1) Qualitative characteristics of useful financial information exclude:

a.Completeness

b.Comparability

c.Relevance

d.Faithful representation

2) Below are the elements of financial statements, except:

a.Expenses

b.Assets

c.Cash Flow

d.Liability

3)Below are the types measurement of assets except:

a.Market Value

b.Historical Costs

c.Value in use

d.Current Costs

4) How many chapters are there in 2018 IFRS Framework?

Select one:

a.8

b.6

c.9

d.7

5) The differences in valuing inventories between GAAP and IFRS is LIFO. Why did LIFO is prohibited under IFRS?

Select one:

a.It is too old to be relevant

b.It does not reflect the historical cost concepts

c.It gives tax burden to the companies

d.It cause a huge debts to companies

6) Below are the different type of accounting changes. Which one is NOT true?

Select one:

a.Changes in reporting entity

b.Changes in accounting method

c.Changes in accounting estimates

d.Changes in accounting principle

7)The cost of inventories may not be recoverable for the below inventories, except:

Select one:

a.damaged

b.inflation

c.obsolete

d.selling price have declined

8) Below are the examples of internally generated assets that are prohibited from recognition except:

Select one:

a.Customer base

b.Market share

c.Training programmes

d.Developed a system

9) A biological asset is measured at its fair value less cost to sell.

Select one:

True

False

10) Self-constructed assets are assets built by the business entity itself to ensure that no wastages occur in the company.

Select one:

True

False

11) Paid engineers salaries who involved in research and development activities is an expense and cannot be capitalised to the product.

Select one:

True

False