, depreciation value ) as a result of inflation are excluded from calculations of profit.

Explicación

Pregunta 8 de 13

1

With regards to inventory, net realisable value (NRV) is the estimated selling price in the ordinary course of business minus any cost to complete and to sell the goods. NRV is one of the amounts considered when determining the lower of cost or market for items in inventory...

Selecciona uno de los siguientes:

VERDADERO
FALSO

Explicación

Pregunta 9 de 13

1

The current worth of a future sum of money or stream of cash flows given a specified rate of return. Future cash flows are discounted at the discount rate, and the higher the discount rate, the lower the ❌ of the future cash flows.

Arrastra y suelta para completar el texto.

present value

past value

current value

discounted value

Explicación

Pregunta 10 de 13

1

What does IASB stand for in the IASB Conceptual Framework?

Selecciona una de las siguientes respuestas posibles:

International Accounting Standards Board
International Accounting Standards Body
International Accountancy Standards Board
Independant Accounting Standards Board

Explicación

Pregunta 11 de 13

1

A method of accounting in which asset are valued on the basis of their current replacement cost.

Selecciona uno de los siguientes:

VERDADERO
FALSO

Explicación

Pregunta 12 de 13

1

	Creado por rachel_heap_02 hace casi 9 años

Short quiz testing your knowledge of the IASB Conceptual Framework

Financial Statements IASB Quiz

Pregunta 1 de 13

"Going Concern Basis" is an underlying assumption of financial statements.

Selecciona uno de los siguientes:

Explicación

Pregunta 2 de 13

Using the accrual basis underlying assumption, the effects of transactions and other events are recognised when the cash is received or paid not when they occur.

Selecciona uno de los siguientes:

Explicación

Pregunta 3 de 13

Relevant information is capable of making a difference in the decisions made by users. Relevance requires financial information to be related to what?

Selecciona una de las siguientes respuestas posibles:

Explicación

Pregunta 4 de 13

The financial information in the financial reports should represent what it purports to represent. Meaning, it should show what really are present and what really happened..

Selecciona uno de los siguientes:

Explicación

Pregunta 5 de 13

There are four possible measurement bases for assets: historical cost, current cost, present value and which other?

Selecciona una de las siguientes respuestas posibles:

Explicación

Pregunta 6 de 13

Rellena los espacios en blanco para completar el texto.

DEFINITION of 'Historical Cost' A measure of value used in accounting in which the price of an on the balance sheet is based on its or cost when acquired by the company.

Explicación

Pregunta 7 de 13

Selecciona la opción correcta del menú desplegable para completar el texto.

A method of accounting in which assets are valued on the basis of their current replacement cost, and increases in their value depreciation value( value, depreciation value ) as a result of inflation are excluded from calculations of profit.

Explicación

Pregunta 8 de 13

With regards to inventory, net realisable value (NRV) is the estimated selling price in the ordinary course of business minus any cost to complete and to sell the goods. NRV is one of the amounts considered when determining the lower of cost or market for items in inventory...

Selecciona uno de los siguientes:

Explicación

Pregunta 9 de 13

The current worth of a future sum of money or stream of cash flows given a specified rate of return. Future cash flows are discounted at the discount rate, and the higher the discount rate, the lower the ❌ of the future cash flows.

Arrastra y suelta para completar el texto.

Explicación

Pregunta 10 de 13

What does IASB stand for in the IASB Conceptual Framework?

Selecciona una de las siguientes respuestas posibles:

Explicación

Pregunta 11 de 13

A method of accounting in which asset are valued on the basis of their current replacement cost.

Selecciona uno de los siguientes:

Explicación

Pregunta 12 de 13

Historical cost is a method of accounting in which assets are valued at their original cost

Selecciona uno de los siguientes:

Explicación

Pregunta 13 de 13

What is the formula for calculating Net Realisable Value (NRV)?

Selecciona una de las siguientes respuestas posibles:

Explicación

A method of accounting in which assets are valued on the basis of their current replacement cost, and increases in their ( value, depreciation value ) as a result of inflation are excluded from calculations of profit.