He thdng Hoc truc tuyén UEH UNIVERSITY 4 ® Ha 31211024844 - Nguyén Thi My~ HA Nha ciia t6i > Cac khod hoc ctia tdi > KE todn quéc té 1_52_HKD2023_VIE_HANH > Topic 1 - Conceptual Framework > Quizzes - Topic 1 Bat dau vaoldc This tu, 22 Thang 3 2023, 9:58 PM Trang thai 3 xong K6t thc lic Thir tu, 22 Thang 3 2023, 10:11 PM Thai gian thy hign 12 phit 35 giay IgM 20,00/20,00 Biém 10,00 trén 10,00 (100%) Cau Héi 1 Hoan thanh Bat diém 1,00 trén 1,00 Which of the following accounting treatments correctly applies the principle of faithful representation? Select one: ‘a. Excluding a subsidiary from consolidation because its activities are not compatible with those of the rest of the group b. Recording the whole of the net proceeds from the issue of a loan note which is potentially convertible to equity shares as debt (liability) Allocating part of the sales proceeds of a motor vehicle to interest received even though it was sold with 0% (interest free) finance d._ Reporting a transaction based on its legal status rather than its economic substanceCau Hi 2 Hoan thanh Bat diém 1,00 trén 1,00 Which of the following basic elements of financial statements is more associated with the statement of financial position than the income statement? Gains Expenses Equity Income Cau Héi 3 Hoan thanh Bat diém 1,00 trén 1,00 Which of the following best describes the role of the IFRS Advisory Coucil? Select one: a b. To select the members of the IASB To prepare intepretations of International Accounting Standards To promote the use of International Accounting Standards amongst its members To provide the IASB with the views of its members on standard setting projects Cau Héi 4 Hoan thinh Bat diém 1,00 trén 1,00 What is a purpose of having a conceptual framework? To make sure that economic activity can be identified with a particular legal entity To segregate activities among competing companies To provide comparable information for different companies To enable the profession to more quickly solve emerging practical problems and to provide a foundation from which to build more useful standardsCau Hoi 5 Hoan thanh Bat diém 1,00 trén 1,00 Which of the following is not true concerning a conceptual framework in accounting? a, Itsshould be a basis for standard-setting b. Itshould allow practical problems to be solved more quickly by reference to it ._Itshould be based on fundamental truths that are derived from the laws of nature d. All of these answers are correct Cau Héi 6 Hoan thanh Bat diém 1,00 trén 1,00 Which of the following statements is incorrect in relation to the recognition criteria for elements of the financial statements? Select one: a. Liabilities are recognised when itis probable that an outflow of resources embodying economic benefits will result from the settlement of a present obligation and the amount at which settlement will take place can be measured reliably b. Income is recognised when an increase in future economic benefits related to a decrease in an asset or an increase in a liability that has arisen can be measured reliably. c, Because equity is the arithmetic difference between assets and liabilities, a separate recognition criteria for equity is not needed in the conceptual framework. 4. Assets are recognised when itis potential that future economic benefits will low to the entity and the asset has a cost or value that can be measured reliably.Cau Héi 7 Hoan thanh Bat diém 1,00 trén 1,00 Comparability is identified as an enhancing qualitative characteristic in the IASB's Conceptual Framework for Financial Reporting. Which of the following does NOT improve comparability? Select one: a Restating the financial statements of previous years when there has been a change of accounting policy Applying an entity's current accounting policy to a transaction which an entity has not engaged in before Disclosing discontinued operations in financial statements Prohibiting changes of accounting policy unless required by an IFRS or to give more relevant and reliable information Cau Héi 8 Hoan thanh — Bat diém 1,00 trén 1,00 What is the objective of general-purpose financial reporting? to provide companies with the option to select information that favors one set of interested parties over another. to provide users with financial information that implies total freedom from error. to provide a metric for financial information used to determine when the boundary between two or more entities should be disregarded and the entities considered to be a licensing arrangement to provide financial information about the reporting entity that is useful to present and potential equity investors, lenders, and other creditors in making decisions in their capacity as capital providersCau Héi 9 Hoan thanh Bat diém 1,00 trén 1,00 The conceptual framework for financial reporting lists the qualitative characteristics of financial statements, (i) Comparability;(ii) Verifiability;(iii) Timeliness;{iv) Understandability;(v) Relevance;(vi) Faithful representation. Which two of the above are not included in the enhancing qualitative characteristics listed by the conceptual framework? Select one: a. (v)and (vi) b. (iv)and (vy) c. (li)and (vy) 4. (and (it) Cau Héi 10 Hoan thanh Bat diém 1,00 trén 1,00 Which of the following is a possible advantage of a rules-based system of financial reporting? Select one: a. Itencourages the exercise of professional judgement b. Itprevents a fire-fighting approach to the formulation of standards C._ Itoffers accountants more protection in the event of litigation d._Itensures that no standards conflict with each other Cau Héi 11 Hoan thinh Bat diém 7,00 trén 1,00 Which of the following is a fundamental quality of useful accounting information? a. Conservatism b. Comparability c. Faithful representation d. ConsistencyCau Héi 12 Hoan thanh Bat diém 1,00 trén 1,00 The International Accounting Standards Board's (|ASB's) Conceptual Framework includes all of the following except: a. Elements of financial statements Supplementary information c. Objective of financial reporting d. Qualitative characteristics of accounting information Cau Hoi 13 Hoan thinh Bat diém 7,00 trén 1,00 Which one of the following would be classified as a liability? Select one: a. The company purchased an investment 9 months ago for $120,000. The market for these investments has now fallen and Company's investment is valued at $90,000. b. The company manufactures a product under licence. In 12 months’ time, the licence expires and the Company will have to pay $50,000 for it to be renewed. c._ The company is planning to invest in new machinery and has been quoted a price of $570,000. 4. The company has estimated the tax charge on its profits for the year just ended as $165,000. Cau H6i 14 Hoan thinh Bat diém 7,00 trén 1,00 Which of the following is a fundamental quality of useful accounting information? a. Materiality Relevance © Comparability d. NeutralityCau Héi 15, Hoan thanh Bat diém 1,00 trén 1,00 Which of the bodies listed below is responsible for revewing International Accounting Standards and issuing guidance on their application? Select one: a, IFRS Advisory Council b. IFRS Foundation International Accounting Standards Board d. IFRS Intepretation Committee Cau Héi 16 Hoan thanh — Bat diém 1,00 trén 1,00 Which of the following statements in relation to income is true? Select one: a, The conceptual framework requires that all items of income are reported on a net basis. b._ The conceptual framework defines income as an increase in economic benefits which results in an increase in equity. ¢. Gains and revenue are different in nature and therefore are recognised as separate elements of the financial statements per the conceptual framework. 4d. Gains are normally reported separately from revenue in the Statement of profit or loss and other comprehensive income due to the different probabilities attached to that type of income. Cau Héi 17 Hoanthanh — Bat diém 1,00 trén 1,00 What is meant by comparability when discussing financial accounting information? a. Information is timely b. Information has predictive or feedback value Information is reasonably free from error d. Information ¢ at is measured and reported in a similar fashion across companiesCau Héi 18 Hoan thanh Bat diém 1,00 trén 1,00 Changing the method of inventory valuation should be reported in the financial statements under what qualitative characteristic of accounting information? a. Consistency b. Timeliness ©. Comparability d. Verifiability Cau Héi 19 Hoan thanh Bat diém 1,00 trén 1,00 Which of the following measurement base(s) should be used by an entity according to the conceptual framework for financial reporting? Select one: a. Any of the answer is correct b. Current cost c. Value in use d. Historical cost Cau Hi 20 Hoan thanh Bat diém 7,00 trén 1,00 Company A issuing its annual financial reports within one month of the end of the year is an example of which enhancing quality of accounting information? a. Comparability b. Timeliness ©. Understandability d. Verifiability[DKT] 450-word Pocket Dictionary Of Financial Accounting Chuyén ti. Chu de 1 - Knuon mau ly thuyet KT (Conceptual framework)