The Conceptual Framework for Financial Reporting
The Conceptual Framework was issued by the IASB in September 2010. It superseded the
Framework for the Preparation and Presentation of Financial Statements.
International Accounting Standard 1
Presentation of Financial Statements
This version includes amendments resulting from IFRSs issued up to 31 December 2010.
IAS 1 Presentation of Financial Statements was issued by the International Accounting
Framework for the Preparation and Presentation of Financial
The IASB Framework was approved by the IASC Board in April 1989 for publication in July 1989, and
adopted by the IASB in April 2001.
Chapter 7Controlling Information Systems: Introduction to Enterprise Risk
Management and Internal Control
1. Organizational governance is a process by which organizations select objectives, establish processes to
achieve objectives, and monitor
Chapter 1 Introduction
1. Primary markets are markets where users of funds raise cash by sehling securities to funds suppliers.
Answer: True Page: 4 Leveh2 Easy
2. Secondary markets are markets used by ckrpnrations to raise cash by issuing securities for
Chapter 5: Money Markets
BANKERS ACCEPTANCES -time draft payable to a seller of goods with payment guaranteed by a bank
Trading Process for Bankers Acceptances
o Foreign exporters often prefer that banks act as
Definition and Purpose of Money
The Money Markets are associated with the issuance and
trading of short-term (less than 1 year) debt obligations of
large corporations, FIs and governments
Only High-Quality Entities c
Chapter 7 Mortgage Markets
1. The largest category of mortgages by dollar volume is commercial mortgages.
Answer: False Page: 194 Level: Easy
2. A shared appreciation mortgage is one where the borrower must prepay the mortgage in 15 y
AC509: Financial Markets and Institutions
Guide on the Computation of Expected Rate of Return, Realized Rate of Return
and Yield to Maturity
P = C F1 +
(1 + r)1
+ CF 3 + + CF n
(1 + r)2
(1 + r)3
(1 + r)n
However, what may b
University of San Carlos
School of Business and Economics
Business Finance with Introduction to Global Business Environment
3 units (lecture)
2nd Year Level
1. Primary markets are markets where users of funds raise cash by selling securities to funds suppliers.
Answer: True Page: 4 Level: Easy
2. Secondary markets are markets used by corporations to raise
I. Transaction Cycle Relationship
Refer to figure 2-1, which refers to generic look at relationships between transaction cycles. Modify this figure to reflect the transaction cycles
you might find at a dentists office.
AC 508 SELECTED MULTIPLE CHOICE QUESTIONS
A process by which organizations select objectives, establish processes to achieve objectives, and
monitor performance is
enterprise risk management
Chapter 3 Ethics, Fraud, and Internal Control - Internal Control Concepts and Techniques
Internal control System
- Policies, practices and procedures employed by the organization to achieve the 4 broad objectives
Internal Control Objectives
1. Safeguard a
Product costing information is used by managers:
a. to make decisions and strategy
b. for planning and control
c. for cost management
*d. All of these answers are correct.
_ is the process of distributing indirect costs to products.
*a. Cost allocat
Chapter 02 - Systems Design: Job-Order Costing
Chapter 02 Systems Design: Job-Order Costing Answer Key
True / False Questions
1. Job-order costing would be more likely to be used than process costing in situations where
many different products or services
CHAPTER 4-Job Order Costing
How do job order and process costing systems as well as their related valuation
What constitutes a job from an accounting standpoint?
What purposes are served by the primary documents us
A C C OUNTING203ONLINE
Specific Course Outcomes Assessed: (See Course Syllabus)
1. Process costing
B)treats all the units processed as the output to be costed
2. As examples for process costing we can name
D)Quaker Oats' oatmeal
3. Assume work in process beginning of $16,000, added costs of $95,000. Work in process
ending amounts to
6-1. Operation costing
a. assigns costs to each job as resources are used
b. treats all the units processed as the output to be costed
c. is used when large batches of similar products are made which
use different materials
d. none of the above
e. a and b
Exam Chapters 1-3
1. The branch of accounting that serves as a bridge between financial and managerial accounting is _
2. Costs that can be conveniently traced to a cost object are referred to as _ costs.
Chapter 18Inventory and Production Management
1. Which of the following is not an ordering cost?
a. cost of receiving inventory
b. cost of preparing the order
c. cost of payment for inventory ordered
d. cost of storing the inventory
Chapter 7Standard Costing and Variance Analysis
1. A primary purpose of using a standard cost system is
a. to make things easier for managers in the production facility.
b. to provide a distinct measure of cost control.
c. to minimize the
Chapter 5Job Order Costing
1. Which of the following organizations would be most likely to use a job-order costing system?
a. the loan department of a bank
b. the check clearing department of a bank
c. a manufacturer of processed cheese fo
IAS 17- Operating Lease and Finance Lease
DEFINITION OF LEASE:
Unde IAS 17, Lease is an agreement whereby the lessor conveys to the lessee in return for a
payment or series of payments the right to use an asset for an agreed period of time. It is