Exam for engine

QUESTION 50
According to the IASB’s Conceptual Framework, the key reason general purpose financial statements are produced is to satisfy the information needs of

QUESTION 51
LMN Ltd recently changed the measurement base for their assets. They should I)treat this like a change in an estimate.
II)treat this like a change in the accounting policy.
III)disclose this in the notes to financial statements.

QUESTION 52
Which one of the following is an objective of the International Federation of Accountants (IFAC)?

QUESTION 53
The IASB evaluates the merits of adding a potential item to its agenda mainly by reference to the needs of

QUESTION 54
The chairperson of XYZ Company is concerned about the readability of the annual financial report that is about to be published on its website. XYZ Company is obliged to comply with International Financial Reporting Standards, and the report contains all of the required financial statements, the auditor’s report, corporate governance statements, declarations of accounting policy, explanatory notes and a section that addresses the company’s corporate social responsibility program.
The chairperson is wondering whether the report can be condensed. The issue that is concerning the chairperson is known as

QUESTION 55
Which one of the following is not an advantage of accounting regulation?

QUESTION 56
Financial markets have achieved operational efficiency when

QUESTION 57
The concept of transparency in corporate governance means that listed companies should disclose

QUESTION 58
An agent is answerable under the contract to the agent’s principal and must account for the resources of the agent’s principal and the money the agent has gained working on the principal’s behalf. In the context of agency, this definition describes an agent’s

QUESTION 59
A rules-based approach to standard setting

QUESTION 60
Which one of the following includes social reporting guidelines?

QUESTION 61
A company purchased a machine 10 years ago for $143 890. It is expected that the machine will generate future revenues of $108 495. The machine could be scrapped for $81 232. An equivalent machine in the same condition would cost $94 950 to buy now. What is the deprival value of the asset?

QUESTION 62
The ability of a company to pay its bills when and as they fall due is a measure of

QUESTION 63
Which form of capital market efficiency exists when share prices on the stock market reflect all information whether public or not?

QUESTION 64
Which one of the following is the correct treatment of sales?

QUESTION 65
Which one of the following would be included in a statement of financial position?

QUESTION 66
Which one of these is a key principle of good corporate governance?

QUESTION 67
As per the International Accounting Standards Board conceptual framework, which of the following holds the primary responsibility for preparing and presenting financial statements?
I)owners
II)auditors
III)directors

QUESTION 68
Which one of the following best describes the objective of the International Financial Reporting Standards (IFRS) Foundation?

QUESTION 69
Restrictions on the scope of a specific accounting standard are stated in

QUESTION 70
Which one of the following statements regarding the IASB’s Conceptual Framework for Financial Reporting is correct?