Question 1

Which of these is a constraint on financial reporting rather than a qualitative characteristic?

Accepted Answer

A)  Relevance 
B)  Comparability 
C)  Timeliness 
D)  Reliability 
A)  Relevance 
B)  Comparability 
C)  Timeliness 
D)  Reliability

Question 2

SAC1 defines an entity which has users who are dependent on general purpose financial reports as a/an:

Accepted Answer

A)  accounting entity 
B)  reporting entity 
C)  company entity 
D)  legal entity 
A)  accounting entity 
B)  reporting entity 
C)  company entity 
D)  legal entity

Question 3

The elements of financial statements,as outlined in the conceptual framework,are:

Accepted Answer

A)  assets, liabilities, equity, income, expenses 
B)  balance sheet, income statement, cash flow statement 
C)  materiality, comparability, relevance, reliability 
D)  historical cost, current cost, net market value, constant purchasing power 
A)  assets, liabilities, equity, income, expenses 
B)  balance sheet, income statement, cash flow statement 
C)  materiality, comparability, relevance, reliability 
D)  historical cost, current cost, net market value, constant purchasing power

Question 4

Describe the structure of the Australian conceptual framework.In your answer explain how the building blocks fit together at each level.

Accepted Answer

The Australian conceptual framework is a

Question 5

The first and second levels of the conceptual framework are concerned with:

Accepted Answer

A)  the qualitative characteristics of financial reporting 
B)  the elements of financial reporting 
C)  the objective of financial reporting 
D)  the scope of financial reporting 
A)  the qualitative characteristics of financial reporting 
B)  the elements of financial reporting 
C)  the objective of financial reporting 
D)  the scope of financial reporting

Question 6

From 1 January 2005 the Australian conceptual framework consists of:

Accepted Answer

A)  SAC 1-2 and the IASB conceptual framework 
B)  SAC 1-4 and the IASB conceptual framework 
C)  the IASB conceptual framework 
D)  none of the above 
A)  SAC 1-2 and the IASB conceptual framework 
B)  SAC 1-4 and the IASB conceptual framework 
C)  the IASB conceptual framework 
D)  none of the above

Question 7

When deciding whether an entity is a reporting entity reference should be made to:

Accepted Answer

A)  relevant legislation rather than SAC1 
B)  SAC1 rather than relevant legislation 
C)  ASX listing rules rather than Australian Accounting Standards 
D)  Australian Accounting Standards rather than ASX listing rules 
A)  relevant legislation rather than SAC1 
B)  SAC1 rather than relevant legislation 
C)  ASX listing rules rather than Australian Accounting Standards 
D)  Australian Accounting Standards rather than ASX listing rules

Question 8

The approach taken in the Australian conceptual framework is:

Accepted Answer

A)  hypothetical 
B)  notional 
C)  descriptive 
D)  prescriptive 
A)  hypothetical 
B)  notional 
C)  descriptive 
D)  prescriptive

Which of these is a constraint on financial reporting rather than a qualitative characteristic?

SAC1 defines an entity which has users who are dependent on general purpose financial reports as a/an:

The elements of financial statements,as outlined in the conceptual framework,are:

Describe the structure of the Australian conceptual framework.In your answer explain how the building blocks fit together at each level.

The first and second levels of the conceptual framework are concerned with:

From 1 January 2005 the Australian conceptual framework consists of:

When deciding whether an entity is a reporting entity reference should be made to:

The approach taken in the Australian conceptual framework is:

Institutional Arrangements for Setting Accounting Standards in Australia

A Conceptual Framework: the Fundamentals of General Purpose Financial Reporting

A Conceptual Framework: Recognition and Measurement of the Elements of Financial Statements

The Choice of Accounting Methods

The Balance Sheet: an Overview

Accounting for Current Assets

Accounting for Property, plant and Equipment

Accounting for Company Income Tax

Accounting for Investments

Accounting for Intangible Assets

Accounting for Leases

Accounting for Employee Benefits

Accounting for Financial Instruments

Equity

The Income Statement

The Cash Flow Statement

Financial Reporting: Segment Reporting, value Added Statements, highlights Statements and Future-Oriented Financial Information

Further Financial Reporting Issues

Accounting for the Extractive Industries

Accounting for Real Estate Development and Construction Contracts

Accounting for Agricultural Activity

Accounting for Superannuation Plans

Accounting for Financial Institutions

Financial Reporting in the Public Sector

International Accounting Standards, harmonisation and Convergence

Foreign Currency Translation

Accounting for Corporate Social Responsibilities

Ethics in Accounting

Filters

Exam 2: A Conceptual Framework: Scope, reporting Entity and the Objective of Financial Report

Which of these is a constraint on financial reporting rather than a qualitative characteristic?

SAC1 defines an entity which has users who are dependent on general purpose financial reports as a/an:

The elements of financial statements,as outlined in the conceptual framework,are:

Describe the structure of the Australian conceptual framework.In your answer explain how the building blocks fit together at each level.

The first and second levels of the conceptual framework are concerned with:

From 1 January 2005 the Australian conceptual framework consists of:

When deciding whether an entity is a reporting entity reference should be made to:

The approach taken in the Australian conceptual framework is:

Institutional Arrangements for Setting Accounting Standards in Australia

A Conceptual Framework: the Fundamentals of General Purpose Financial Reporting

A Conceptual Framework: Recognition and Measurement of the Elements of Financial Statements

The Choice of Accounting Methods

The Balance Sheet: an Overview

Accounting for Current Assets

Accounting for Property, plant and Equipment

Accounting for Company Income Tax

Accounting for Investments

Accounting for Intangible Assets

Accounting for Leases

Accounting for Employee Benefits

Accounting for Financial Instruments

Equity

The Income Statement

The Cash Flow Statement

Financial Reporting: Segment Reporting, value Added Statements, highlights Statements and Future-Oriented Financial Information

Further Financial Reporting Issues

Accounting for the Extractive Industries

Accounting for Real Estate Development and Construction Contracts

Accounting for Agricultural Activity

Accounting for Superannuation Plans

Accounting for Financial Institutions

Financial Reporting in the Public Sector

International Accounting Standards, harmonisation and Convergence

Foreign Currency Translation

Accounting for Corporate Social Responsibilities

Ethics in Accounting

Filters