DÉPs

If the current cost current basis is used, assets are measured at:

• The amount which could be obtained by selling them

• Replacement cost

• Present value

• The amount paid to acquire them

The fundemental qualitative characteristics of financial information are:

• Relevance and faithful representation

• Relevance and comparability

• Faithful representation and comparability

• Verifiability and understandability

What are the four enhancing qualitative characteristics recognised by the conceptual framework

• Materiality, comparability, timeliness, cost versus benefit

• Relevance, materiality, reliability, comparability

• Understandability, verifiability, timeliness, comparability

• Understandability, cost versus benefit, verifiability, comparability

The elements of financial statements which relate to financial position are

• Assets, liabilities and equity

• Income and expenses

• Assets, abilities income and expenses

• Income, expenses and equity

The Conceptual Framework can override requirements in a Standard

• True

• False

Which of the following does not relate to relevance

•  Materiality

• Predictive value

• Confirmatory

• All of these answers choices relate to relevance

The primary users of general purpose financial reports are

• Investors and lenders

• Investors and customers

• Employees and lenders

• Investors and employees

The Conceptual Framework deals with all of the following, except

• The objective of financial reporting

• The qualiative characteristics of useful financial information

• The recognition and measurement of the elements of financial statements

• Supplementary information