Please help me choose the correct answer

1.Which is the first step within the hierarchy of guidance when selecting accounting policies?

a. Consider the most recent pronouncements of other standard setting bodies.

b. Consider the applicability of the definitions, recognition criteria and measurement concepts in the conceptual Framework.

c. Apply a standard from IFRS if it specifically relates to the transaction.

d. Apply the requirements in IFRS dealing with similar and related issue.

2.Which is the reason why entities are permitted to change accounting policy?

a. The change is required by law.

b. The change is made by the internal auditor.

c. The change would allow the presentation of a more favorable profit picture.

d. The change would result in providing more reliable and relevant information about financial position, financial performance and cash flows.

3.Which method is required for reporting a change in accounting policy?

a. Averaging approach

b. Cumulative effect approach

c. Retrospective approach

d. Prospective approach

4.A change in accounting policy requires that the cumulative effect of the change for prior periods be shown as an adjustment to

a. Comprehensive income for the earliest period presented.

b. Net income for the period in which the change occurred.

c. Shareholder's equity for the period in which the change occurred.

d. Beginning retained earnings for the earliest period presented.

5.Which of the following is not treated as a change in accounting policy?

a. A change to a new IFRS requirement.

b. A change from direct write-off method of recognizing bad debt expense to allowance method.

c. A change from FIFO inventory valuation to average cost.

d. A change from cost model to fair model in measuring investment property.

6.The financial statements are authorized for issue

a. When the financial statements are made available to shareholders.

b. When the shareholders approve the financial statements at their annual meeting.

c. When the approved financial statements are filed with a regulatory body.

d. When the board of directors reviews the financial statements and authorizes them for issue.

7.When it is difficult to distinguish a change in an accounting policy from a change in an accounting estimate, the change is treated as

a. Correction of an error.

b. Change in accounting policy

c. Change in accounting estimate with appropriate disclosure

d. Initial adoption of an accounting policy