Question 13

Which one of the following measurement bases is not categorised as part of the current value measurement base in the Conceptual Framework?

a.Current cost

b.Transaction cost

c.Fair value

d.Value in use

Question 14

Which one of the following statements is correct?

a.The statement of profit or loss and other comprehensive income has to show the results for one year

b.The statement of profit or loss and other comprehensive income illustrates a business financial performance.

c.The statement of profit or loss and other comprehensive income illustrates a business financial position.

d.The statement of profit or loss and other comprehensive income includes dividends paid.

Question 15

Which type of adjustment occurs when cash is either received or paid, but the related income or expense is not reportable in the current period?

a.Aggregation

b.Cash

c.Accrual

d.Offsetting