
CFAS_Quiz 2
Quiz
•
Other, Moral Science
•
University
•
Practice Problem
•
Hard
Elena Aguila
Used 13+ times
FREE Resource
Enhance your content in a minute
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Statement 1: The Conceptual Framework's purpose is to serve as a guide in developing, understanding, and interpreting the Standards.
Statement 2: The Conceptual Framework is a Standard.
Both statements are true.
Both statements are false.
Only first statement is true.
Only second statement is true.
2.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Statement 1: Relevance is an example of enhancing qualitative characteristics.
Statement 2: Understandability is an example of fundamental qualitative characteristics.
Both statements are true.
Both statements are false.
Only first statement is true.
Only second statement is true.
3.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Statement 1: Relevant information has predictive value but no feedback value.
Statement 2: Verifiability is an element of faithful representation.
Both statements are true.
Both statements are false.
Only first statement is true.
Only second statement is true.
4.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Statement 1: The elements directly related to the measurement of financial position are income and expenses.
Statement 2: The elements directly related to the measurement of financial performance are assets, liabilities and equity.
Both statements are true.
Both statements are false.
Only first statement is true.
Only second statement is true.
5.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Statement 1: The two concepts of capital are tangible and intangible.
Statement 2: A reporting entity is one that is required, or chooses, to prepare the financial statements.
Both statements are true.
Both statements are false.
Only first statement is true.
Only second statement is true.
6.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Statement 1: Cost is a pervasive constraint - it affects virtually all aspects of financial reporting.
Statement 2: Organize is the first step in materiality process.
Both statements are true.
Both statements are false.
Only first statement is true.
Only second statement is true.
7.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Statement 1: Total equity is measured directly.
Statement 2: Equity is generally positive although some of its components may be negative.
Both statements are true.
Both statements are false.
Only first statement is true.
Only second statement is true.
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