1.

Which of the following is NOT a purpose of the International Accounting Standard Boards (IASB) Conceptual Framework?

A.	To assist the IASB in the preparation and review of International Financial Reporting Standards
B.	To assist auditors in forming an opinion on whether financial statements comply with International Financial Reporting Standards
C.	To assist in determining the treatment of items not covered by an existing International Financial Reporting Standards
D.	To be authoritative where a specific International Financial Reporting Standards conflicts with the Conceptual Framework

2.

Moo sold a property with a net book value of RM4 million for RM5 million in 2015. The property had an market value of RM7 million at that date. Moo has an option to reacquire the property in 2019 for the original sales value of RM5 million plus an amount that varies with interest rates between 2015 and 2019. Moo will continue to occupy the property

How should this be dealt with in the accounts?

A.	It is shown as a sale at the fair value
B.	It is shown as a sale at net book value
C.	It is shown as a sale at historical value
D.	It is shown as a loan

3.

What are the limitations to Faithful Representation?

I	Inherent uncertainties and estimates
II	Substance over form
III	Assumptions
A.	I only
B.	I and II only
C.	I and III only
D.	All of the above

4.

Entities have to apply the revised Conceptual Framework _______________.

A.	Immediately after it is issued
B.	For annual reporting periods beginning on or after 1 January 2020, with early application permitted
C.	Never - the Conceptual Framework is only used by the International Accounting Standards Board
	None of the above

5.

The objective of general purpose financial reporting as described in the Conceptual Framework is to _______________.

A.	Provide information to regulators
B.	Support the entity's tax return
C.	Meet the information needs of an entity's stakeholders
D.	Provide financial information about the reporting entity that is useful to existing and potential investors, lenders and other creditors in making decisions relating to providing resources to the entity

6.

Which of the following does the Conceptual Framework identify as the primary users of general purpose financial reports?

A.	Employees, investors and trade union representatives
B.	Existing and potential investors, lenders and other creditors
C.	Lenders and other creditors and customers
D.	Existing and potential investors, government agencies and the general public

7.

How does the Conceptual Framework explain the role of stewardship?

A.	Providing information needed to assess management's stewardship is identified as an additional objective of financial reporting, equal in prominence to providing financial information useful to users in making decisions relating to providing resources to the entity
B.	Decisions relating to providing resources to the entity depend on users' assessment of the amount, timing and uncertainty of the prospects for future net cash inflows to the entity and on their assessment of management's stewardship
C.	Providing information needed to assess stewardship is more important than providing information needed to assess the prospects for future cash inflows to the entity
D.	Financial reports are not intended to provide information needed to assess stewardship

8.

For information to be relevant, it has to possess _______________.

A.	Only predictive value
B.	Only confirmative value
C.	Both predictive and confirmatory value
D.	Either predictive or confirmatory value, or both