Q1. Whose needs are general purpose financial statements intended to meet?

1. BOARD of directors
2. London stock exchange
3. Primary users of financial statements
4. IASB

Q2. A Statement of Changes in Equity is one of the financial statements of a company. Which of the following items appear in a statement of changes in equity?

1. Opening balance of retained earnings
2. Right issue of shares
3. Right issue of shares
4. Profit for the year

A. I, ii and iii

B. II , III AND IV

C. I , III AND IV

D. I , II AND IV

Q3. The IASB uses the Conceptual Framework for Financial Reportingto assist in developing new standards.

Which one of the following is NOT covered by the Framework?

A.THE objective of the financial statements

B. the objective of financial statements

c. concept of capital maintenance

d. the elements of financial statements