CFAS TESTS COMPILATION BUNDLE

the result of applying a measurement basis to an asset or liability and related income and expenses Correct Answer: measure Financial statements of a reporting entity that comprises two or more entities that are not all linked by a parent-subsidiary relationship Correct Answer: Combined Financi...

Properties or resources owned by the business Correct Answer: Assets Primary reason for preparing financial reports in accounting Correct Answer: Decision making The ability of the business to pay its short term obligations Correct Answer: Liquidity Primary source of capital of a busines...

Which statement is incorrect regarding the Conceptual Framework for Financial Reporting? A. Describes the objective of, and the concepts for, general purpose financial reporting B. Serves as a guide in developing future PFRSs and as a guide to resolving accounting issues that are not addressed d...

these are the two primary qualities that make accounting information useful for decision making Correct Answer: relevance, reliability information that helps users confirm or correct prior expectations has Correct Answer: confirmatory value enables users to identify the real similarities and...

A complete, comprehensive and single document promulgated by the International Accounting Standards Board. Correct Answer: Conceptual Framework for Financial Reporting A summary of the terms and concepts that underlie the preparation and presentation of financial statements for external users. I...

"I shall be straightforward and honest in all my professional and business relationships."Which ethical principle am I referring to in this statement? a. Integrity b. Objectivity c. Confidentiality d. Professional Behavior e. Professional Competence and Due Care Correct Answer: a Gener...