Multiple Choice Questions Select the right answer (only one possible answers unless otherwise stated). 1 Which of

Question:

Multiple Choice Questions
Select the right answer (only one possible answers unless otherwise stated).
1 Which of the following does IASB stand for?
(a) Internationally Accepted Standards Board
(b) International Accounting Standards Board
(c) Internationally Adopted Standards Board
(d) International Accepted Standards Board
2 The main objective of the IASB is
(a) To control local accounting regulators
(b) To help firms apply local accounting standards correctly
(c) To protect European investors
(d) To promote convergence of accounting principles used by businesses and other organizations for financial reporting around the world
(e) All of these
(f) None of these
3 None of the standards and interpretations issued before the creation of IASB in 2001 are now applicable
(a) True
(b) False
4 The IASB has authority to require compliance with its accounting standards
(a) True
(b) False
5 The key choice(s) concerning the presentation of the is (are)
(a) The format of the list (vertical or horizontal)
(b) The type of classification (by term or by nature)
(c) The degree of fineness (single or multiple step)
(d) All of these
6 Which categories are used to classify assets?
(a) Short-term versus long-term
(b) Financial versus operating/trading
(c) Tangible versus intangible
(d) All of these
7 The IASB imposes the use of the classification by function for the income statement
(a) True
(b) False
8 According to IAS 1, the purpose(s) of the Notes to is (are)
(a) To present information about the basis of preparation
of the To provide additional information that is not presented on the face of the but that is relevant to an understanding of any of them
(c) To disclose information required by IFRS that is not presented elsewhere in the All of these
9 An annual report includes
(a) Only information on the activity of a company
(b) Only commercial information
(c) Only financial information
(d) Information on the activity of a company
10 The income statement in North America is generally called the _________ in the UK
(a) Revenue and expense account
(b) Result account
(c) Profit and loss account (or statement)
(d) Statement of comprehensive income
(e) Statement of operations
(f) Statement of income
(g) None of these Financial Statements
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