12:01 Done Lst1.docx 1. Recognition is the process of: Select one: a. Determining the amount at which an item should be shown in the financial statements b. Disclosing information in the notes to the financial statements c. Incorporating an item in the financial statements Cd. Determining where an item should be presented in the statement of profit or loss 2. The primary users of general-purpose financial statements are: Select one: Ca. Investors and lenders b. Investors and customers c. Employees and lenders d. Investors and employees 3. A conceptual framework for financial reporting is Select one: Ca. A set of reporting standards b. A set of items which make up an entity's financial statements C. A set of regulations which govern financial reporting d. A set of principles which underpin financial reporting 4. Which of the following is not a contributing factor towards faithful representation? Select one: Ca. Completeness cb. Neutrality Cc Freedom from crror Cd. Consistency 5. Which of the following is not a contributing factor towards faithful representation? Select one: Ca. Completeness C. Neutrality Cc. Freedom from crror Cd. Consistency 6. Which of the following criteria need to be satisfied in order for an element to be recognised within the financial statements? It meets the definition of an element of the financial statement (IT) It is probable that future economic benefits will flow to or from the enterprise (IT) It is certain that future economic benefits will flow to or from the enterprise (IV) The item has a cost or value. (V) The item has a cost or value that can measured reliably Select one: Ca. I ll and IV b.1 III and V Cc. I III and IV