Financial Reporting Standards quiz

Financial Reporting Standards

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Which of the following most accurately lists a required reporting element that is used to measure a company’s financial position and one that is used to measure a company’s performance ?

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Which of the following reports is least likely to be filed with the US SEC ?

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The International Financial Reporting Standards (IFRS) Conceptual Framework identifies fundamental qualitative characteristics that make financial information useful. Which of the following is least likely to be one of these characteristics ?

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According to the International Accounting Standards Board’s (IASB) Conceptual Framework for Financial Reporting, the two fundamental qualitative characteristics that make financial information useful are best described as :

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Along with relevance, the most critical qualitative characteristic of financial information is :

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A core objective of the International Organization of Securities Commissions is to :

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The assumption that the effects of transactions and other events are recognized when they occur, not when the cash flows occur, is called :

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Which of the following disclosures regarding new accounting standards provides the most meaningful information to an analyst ?

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Standard setting bodies are responsible for :

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Neutrality of information in the financial statements most closely contributes to which qualitative characteristic ?

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The objective of financial reporting is most accurately described as providing information about a firm that is :

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Valuing assets at the amount of cash or equivalents paid or the fair value of the consideration given to acquire them at the time of acquisition most closely describes which measurement of financial statement elements ?

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The valuation technique under which assets are recorded at the amount that would be received in an orderly disposal is :

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Which of the following best describes a responsibility of the SEC ?

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According to the IASB conceptual framework, characteristics that enhance relevance and faithful representation include :

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Which of the following is not a constraint on the financial statements according to the Conceptual Framework ?

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International Accounting Standard (IAS) No 1 least likely requires which of the following ?

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Under the International Accounting Standards Board’s (IASB’s) Conceptual Framework, one of the qualitative characteristics of useful financial information is that different knowledgeable users would agree that the information is a faithful representation of the economic events that it is intended to represent. This characteristic is best described as :

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International financial reporting standards are currently developed by which entity ?

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Accounting standard setting bodies are best described as:

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Which of the following is least likely a fundamental characteristic of financial statements that makes them useful, according to the IASB Conceptual Framework for Financial Reporting?

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The assumption that an entity will continue to operate for the foreseeable future is called :

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The joint conceptual framework project of the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) guides the development of standards that are best described as :

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According to the IASB Conceptual Framework, the fundamental qualitative characteristics that make financial statements useful are :

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According to the IFRS framework, timeliness is a characteristic that enhances :

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The objective of financial reporting, according to the IASB framework, is to :

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Which of the following is least likely one of the general requirements for financial statements under IFRS ?

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Which of the following organizations is least likely involved with enforcing compliance with financial reporting standards?

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The role of the International Organization of Securities Commissions (IOSCO) is best described as :

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According to the IASB Conceptual Framework for Financial Reporting, one of the qualitative characteristics of financial statements is :

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According to the Conceptual Framework for Financial Reporting, which of the following is not an enhancing qualitative characteristic of information in financial statements ?

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Required financial statements, according to International Accounting Standard (IAS) No. 1, include a(n):

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Which of the following is a company least likely required to present according to International Accounting Standard (IAS) No. 1 ?

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Which of the following is most likely not an objective of financial statements ?

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Two underlying assumptions of financial statements, according to the IASB conceptual framework, are:

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Which of the following statements is most accurate with respect to the jurisdiction underlying financial reporting ?

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Which of the following is not a required financial statement according to IAS No. 1 ?

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Which of the following elements of financial statements is most closely related to measurement of financial position ?

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Which of the following elements of financial statements is most closely related to measurement of performance ?

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A firm engages in a new type of financial transaction that has a material effect on its earnings. An analyst should most likely be suspicious of the new transaction if :

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Under International Financial Reporting Standards (IFRS), which of the following is most likely one of the general features underlying the preparation of financial statements ?

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US generally accepted accounting principles are currently developed by which entity ?

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Which of the following is least likely a qualitative characteristic accounting information must possess in order to provide useful information to an analyst, according to the IASB Conceptual Framework ?

 

historical cost

the amount originally paid for the asset.

amortized cost

historical cost adjusted for depreciation, amortization, depletion, and impairment

current cost

the amount the firm would have to pay today for the same asset.

net realizable value

the estimated selling price of the asset in the normal course of business minus the selling costs.

present value

the discounted value of the asset’s expected future cash flows.

fair value

the price at which an asset could be sold, or a liability transferred, in an orderly transaction between willing parties .

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