BAC1634 - Quiz 2 - Chapter 2

BAC1634 - Quiz 2 - Chapter 2

KG

10 Qs

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BAC1634 - Quiz 2 - Chapter 2

BAC1634 - Quiz 2 - Chapter 2

Assessment

Quiz

Business

KG

Practice Problem

Easy

Created by

Mohd Mustafa

Used 6+ times

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10 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is conceptual framework?

To provide information about financial position, performance and changes in financial position of an enterprise

Sets out the concepts that underlie the preparation and presentation of financial statements for external users.

Provide information that is useful to present and potential investors and creditors

Provide information that is understandable to one who has a reasonable knowledge of accounting and business

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The list are the main reasons for developing an agreed conceptual framework EXCEPT:

fundamental principles which then do not have to be repeated in accounting standards.

framework for setting accounting standards.

basis for resolving accounting disputes.

Basis to satisfy the owner's need.

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is "Usefulness" under objectives of Financial Reporting?

Financial reporting should provide information that is useful to present and potential investors and creditors and other users in making rational investment, credit, and similar decisions.

Financial reporting should provide information that is understandable to one who has a reasonable knowledge of accounting and business and who is willing to study and analyze the information presented.

While there are many potential users of financial reports, the objectives are directed primarily toward investors and creditors.

Financial reporting should provide information that is useful in assessing amounts, timing, and uncertainty (risk) of prospective cash flows.

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is "Understandability" under objectives of Financial Reporting?

Financial reporting should provide information that is useful to present and potential investors and creditors and other users in making rational investment, credit, and similar decisions.

Financial reporting should provide information that is understandable to one who has a reasonable knowledge of accounting and business and who is willing to study and analyze the information presented.

While there are many potential users of financial reports, the objectives are directed primarily toward investors and creditors.

Financial reporting should provide information that is useful in assessing amounts, timing, and uncertainty (risk) of prospective cash flows.

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is "Relevance" under fundamental qualitative characteristics of accounting information?

Information should represent the actual situation of a business or entity.

The users of financial information are assumed to be knowledgeable users.

The older the information, the less useful it is.

Information that is capable of changing the decision made by users.

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is "Faithful representation" under fundamental qualitative characteristics of accounting information?

Information should represent the actual situation of a business or entity.

The users of financial information are assumed to be knowledgeable users.

The older the information, the less useful it is.

Information that is capable of changing the decision made by users.

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which one of these are the characteristics of relevance?

i. Predictive value

ii. Material

iii. Neutral

iv. Free from error

i & ii

i & iii

iii & iv

ii & iv

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