503_Quiz1_AK - 1 What is the complete tile of PAS 1 a...

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1. What is the complete tile of PAS 1? a. Presentation of Financial Statements b. Preparation of Financial Statements c. Preparation and Presentation of Financial Statements d. Conceptual Framework of Financial Reporting 2. Which of the following does not comprise the complete set of financial statements, according to PAS 1? 3. A subscription contract gave rise to cash on the corporation’s books and an investment in ordinary shares on the shareholder’s book. Based on the given, is the contract a financial instrument? a. Yes, it meets the definition of a financial instrument according to IFRS 9. b. No, because it did not give rise to a financial asset c. No, because it did not give rise to a financial liability. d. No, because it only gave rise to two financial assets only. 4. What is the complete title of the current framework? 5. Which of the following statements is not true? 6. Which of the following statement is false? a. If financial information is to be useful, it must be relevant and faithfully represent what it purports to represent. b. If financial information is to be useful, it must be relevant, faithfully represent what it purports to represent, comparable, verifiable, timely and understandable. c. Consistency refers to the use of the same methods for the same items, either from period to period within a reporting entity or in a single period across entities. d. Verifiability means that different knowledgeable and independent observers could reach consensus, although not necessarily complete agreement, that a particular depiction is a faithful representation.
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