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PFR 1-1

Conceptual Framework
Regulatory framework
Accounting for inflation
Conceptual Framework

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1. The Conceptual Framework identifies an underlying assumption in preparing financial statements. This is

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2. Which of the following is not a purpose of the IASB’s Conceptual Framework?

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3. Which of the following is not a fundamental characteristic identified in the conceptual framework?

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4. How does the Conceptual Framework define an asset?

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5. In accordance with the International Standard Board’s “The Conceptual Framework for Financial Reporting”, which of the following is not a measurement basis of financial statements?

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6. In accordance with the Conceptual Framework which of the following is/are true in relation to the enhancing characteristic of comparability?

1          Comparability requires uniformity

2          Permitting alternative accounting treatments for the same economic phenomenon enhances comparability

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7. Which of the following would be classified as a liability?

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8. In accordance with the International Standard Board’s “The Conceptual Framework for Financial Reporting”, what is the definition of income?

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Regulatory framework

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  • Please read all instructions. When you are finished click ‘Next’ to move to the next screen.

Answering Questions

  • Read each question carefully.
  • When you answer a question, your answer will automatically be saved.
  • You can revisit questions and change your answers at any time during the exam.
  • The only permitted characters for numerical answers are:
    • Numbers
    • One full stop as a decimal point if required
    • One minus symbol at the front of the figure if the answer is negative.

              For example: -10234.35

No other characters, including commas, are accepted.

Navigating between questions

  • Click Next Button to move to the next question.
  • Click Previous Button to move back to the previous question.
  • Click on a question number from the Exam Progress Details panel (see next page) to move directly to that question.
  • A message will be displayed when you click to move away from a question which has been partially attempted. You can choose to stay on the question and review your answer(s) or continue.
  • When reviewing your answer(s) for partially attempted questions ensure you read any message displayed in red text below the question in Section A or below the question
    part(s) in Section B
    .
  • Note: Where a message is displayed, the answer(s) provided will not be marked.

1 / 3

9. The responsibility of issuing guidance on the application of IFRSs and reviewing new financial reporting issues, is the responsibility of which of the following bodies?

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10. The International Accounting Standards Board adopts a due process for the preparation of a new International Financial Reporting Standard (IFRS). What is the next step following the revised Exposure Draft?

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11. Which TWO of the following statements regarding systems of regulation of accounting are true?

1 A principles-based system requires the exercise of more judgment in application than a rules-based system.

2 A rules-based system will tend to give rise to a larger number of accounting standards than a principles-based system.

3 A principles-based system will require more detailed regulations than a rules-based system.

4 A principles-based system seeks to cover every eventuality.

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Accounting for inflation

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  • Please read all instructions. When you are finished click ‘Next’ to move to the next screen.

Answering Questions

  • Read each question carefully.
  • When you answer a question, your answer will automatically be saved.
  • You can revisit questions and change your answers at any time during the exam.
  • The only permitted characters for numerical answers are:
    • Numbers
    • One full stop as a decimal point if required
    • One minus symbol at the front of the figure if the answer is negative.

              For example: -10234.35

No other characters, including commas, are accepted.

Navigating between questions

  • Click Next Button to move to the next question.
  • Click Previous Button to move back to the previous question.
  • Click on a question number from the Exam Progress Details panel (see next page) to move directly to that question.
  • A message will be displayed when you click to move away from a question which has been partially attempted. You can choose to stay on the question and review your answer(s) or continue.
  • When reviewing your answer(s) for partially attempted questions ensure you read any message displayed in red text below the question in Section A or below the question
    part(s) in Section B
    .
  • Note: Where a message is displayed, the answer(s) provided will not be marked.

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12. The ‘physical capital maintenance’ concept states that profit is the increase in the physical productive capacity of the business over the period. This concept is applied in:

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13. BAC Systems acquired an item of plant on 1 October 2018 at a cost of $1,000,000. It has a useful life of ten years (straight-line depreciation) and an estimated residual value of 20% of its historical cost or current cost as appropriate. As at 30 September 2020, the manufacturer of the plant still makes the same item of plant and its current price is $1,200,000.

What is the correct carrying amount to be shown in the statement of financial position of BAC Systems as at 30 September 2020 under historical cost and current cost?

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14. Which of the following statements is an advantage of using the Value in Use method of accounting?

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15. Overstatement of profits can arise during periods of inflation. This then leads to a number of other consequences. Which of the following is NOT a likely consequence of overstatement of profits?

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