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1) Who issues International Financial Reporting Standards?
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2) Which of the following statements is true?
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3) Identify, by indicating the relevant box in the table below, whether each of the following statements is true or false.
A. A supplier of goods on credit is interested only in the statement of financial position, i.e., an indication of the current state of affairs.
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B. The objective of financial statements is to provide information about the financial position, performance and changes in financial position of an entity that is useful to a wide range of users in making economic decisions.
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4) Which of the following statements best defines a statement of financial position?
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5) Which of the following are advantages of trading as a limited liability company?
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6) What is the main purpose of financial accounting?
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7) Which of the following best describes corporate governance?
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8) Which of the following statements relating to a partnership of twenty persons and a limited liability company with twenty shareholders, each with a five per cent shareholding, is true?
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9) Which ONE of the following statements correctly describes how International Financial Reporting Standards (IFRSs) should be used?
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10) Are the following statements relating to the IASB’s Conceptual Framework for Financial Reporting true or false?
A. It is a financial reporting standard
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B. It acts as authoritative where a specific IFRS conflicts with the conceptual framework
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C. It assists preparers in developing consistent accounting policies when no standard applies
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D. It assists all parties in understanding and interpreting IFRS Standards
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