Online Access Free CPAAustralia.Financial-Accounting-and-Reporting.v2021-10-29.q35 Practice Test (Page 7)

Historical cost accounting provides financial information that is

A.relevant and reliable for decision making.

B.relevant but may not be reliable for decision making.

C.reliable but may not be relevant for decision making.

D.relevant for decision making.

The use of the principle of substance over form is found in which one of the following accounting treatments?

A.accounting for non-current assets

B.accounting for inventories

C.accounting for finance leases

D.accounting for property, plant and equipment

Which one of the following is an objective of the International Federation of Accountants (IFAC)?

A.to provide advice on accounting standards to the OECD

B.to establish high quality professional standards in accountancy

C.to provide direction to the Financial Accounting Standards Board (FASB)

D.to issue new international financial reporting standards (IFRS)

In applying accounting standards, an entity develops accounting policies that ensure that the financial statements present

A.relevant and reliable financial information.

B.relevant and correct financial information to all interested shareholders.

C.comparable and accurate financial information to all shareholders.

D.understandable and clear financial information to all interested shareholders.

Which one of the following is a benefit of developing financial reporting standards using a conceptual framework?

A.The interpretation of financial reporting standards by anybody would be easy.

B.The interpretation of non-financial information is made easier.

C.A financial reporting environment based on standardised principles would be created.

D.The financial statements based on these standards would be error-free.

Other Version: 534CPAAustralia.Financial-Accounting-and-Reporting.v2024-11-21.q35; 857CPAAustralia.Financial-Accounting-and-Reporting.v2022-11-21.q36

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