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Chapiter 2 : Test bank Financial Accounting – Reporting: An International Approach European edition by Craig Deegan

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Test bank Financial Accounting – Reporting: An International Approach European edition by Craig Deegan

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  1. The IASB Conceptual Framework has the force of law.
    True    False
  1. The UK Accounting Standards Board (ASB) retained the use of its own conceptual framework even after harmonisation.
    True    False
  1. The IASB Conceptual Framework serves as a guide to the UK Accounting Standards Board (ASB) in developing accounting standards.
    True    False
  1. The IASB Conceptual Framework is considered to be an International Accounting Standards Board (IASB) standard.
    True    False
  1. One of the benefits of the Conceptual Framework is that it provides parameters for the exercise of judgement in resolving accounting issues.
    True    False
  1. When an IASB standard conflicts with the Conceptual Framework, the former prevails.
    True    False
  1. The Conceptual Framework defines principles for a specific accounting recognition, measurement and disclosure matter.
    True    False
  1. The Conceptual Framework suggests that the relevance characteristic outweighs the faithfully represented characteristic if the financial statement is to be rendered useful.
    True    False
  1. The objective of financial statements is to provide future oriented information to help investors make business decisions.
    True    False
  1. Relevance and faithfully represented characteristics are placed as overriding qualities of financial statements over other qualitative characteristics
    True    False
  1. A separate recognition criteria for equity is not set forth in the Conceptual Framework because it represents a residual interest in the assets of an entity.
    True    False

 

  1. Social accountability is considered in the Conceptual Framework as part of the objectives of general purpose financial reports.
    True    False
  1. The IASB and US FASB are jointly developing a common conceptual framework to guide both standard setters in developing separate standards for their constituents.
    True    False
  1. For the preparation and presentation of financial statements, Europe adopts the IASB Conceptual Framework.
    True    False
  1. The IASB and US FASB are jointly developing a common conceptual framework because this is necessary for the Convergence Project, which aims to converge two sets of accounting standards.
    True    False
  1. Prudence is exercised in the preparation and presentation of financial statements when asset values are never shown in excess of their realisable values but could be understated, and liabilities are never to be understated.
    True    False
  1. The efficiency perspective is consistent with limiting accounting policy choices in the interest of consistency and comparability.
    True    False
  1. The trade-off between relevance and faithful representation requires exercise of judgment constrained by timeliness and costs versus benefits.
    True    False
  1. The recognition criteria for liabilities are consistent with those for assets.
    True    False
  1. Transactions or events that cannot be linked to a ‘cost’ or a ‘market price’ are not recognised.
    True    False
  1. A central goal in establishing a conceptual framework of accounting will be to obtain general consensus on:
    A.  the scope and objectives of financial reporting.
    B.  the qualitative characteristics that financial information should possess.
    C.  what the elements of financial reporting are, including agreement on the characteristics and recognition criteria for assets, liabilities, income, expenses and equity.
    D.  the scope and objectives of financial reporting and the qualitative characteristics that financial information should possess.

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