Câu hỏi Kế toán quốc tế 1

What is the role of the IFRS Interpretations Committee?

• To create a set of global accounting standards

• To issue guidance on the application of International Financial Reporting Standards

• To develop international financial reporting standards

• To advise the IASB on decisions in the agenda

Which of the following is the responsibility of the IFRS Advisory Council is répomsible for?

• To advise the IASB or its members

• To advise the IASB on decisions in the agenda

• both 1 and 2

Which body is responsible for issuing International Financial Reporting Standards?

• IFRS Advisory Council

• International Financial Reporting Interpretations Committee

• International Accounting Standards Board

• European Union

Which of the following statements related to the IASB Conceptual Framework for Financial Reporting is true or false?

• It is a financial reporting standard

• It supports the development of IFRS based on consistent concepts

• It assists preparers in developing consistent accounting policies when no standard applies

• It helps all parties understand and interpret IFRS Standards

What is the main purpose of financial accounting?

• To record all transactions in the accounting books

• To provide management with detailed analyses of costs

• To allow the preparation of financial reports that provide information about the performance and financial position of an entity

• To calculate profit or loss for an accounting period

What is the role of the International Accounting Standards Board (IASB)?

• Oversee the standard setting and regulatory

• formulate international financial reporting standards

• Review erroneous accounts

• Control the accounting profession

Which of the following is NOT a goal of the IFRS Foundation?

• Through the International Accounting Standards Board (IASB), develop a set of International Financial Reporting Standards (IFRS) that are globally accepted

• Promote the use and strict application of International Financial Reporting Standards (IFRS)

• Ensure that IFRS primarily focuses on the needs of global, multinational organizations

• Bring about the convergence of national accounting standards and IFRS

Which of the following is a long-term debt?

• Loan payable within the next three years

• Trade payables

• Sales tax payable

• Bank overdraft

Which of the following statements is correct?

• Only tangible assets (i.e. those with physical substance) are recognised in the financial
  statement
  

• thful representation means that the commercial eƯect of a transaction must always
  be shown in the financial statements even if this diƯers from legal for
  

• Businesses only report transactions, events, and balances that are significant to users of financial statements.

Determine whether each of the following characteristics is a fundamental quality characteristic or an enhanced quality characteristic of useful financial information according to the IASB Conceptual Framework for Financial Reporting.

• Comparability

• Timeliness

• Faithful representation

• Understandability