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WorksheetsCFA-financial statement analysis
Total questions: 10
Worksheet time: 8mins
What is Multi-step income statement?
A multi-step income statement provides a subtotal for gross pro
A multi-step income statement provides a revenue,profit
The multi-step income statement details the gains or losses of a business
A multi-step income statement, on the other hand, separates operational revenues and expenses from non-operational ones
Standard-setting bodies are responsible for:
establishing financial reporting standards only
establishing and enforcing standards for financial reporting.
enforcing compliance with financial reporting standards only.
. The objective of financial reporting, according to the IASB framework, is to:
provide information about the firm to current and potential investors.
decide the acceptable standards for presenting financial performance.
minimize management discretion in presenting the financial results of a firm.
Which of the following organizations is least likely involved with enforcing compliance with financial reporting standards? .
A. Financial Conduct Authority
B. SecCurities and Exchange Commission.
C. International Accounting Standards Board?
Liabilities means
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Nợ dài hạn
Nợ ngắn hạn
An increase in economic benefits,either increasing assets or decreasing liabilities in a way that increases owners'equity( but not including contributions by owners). Income includes revenues and gains
(a)
Decreases in economic benefits.either decreasing assets or increasing liabilities in a way that decreases owners's equity(but not including distributions to owners). Lossers are included in expenses
According to the IASB Conceptual Framework, the fundamental qualitative characteristics that make financial statements useful are:
A. verifiability and timeliness.
B. relevance and faithful representation.
C. understandability and relevance.
International Accounting Standard (IAS) No. 1 least likely requires which of the following?
A. Neither assets and liabilities, nor income and expenses, may be offset unless required or permitted by a financial reporting standard.
B. Audited financial statements and disclosures, along with updated information about the firm and its management, must be filed at least quarterly
C. Fair presentation of financial statements means faithfully representing the firm’s events and transactions according to the financial reporting standards.
Which are some general features of financial statement according to IAS NO.1 are:
Fair presentation
Going concern
Accrual accounting
Consistency. Materiality. Aggregation.
No offsetting. Reporting frequency. Comparative information.
Going concern
Accrual accounting. Consistency.
