1- The Conceptual Framework can override requirements in a Standard. True False 2- A trade-off between the fundamental qualitative characteristics of relevance and faithful representation may need to be made in order to meet the objective of financial reporting. True False 3. All those who serve on the FASB must be Certified Public Accountants. True False 4. The statement of cash flows reports the cash receipts, cash payments, and net change in cash resulting from operating, investing, and financing activities during a period. True False 5- The income statement records all the revenues and expenses for a given period and shows whether the firm is making a profit or is experiencing a loss. True False 3- For information to be relevant, it has to possess: - Only predictive value b. Both predictive and condity value - Fisher price of confirmare + Which statement is included in the Conceptual Framework? Relevance is fundamental qualities Financial informace with characteristic of useful financial information device w - All of the above d-None of the s. All of the following are objectives of financial reporting except to provide information Thus wel inimestment and credit the management That is well in ang cash flow - Ahol terperche prospect changes in the 6- The Conceptual Framework defines an asset as: A ver comoland by the emity. A ponto de controlled by Tout of polvents at from which the entity as to pass reconomics are expected to flow to the entity A right to receive come at rode - None of the expens in the future 7. Which is an example of a cash flow from an operating activity? Payment of stolenders for interest Receipt of cash from the sale of capital de Sweet the above. Free cash flow provides an indication of a company's ability to: Generata come Generate care padidinde Generates invest in capital Botha 9. Net income is OMR 132000, accounts payable increased OMR 10000 during the year, inventory decreased OMR 6000 during the year, and accounts receivable increased OMR 12000 during the year. Under the direct method, what is net cash provided by operating activities? OMR. 100.000 OMR 11.2000 - OMR. 12.000-OMR. 1.000 10. Major sources of GAAP are: - PASS Stunded, interpretations, and Stall APO Position - AK PA Accounting Research Blog d. All of these (5 True/False Answer all questions x 1marks = 95 marks) 3. For information to be relevant, it has to possess: - Only predictive value Both predictive and confirmatory value c-Only confirmative value d-ther predictive or confirmatory ale or both 4. Which statement is included in the Conceptual Framework? Relevance is a fundamental qualitative Financial information without both characteristic of useful financial information relevance and faithful representation is nouscul All of the above - None of the above 5. All of the following are objectives of financial reporting except to provide information That is useful in investment and credit About the management and major decisions sharolders of an enterprise That is wel is in case flow d- About enterprises, claims to those prospects Tres, and changes in them 6. The Conceptual Framework defines an asset as: feroce controlled by the entity asb. A present economie ewure controlled by result of past events and from which the entity as a result of past events future economic benefits are expected to flow to the entity A night to receive Income or roduce - None of the above expenses in the future 7. Which is an example of a cash flow from an operating activity? Payment of cash to lenders for interest Payment of cash dividends to the company's stock bolders - Receipt of cash from the sale of capital - None of the above & Free cash flow provides an indication of a company's ability to: - Generate a nice Genernte cash to pay dividende Generates invest in new capital d-Hoth band expenditures -Net income is OMR 132000, accounts payable increased OMR 10000 during the year, inventory decreased OMR 6000 during the year, and accounts receivable increased OMR 12000 during the year. Under the direct method, what is net cash provided by operating activities? -OMR102000 - OMR. 112000 C-OMR. 124000 d-OMR. 136000 10- Major sources of GAAP are: APB Opis - FASB Standards, Interpretations and Stall Positions CAICPA Accounting Research Bulletins d. All of the above