Question
1. According to the Framework for Preparation and Presentation of Financial Statements of the IASB, what is the definition of income? Multiple Choice Top of
1.
According to the Framework for Preparation and Presentation of Financial Statements of the IASB, what is the definition of income?
Multiple Choice
Top of Form
Inflow of resources with future economic benefit
Increase in equity (other than from transactions with owners)
Assets minus liabilities
Revenue minus expenses
Bottom of Form
2.
The IASB has permitted the translation of International Financial Reporting Standards (IFRS) into how many languages?
Multiple Choice
Only six languages: Chinese, English, German, Japanese, Russian, and Spanish
More than 100
None. They are only written in the official language of the IASB.
More than 30
3.
According to the Framework for Preparation and Presentation of Financial Statements of the IASB, which of the following is NOT required for asset recognition?
Multiple Choice
Ownership of the resource
Control of the resource
Future economic benefits
Reliable measurement of the cost or value of the resource
4.
What is effective control?
Multiple Choice
Assets bought and paid for with Account Receivables.
Controlling a majority of voting shares of the subsidiarys stock.
Effective control is control over a subsidiary exercised through means other than controlling a majority of voting shares of the subsidiarys stock.
Assets bought and paid for with Cash.
5.
Harmonization of accounting standards:
Multiple Choice
refers to the reduction of alternatives while retaining a high degree of flexibility in accounting practices.
always ensures resulting of comparable financial statements internationally.
is the same as convergence of accounting standards.
forces accounting differences to be resolved through litigation.
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