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Financial Statements IASB Quiz

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Questions in this quiz (13)

  1. 1"Going Concern Basis" is an underlying assumption of financial statements.
    1. ATrue
    2. BFalse
  2. 2Using 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.
    1. ATrue
    2. BFalse
  3. 3Relevant information is capable of making a difference in the decisions made by users. Relevance requires financial information to be related to what?
    1. AAn economic decision
    2. BAn entity specific decision
  4. 4The 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..
    1. ATrue
    2. BFalse
  5. 5There are four possible measurement bases for assets: historical cost, current cost, present value and which other?
    1. APast Cost
    2. BNet Realisable Value
  6. 6DEFINITION of 'Historical Cost' A measure of value used in accounting in which the price of an [blank_start]asset[blank_end] on the balance sheet is based on its [blank_start]nominal[blank_end] or [blank_start]original[blank_end] cost when acquired by the company.
    1. Anominal
    2. Boriginal
    3. Casset
  7. 7A method of accounting in which assets are valued on the basis of their current replacement cost, and increases in their [blank_start]value[blank_end] as a result of inflation are excluded from calculations of profit.
    1. Avalue
    2. Bdepreciation value
  8. 8With 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...
    1. ATrue
    2. BFalse
  9. 9The 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 [blank_start]present value[blank_end] of the future cash flows.
    1. Apresent value
    2. Bpast value
    3. Ccurrent value
    4. Ddiscounted value
  10. 10What does IASB stand for in the IASB Conceptual Framework?
    1. AInternational Accounting Standards Board
    2. BInternational Accounting Standards Body
    3. CInternational Accountancy Standards Board
    4. DIndependant Accounting Standards Board

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Description
Short quiz testing your knowledge of the IASB Conceptual Framework
Language
English
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