1- ABC Co. placed an order for a piece of equipment. In anticipation of this equipment being received in the following month, the bookkeeper has recorded the following journal entry:

DR Equipment	13,700
CR Accounts payable		13,700

Under the IFRS conceptual framework, which of the qualitative characteristics of financial information has been violated?

Question options:

	Faithful representation
	Understandability
	Comparability
	Timeliness

2- ASPEs framework is set out in Section 1000 Financial Statement Concepts, while IFRSs conceptual framework is set out in the introductory materials to IFRS. Which of the following characteristics of financial reporting information is addressed only in ASPEs Financial Statement Concepts?

Question options:

	Conservatism
	Timeliness
	Materiality
	Neutrality

3- Which of the following is a characteristic of cryptocurrency?

Question options:

	It is issued by the central bank in each country.
	Its value depends largely on each countrys monetary or economic policy.
	Determining the value of cryptocurrency is straightforward.
	It is not backed by any assets.

4-Heatherann is a CPA who has compiled a list of recent updates to accounting standards. Which of the following is a recent update that relates to ASPE?

Question options:

	The definition of a business has been amended in IFRS 3 Business Combinations.
	A new accounting standard, Section 3041 Agriculture, has been issued.
	The definition of material has been updated in IAS 1 Presentation of Financial Statements.
	Section 1590 Subsidiaries has been replaced by Section 1591.