
Malaysian Conceptual Framework
Authored by SALEHAH ZULKEPLI
English
University
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The objective of financial reporting is to provide financial information about the reporting entity that is useful to existing and potential investors, lenders and other creditors in making decisions. Which of the following is NOT included in the decision as prescribed by the 2018 Conceptual Framework for Financial Reporting:
Buying, selling or holding equity and debt instruments
Providing or settling loans and other forms of credit.
Exercising rights to vote on, or otherwise influence, management’s actions that affect the use of the entity’s economic resources
Selecting the best method for maximizing the company’s earnings
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Reporting financial information imposes costs, and it is important that those costs are justified by the benefits of reporting that information. Below are the types of costs incurred by providers of financial information EXCEPT:
Costs of collecting financial information
Costs of processing financial information
Costs of interpreting financial information
Costs of disseminating financial information
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
“Financial information may provide feedback about (confirms or changes) previous evaluations”. Based on the 2018 Conceptual Framework for Financial Reporting issued by MASB, this statement is referred to:
Confirmatory value.
Future value.
Predictive value
Fair value
4.
FILL IN THE BLANK QUESTION
1 min • 1 pt
__________ is the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Faithful representation encompasses the following characteristics, EXCEPT
Complete
Materiality
Neutral
Free from error
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The revised Conceptual Framework for Financial Reporting (2018) contains the
following chapters:
i The Elements of Financial Statement
ii Preparation, Presentation and Disclosure
iii Concepts of Capital and Capital Maintenance
iv Qualitative Characteristics of Relevance Financial Information
i and ii
i and iii
i, ii and iii
i,ii,iii,iv
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Under this concept, profit is earned if the physical productive capacity of the entity at
the end of the period exceeds the physical productive capacity at the beginning of the
period after excluding any distributions to and contributions from owner during the
period.
The above statement best describes about ____________ concept.
financial
physical
financial capital maintenance
physical capital maintenance
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