Exam 5: The Conceptual Framework of Accounting

Which of the following is not listed in the IASB's Framework for the Preparation and Presentation of Financial Information's list of qualitative characteristics of financial information to be included in financial statements?

Which of the following is not a quality of reliability?

Which of the following bodies was the first to introduce a conceptual framework of accounting?

Accounting policies allow the user to determine if the information in the financial statement is:

Which of the following is most correct? Consistency refers to the consistent use of accounting policies and principles:

Which of the following is not relevant when determining the materiality of an item?

Which of the following is correct?

The IASB Framework for the Preparation and Presentation of Financial Statements identified user groups. Which of the following is not an information need for the 'investor' group?

Which of the following is most correct? Information that is relevant has:

The concept of capital maintenance is important for:

Which of the following statement is the most correct? The conceptual framework is:

Which of the following is not a quality of understandability?

Which of the following is most correct? When assets acquired using finance leases, which have to be maintained and insured by the entity are capitalised in the financial statements, this is an example of:

Which of the following is not a qualitative characteristic of financial information according to the IASB Framework for the preparation and presentation of financial information?

Non-Current assets are:

Which of the following best reflects a liability?