1. Which of the following is not a chapter in the IASBs Conceptual Framework?

Select one:

a. measurement

b. the objective of general purpose financial reporting.

c. the issues with financial reporting.

d. qualitative characteristics of useful financial reporting.

2. If different independent observers could reach the same general conclusions that the information represents, then the quality of the information has achieved:

Select one:

a. understandability.

b. comparability.

c. verifiability.

d. neutrality.

3. Normative theories are developed using the following process:

Select one:

a. Objectives Definitions/Actions Assumptions Principles

b. Definitions/Actions Principles Assumptions Objectives.

c. Principles Assumptions Objectives Definitions/Actions.

d. Objectives Assumptions Principles Definitions/Actions.

4. When applying the revaluation measurement model to assets, the model:

Select one:

a. is applied to individual assets within a class of non-current assets.

b. may only be applied to current assets.

c. applies to the entire class of non-current assets.

d. is applied permanently and may not be changed.