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Bangor Islamic Finance - FRA Quiz Flashcards | StudBud
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Bangor Islamic Finance - FRA Quiz
Bangor Islamic Finance - FRA Quiz
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Quiz on Regulatory and Conceptual Framework
Flashcards
23 cards
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Practice quiz
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Questions
23
Answers
1
Who is responsible for preparing financials statements?
The Customers
The Bank
The Management
The Shareholders
2
What are the 5 Elements in Financial Statements?
Asset. Liability. Income. Capital. Entertainment.
Asset. Liability. Income. Capital. Expense.
Asset. Liability. Information. Capital. Evaluations.
Asset. Loans. Insight. Capital. Expense.
3
What are GAAP?
Generally Accepted Accounting Practice
Generally Accepted Auditing Practice
Generally Agreed Accounting Practice
Generally Awesome Analytical Process
4
What is step 2 of the standard setting process?
•Publish discussion document, consideration of comments
•Identification of the topic area
•Consult standard-setters, IFRS Foundation, Advisory Council
•Application of the Conceptual Framework
5
What is step 6 of the standard setting process?
•Consult standard-setters, IFRS Foundation, Advisory Council
•Publish discussion document, consideration of comments
•Publication of standard
•Application of the Conceptual Framework
6
What is the standard setting process?
The process of raising cash
The process of auditing companies
The process of creating business sales
The process of issuing high quality accounting standards
7
What is Accounting?
A way of inconveniencing the business
A way to observe, analyse and report business performance
A way of auditing the business
A nuisance
8
What is the Objective of Financial Statements according to the Framework?
For quality
For tax purposes
For auditing
Provide useful financial information about company to users
9
Why is a Regulatory Framework needed?
To ensure bad performance reporting
Ensure quality, consistent reporting of information
To ensure average performance reporting
To ensure auditing is done
10
Who runs the company?
The Management
The Suppliers
The Shareholder
The Bank
11
What is the IASB?
International Auditing Standards Board
International Analysis Standards Board
Internal Accounting Standards Board
International Accounting Standards Board
12
What is step 4 of the standard setting process?
•Publish discussion document, consideration of comments
•Consult standard-setters, IFRS Foundation, Advisory Council
•Application of the Conceptual Framework
•Identification of the topic area
13
What does the the IFRS Interpretations Committee do?
Interprets & guidance on matters not covered by standards
Interprets & guidance on external matters
Interprets & guidance on non accounting issues
Interprets & guidance on taxation matters
14
Who owns the company?
The Shareholder
The Suppliers
The Management
The Bank
15
What are the Fundamental characteristics according to the Framework?
Reliable accounting
Rewritten financial information
Refreshing information
Relevance and Faithful Representation
16
What is step 5 of the standard setting process?
•Application of the Conceptual Framework
•Publication of exposure draft and consideration of comments
•Consult standard-setters, IFRS Foundation, Advisory Council
•Publish discussion document, consideration of comments
17
What is the purpose of the IASB Conceptual Framework?
None of the above
Provide a basis for reference and preparation of Financials
To argue about accounting and auditing
To collect concepts
18
What is step 3 of the standard setting process?
•Consult standard-setters, IFRS Foundation, Advisory Council
•Publish discussion document, consideration of comments
•Application of the Conceptual Framework
•Identification of the topic area
19
What is included in an accounting standard?
•Introduction•Objectives •Definitions•Body•Basis•Application
Auditing methodology
Explanations
Accounting examples
20
What are the sources of Legislation?
Accounting Standards and Quality Standards
Companies Act, Traffic Act, Smuggling Act
Companies Act, Accounting Standards, Stock Exchange Rules
Stock Exchange and Marketing Rules
21
What are Enhancing characteristics according to the Framework?
Comparability. Verifiability. Timeliness. Understandability
High Quality
Cleanliness
Good printing
22
What does the IASB Advisory Committee do?
Advises the IASB on funding needs
Advises the IASB on its agenda and priorities
Advise
Advises the IASB on technical issues
23
What is step 1 of the standard setting process?
•Application of the Conceptual Framework
•Consult standard-setters, IFRS Foundation, Advisory Council
•Publish discussion document, consideration of comments
•Identification of the topic area
