Cfas - Study guides, Class notes & Summaries

ACCOUNTING CFAS EXAM QUESTIONS AND ANSWERS 2022 COMPLETE SOLUTION

"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 General-purpose financial reports are not designed to show the value of a reporting entity. True False - correct answer TRUE Which of the following is not included in the scope of the IASB conceptu...

ACCOUNTING CFAS EXAM QUESTIONS AND ANSWERS 2022 COMPLETE SOLUTION

To generate general purpose financial statementw that provide information, about economic entities, that is to be used as basis for the formulation of economic decisions - correct answer Purpose of accounting in society Historical Cost - correct answer the value of the costs incurred in acquiring or creating the asset, comprising the consideration paid to acquire or crease the asset plus transaction costs Current Cost - correct answer the cost of an equivalent asset at the measurement date...

What is the Conceptual Framework for Financial Reporting? - correct answer It is a framework that describes the objective of, and the concepts for, general purpose financial reporting Who revises the Conceptual Framework for Financial Reporting? - correct answer IASB What are the 3 purposes of the Conceptual Framework? - correct answer (a) Assist the IASB to develop IFRS that are based on consistent concepts (b) Assist preparers to develop consistent accounting policies when no Standard a...

ACECFAS HYPERINFLATION (TOA) EXAM 2024...

Can clients challenge a Bill? correct answers Yes, they have a right. Can ask court to assess and court will reduce if amount unreasonable. If a costs officer reduces the amount by more than 50% in a non-contentious matter, they must inform the SRA. When can a Solicitor start a Claim to Recover the Bill? correct answers A solicitor can only commence a claim to recover costs due once one month has passed since they delivered the final invoice. Funding Options for Clients: correct answer...

Conceptual Framework for Financial Reporting - correct answer A complete, comprehensive and single document promulgated by the International Accounting Standards Board. Conceptual Framework - correct answer A summary of the terms and concepts that underlie the preparation and presentation of financial statements for external users. It is also an attempt to provide an overall theoretical foundation for accounting. Conceptual Framework - correct answer Intended to guide standard-setters, pre...