Question 1

Which of the following depicts the correct order of consultation when issuing an international accounting standard?

Accepted Answer

A)   Research (agenda) , Discussion Paper, Exposure Draft, IFRS
B)   Discussion Paper, Research (agenda) , Exposure Draft, IFRS
C)   Exposure Draft, Research (agenda) , Discussion Paper, IFRS
D)   Research (agenda) , Exposure Draft, Discussion Paper, IFRSE) A) and B)
F) A) and C) A

Question 2

IFRS 5 deals with:

Accepted Answer

A)   Non-current assets held for sale and discontinuing activities
B)   Intangible assets
C)   Events after the reporting period
D)   Business combinationsE) A) and B)
F) A) and C)

Question 3

The Role of the IFRC is to:

Accepted Answer

A)   Oversee the standard setting and regulatory process
B)   Control the accountancy profession
C)   Formulate accounting standards
D)   Review defective accountsE) A) and C)
F) All of the above

Question 4

IAS 37 deals with:

Accepted Answer

A)   The accounting for property, plant and equipment
B)   Revenue recognition
C)   Accounting for provisions, contingent liabilities and contingent assets
D)   Accounting for intangible assetsE) A) and B)
F) None of the above

Question 5

When setting accounting standards DP stands for:

Accepted Answer

A)   Diagnostic process
B)   Detailed plan
C)   Discussion presentation
D)   Discussion paperE) A) and B)
F) A) and C)

Question 6

Which of the following is not an objective of the SAC?

Accepted Answer

A)   To nominate members for appointment by the IASC foundation to IASB and other bodies
B)   To provide an input to the IASB's agenda
C)   To assist in the establishment of the IASB's project timetable
D)   To provide advice on projects, with particular emphasis on practical matters and implementation issues.E) None of the above
F) B) and D)

Question 7

Which of the following issues international accounting standards?

Accepted Answer

A)   The international auditing practices board
B)   The international stock exchange
C)   The international accounting standards board
D)   Representatives of the government of the six main trade countries in the world.E) None of the above
F) A) and B) C

Question 8

Which of the following bodies advises the IASB on issues such as the IASB's agenda, the IASB's timetable and implementing standards?

Accepted Answer

A)   SAC
B)   IASC Foundation
C)   IFRIC
D)   IASCE) B) and D)
F) A) and C)

Question 9

Which of the following statements is TRUE?

Accepted Answer

A)   International Financial Reporting Standards are now adopted by every country in the world
B)   All companies quoted on all exchanges in the world have to prepare their accounts using IFRS
C)   The UK is still harmonising its accounting standards with IFRS.
D)   The US are in charge of the IASBE) C) and D)
F) A) and B)

Question 10

When setting accounting standards ED stands for:

Accepted Answer

A)   Edition Draft
B)   Exposure Draft
C)   Editor Draft
D)   Emerging DraftE) All of the above
F) C) and D)

Question 11

IAS 7 deals with:

Accepted Answer

A)   The statement of sources and applications of funds
B)   The statement of cash flows
C)   The cash flow statement
D)   The funds flow statementE) None of the above
F) B) and D)

Question 12

The international accounting standards are called:

Accepted Answer

A)   IAS and SSAPs
B)   FRS and SSAPs
C)   FRS and IFRS
D)   IFRS and IASE) None of the above
F) B) and C)

Question 13

Which of the following is not a method that is utilised by the IASB to achieve their objective
Of 'providing the world's integrating capital markets with a common language for financial reporting' (IASB, 2008) .

Accepted Answer

A)   Harmonisation of accounting standards internationally
B)   Independence in the standard setting process
C)   Promotion of an open, thorough and transparent due process
D)   Having a member sit on the board of directors of each stock exchange to assist harmonisationE) A) and B)
F) B) and C)

Question 14

IAS 18 Revenue sets out when the sale of goods should be recognised. Given the conceptual framework of accounting, which of the following statements is false?

Accepted Answer

A)   Revenue can only be recognised if costs can be measured reliably
B)   A reliable measure of the economic benefits must be possible for revenue to be recognised
C)   Revenue should be recognised when the risks and rewards of ownership are transferred to the buyer
D)   Revenue should not be recognised when the goods remain on the seller's premises.E) A) and B)
F) None of the above D

Question 15

IAS 10 deals with:

Accepted Answer

A)   The presentation of financial statements
B)   The valuation of inventories
C)   The disclosures in the statement of cash flows
D)   Events after the reporting periodE) A) and B)
F) None of the above

Question 16

IFRS 3 deals with:

Accepted Answer

A)   Non-current assets held for sale and discontinuing activities
B)   Intangible assets
C)   Events after the reporting period
D)   Business combinationsE) B) and C)
F) A) and D)

Exam 2: International Accounting: Institutional Framework and Standards

Which of the following depicts the correct order of consultation when issuing an international accounting standard?

Correct Answer
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A

IFRS 5 deals with:

Correct Answer
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The Role of the IFRC is to:

Correct Answer
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IAS 37 deals with:

Correct Answer
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When setting accounting standards DP stands for:

Correct Answer
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Which of the following is not an objective of the SAC?

Correct Answer
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Which of the following issues international accounting standards?

Correct Answer
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C

Which of the following bodies advises the IASB on issues such as the IASB's agenda, the IASB's timetable and implementing standards?

Correct Answer
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Which of the following statements is TRUE?

Correct Answer
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When setting accounting standards ED stands for:

Correct Answer
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IAS 7 deals with:

Correct Answer
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The international accounting standards are called:

Correct Answer
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Which of the following is not a method that is utilised by the IASB to achieve their objective Of 'providing the world's integrating capital markets with a common language for financial reporting' (IASB, 2008) .

Correct Answer
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IAS 18 Revenue sets out when the sale of goods should be recognised. Given the conceptual framework of accounting, which of the following statements is false?

Correct Answer
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D

IAS 10 deals with:

Correct Answer
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IFRS 3 deals with:

Correct Answer
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Exam 2: International Accounting: Institutional Framework and Standards

Which of the following depicts the correct order of consultation when issuing an international accounting standard?

Correct AnswerverifiedA

IFRS 5 deals with:

Correct AnswerverifiedShow Answer

The Role of the IFRC is to:

Correct AnswerverifiedShow Answer

IAS 37 deals with:

Correct AnswerverifiedShow Answer

When setting accounting standards DP stands for:

Correct AnswerverifiedShow Answer

Which of the following is not an objective of the SAC?

Correct AnswerverifiedShow Answer

Which of the following issues international accounting standards?

Correct AnswerverifiedC

Which of the following bodies advises the IASB on issues such as the IASB's agenda, the IASB's timetable and implementing standards?

Correct AnswerverifiedShow Answer

Which of the following statements is TRUE?

Correct AnswerverifiedShow Answer

When setting accounting standards ED stands for:

Correct AnswerverifiedShow Answer

IAS 7 deals with:

Correct AnswerverifiedShow Answer

The international accounting standards are called:

Correct AnswerverifiedShow Answer

Which of the following is not a method that is utilised by the IASB to achieve their objective Of 'providing the world's integrating capital markets with a common language for financial reporting' (IASB, 2008) .

Correct AnswerverifiedShow Answer

IAS 18 Revenue sets out when the sale of goods should be recognised. Given the conceptual framework of accounting, which of the following statements is false?

Correct AnswerverifiedD

IAS 10 deals with:

Correct AnswerverifiedShow Answer

IFRS 3 deals with:

Correct AnswerverifiedShow Answer

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A

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C

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D

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