Conceptual framework

Conceptual framework is in terms of?

• IAS16

• IAS1

• IAS36

• IAS38

Relevant & faithful representation is part of the?

• Definition

• Expenses

• Conclusion

• Recognition criteria

The elements for faithful representation is:

• Neutral, complete & correct

• Complete, neutral & free from error

• Complete, neutral & biased

• Reliably measured, inflow/outflow of economic benefits & completeness.

Existence, probability & certainty is part of?

• Relevant

• faithful representation

• Occurrence

• Definition

The conceptual framework applicable for Accf371 is

• 2010

• 1991

• 1871

• 2018

Expenses increase equity and decrease assets

• True

• False

If the definition is not met we still consider the recognition criteria

• True

• False

Select the type of obligations that might arise

• Legal obligation

• Concurrent obligation

• Constructive obligation

• Conditional obligation

A present economic resource is?

• The right that has a possibility to produce economic benefits.

• The potential to produce economic benefits.

• The right that has potential to produce economic benefits.

• The right that gives potential to produce economic benefits.

A liability is defined as a?

• Present obligation of the entity to transfer an economic resource as a result of a past event.

• Current obligation of the entity to transfer an economic resource as a result of a past event.

• Legal obligation of the entity to transfer an economic resource as a result of a past event.

• Past obligation of the entity to transfer an economic resource as a result of a past event.