Entity is required to disclose all of the ff non-fincial info except...

Names & addresses of directors and officers

The International Accounting Standards Board published the standards called

International Financial Reporting Standards

What is the authoritative status of the Conceptual Framework?

Absence of standard/interpretation, mngmnt shall consider CF

The term net assets represent...

Total assets less total liabilities

Which of the ff are underlying assumptions of the financial statements?

Accrual basis and going concern

When classifying assets as current and non-current..

Assts r curent if expcted 2 b realized in cash/consumed in normal ope cycle

The quali characteristics of financial statements...

R d attributes that make d info provided in FS useful to users

The overall objective of financial reporting is to provide information...

That is useful for decision making

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CFAS Finals Summative Reviewer 1

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Questions 18

Answers

1
The PFRS FS are prepd and presentd at least annually & r directed toward the common info needs of wide range of users
Sometimes true but most of the times false
Statement is false
Statement is true
Sometimes false but most of the times true
2
The amount of time that is expected to elapse until an asset is realized into cash is referred to as...
Exchangeability
FInancial felxibility
Solvency
Liquidity
3
Entity is required to disclose all of the ff non-fincial info except...
Description of the nature of d entity's operations and principal activities
Domicile & legal form of d entity, country of incorp, & address of office
Names & addresses of directors and officers
Name of the parent entity and the ultimate parent
4
Disclosure of info abt judgements...
Depends on the industry
Mandatory
Voluntary
Either voluntary or mandatory
5
Which of the ff is NOT a qualitative characteristic
Comparability
Understandability
Relevance
Materiatility
6
The International Accounting Standards Board published the standards called
International Financial Reporting Standards
Philippine Financial Reporting Standards
Conceptual Framework and Accounting Standards
Generally Accepted Accounting Standards
7
What is the authoritative status of the Conceptual Framework?
Absence of standard/interpretation, mngmnt shall consider CF
CF has the highest level of authority
Absence of standard/interpretation, CF should be followed
The Cf applies at all times
8
The term net assets represent...
Retained earnings
Total contributed capital
Total assets less total liabilities
Current assets less current liabilities
9
Which of the ff are underlying assumptions of the financial statements?
Prudence and coservatism
Accrual basis and going concern
Faithful representation and Substance over form
Relevance and reliability
10
decreases in economic benefits in d form of outflows/depletion of assets/incurrences of liabilities = decrease of equity
Losses
Income
Expenses
Liabilities
11
Assets r recorded at amt of cash/fair value at the time of their acquisition.
Present value
Historical Cost
Current cost
Realizable value
12
Statement of financial position is useful for analyzing all of the ff except:
Financial flexibility
Liquidity
Profitability
Solvency
13
Assets to be consumed or realized as part of the normal operating cycle are...
Classified as current or non-current in accordance with other criteria
Current assets
Non-current assets
Non-current investmentd
14
When classifying assets as current and non-current..
Current assets are determined by the seasonal
Assts r curent if expcted 2 b realized in cash/consumed in normal ope cycle
Current assets must reflect realizable cash value
Prepayments are included in other assets
15
The quali characteristics of financial statements...
Measure d extent to which an entity has complied w/ all standards
R non-quali aspects of fncial position and fncial performance
R d attributes that make d info provided in FS useful to users
R broad classes of Fncial effects of transactions & other events
16
Process of determining the monetary amts d elements of the FS are 2 b recognzed & carried in d balance sht & icme sttmnt
Recognition
Initial recognition
Measurement
Derecognition
17
The overall objective of financial reporting is to provide information...
That is useful for decision making
Abt the fundamental & enhancing quali req from financial reports
Abt the financial performance of the firm
Abt the assets, liabilities, equity, revenue, & expenses of an entity
18
Reprts tht portray d fincial efects of transac & events by grouping thm into broad classes according to economic charac
Financial elements
Financial statements
Financial budget
Management reports

CFAS Finals Summative Reviewer 1 Flashcards | StudBud