Members of the IASB are appointed by:

Select one:

a.

the IFRS Interpretations Committee.

b.

the Monitoring Board.

c.

the IFRS Advisory Council.

d.

the IFRS Foundation Trustees.

2. According to Conceptual Framwork, which entity is the least likely to have users dependent on general-purpose financial reports?

Select one:

a.

A small proprietary company whose shareholders also run the business

b.

A company which is listed on the stock exchange

c.

A company which issues debentures to the public

d.

A company with a large number of shareholders

3.

The two key characteristics of intangible assets are that they are identifiable and that they:

Select one:

a.

lack physical substance.

b.

are monetary assets.

c.

represent current obligations of the entity.

d.

have physical substance.