Question text

Relevance and faithful representation are the...

a$.$

enhancing qualitative characteristics of the disclosure requirements as stipulated in IFRS.

b$.$ fundamental qualitative characteristics of financial reporting as stipulated in IFRS.

c$.$

fundamental qualitative characteristics of financial reporting as stipulated in the Conceptual Framework.

d$.$

enhancing qualitative characteristics of financial reporting as stipulated in the Conceptual Framework.

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Question $14$

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Which one of the following is an example of a financial asset:

a$.$

Inventory

b$.$

Loans receivable

c$.$

Trade payable

d$.$

Property, Plant and Equipment

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Question $15$

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Which one of the following expenses should be included in the cost of inventories sold during the year?

a$.$

Carriage on sales

b$.$

Carriage on purchases

c$.$

Depreciation on delivery vehicle

d$.$

Insurance on deliveries

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