FAR5_Chap4 (part 1)

FAR5_Chap4 (part 1)

University

7 Qs

quiz-placeholder

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FAR5_Chap4 (part 1)

FAR5_Chap4 (part 1)

Assessment

Quiz

Business

University

Practice Problem

Medium

Created by

Norfaiezah Sawandi

Used 2+ times

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7 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Early IASC standards often allowed a choice of accounting policy.

True

False

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The role of IASB has been shifted from convergence to harmonization.

True

False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Main aim of IASB is to develop a set of high-quality financial reporting standards for global use.

True

False

4.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

The following bodies are appointed by IFRS foundation:

IASB

IASB working groups

IFRS advisory council

IFRS interpretation committee

5.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

The following are main issues in standard setting:

Economic issues

Social issues

Political issues

Global Conceptual Framework

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

From society’s perspective, firms should produce information until the marginal social benefit greater than marginal social cost.

True

False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Interest group theory assumes...

firms face a mixture of private and regulatory incentives to produce information.

objective of regulator is to maximize social welfare.

regulator takes its own interests into account, while balancing demands of investors and managers.

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