answer the following mcqs just write answers

When information is important enough to the informed user, so that, if it was omitted or erroneous, it would make a difference in the user's decision, it is__________________ Concept:Required to answer. Single choice.

(1 Point)

Timely

Understandable

Material

Comparability

17.

Which of the following definitions of fair value is closest to that defined in FRS 113 Fair Value Measurement?Required to answer. Single choice.

(1 Point)

It is the price that would be received to sell an asset or paid to settle a liability in an orderly transaction between market participants at the measurement date.

None of the listed definitions.

It is the price that would be paid to buy an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

It is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

18.

The idea that financial statements should be free from bias is part of which characteristic?Required to answer. Single choice.

(1 Point)

Understandability.

Comparability.

Faithful representation.

Relevance.

19.

Which of the following statements best describes the role of the International Financial Reporting Standards (IFRS) Advisory Council?Required to answer. Single choice.

(1 Point)

Appoints members to the International Accounting Standards Board

Interprets the application of international standards

Advises the International Accounting Standards Board and the IFRS Foundation

Chairs the meetings of the International Accounting Standards Board

20.

Financial statements provide information about an undertaking's:

1. Assets

2. Liabilities

3. Equity

4. Income and expenses, including gains and losses

5. Other changes in equity

6. Cash flows

7. Employment policiesRequired to answer. Single choice.

(1 Point)

1, 2, 3, 4 are correct only

All are correct

1 to 6 are correct

1, 2, 3, 4 and 6 are correct