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Your Score

Name Guest

Score 6 / 8   Points ( 75% )

Correct Answers 6

Incorrect Answers 2

Time Taken 6 mins 30 secs

Result
   
  

Your Answers

Correct Points earned: 1 / 1

1)
Revision of the Conceptual Framework will
automatically lead to changes in Standards that are
inconsistent with the revised concepts.

  A. True

  B. False (Your Answer)

Feedback
See paragraph SP1.4

Correct Points earned: 1 / 1

 2)
Which of the following does the Conceptual
Framework identify as the primary users of general
purpose financial reports?
  A. Employees, investors and trade union representatives

  B. Existing and potential investors, lenders and other

creditors (Your Answer)

  C. Lenders and other creditors and customers

  D. Existing and potential investors, government agencies

and the general public

Feedback
See paragraphs 1.2 and 1.5

Incorrect Points earned: 0 / 1

3)
The Conceptual Framework describes prudence as:
  A. The exercise of caution when making judgements
under conditions of uncertainty (Correct Answer)

  B. A bias towards understating assets or income and

towards overstating liabilities or expenses

  C. A preference towards the earlier recognition of

expenses and liabilities than of income and assets

  D. A mechanism for smoothing profits over time

(understate profits in good years and overstate profits
in bad years)

  E. A form of accounting conservatism (Your

Answer)

Feedback
See paragraph 2.16

Correct Points earned: 1 / 1

4)
Consolidated financial statements provide
information about the assets, liabilities, equity,
income and expenses of both the parent and its
subsidiaries as:
  A. Separate reporting entities

  B. A partnership
  C. A single reporting entity (Your Answer)

  D. A legal entity

Feedback
See paragraph 3.15

Correct Points earned: 1 / 1

5)
The residual interest in the assets of an entity after
deducting all its liabilities is:
  A. Income

  B. Profit or loss

  C. Equity (Your Answer)

  D. Other comprehensive income

Feedback
See paragraph 4.63

Correct Points earned: 1 / 1

6)
Which factors may indicate that recognition of an
item meeting the definition of an asset or a liability
may not provide relevant information?
  A. Uncertainty about whether an asset or liability exists

  B. Low probability of an inflow or outflow of economic

benefits

  C. Other factors

  D. All of the above (Your Answer)

  E. None of the above

Feedback
See paragraph 5.19

Correct Points earned: 1 / 1

7)
The Conceptual Framework identifies a preferred
measurement basis for all assets and liabilities.
  A. True

  B. False (Your Answer)

 Feedback
See paragraph 6.2

Incorrect Points earned: 0 / 1

8)
What does the Conceptual Framework say about
profit or loss?
  A. The statement of profit or loss is the only source of
information about an entity’s financial performance for
the period

  B. In principle, all income and expenses are included in

the statement of profit or loss (Correct Answer)

  C. All income and expenses included in profit or loss

arise from ordinary activities of the entity (Your
Answer)

  D. All of the above

  E. None of the above

Feedback
See paragraph 7.17