CONCEPTUAL FRAMEWORK

The following are the elements of financial statements except

• Assets

• Liabilities

• Drawings

• Revenue

The International accounting standards are developed by

• Malaysian Institute Of Accountants

• American Standards Board

• International Accounting Standard Board

• Indian Accounting Board

What is the latest version of conceptual framework we are following?

• 2008

• 1998

• 2020

• 2018

The following are the users of financial statements ......

• Government

• Employees

• Customers

• All the answers

Based on the original 2010 Framework, there are how many chapters in the framework?

• 4

• 3

• 5

• 2

Equity is defined as the ________________ interest in the assets of the entity after deducting all its liabilities.

IAS stands for _______________________________________.

IFRS stands for ________________________________________.

Based on the original framework 2010, what are the underlying assumptions:

• Accrual Basis

• Prudence

• Going Concern

• Materiality

What are the basis of measurements to measure the elements of financial statement in the books?

• Historical cost

• Current cost

• Realizable value

• Present value