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CFA Final Exam| Questions with 100% Verified Answers
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CFA Final Exam| Questions with 100% VerifiedAnswers
The fundamental qualitative characteristics are
A. relevance and reliability
B. relevance and faithful representation
C. timeliness and verifiability
D. understanding and comparability - ✔️✔️B.
Which statement is incorrect regarding materiality?
A. information is material if omitting it or misstating it could influence decisions
that users make on the basis of financial information about a specific reporting
entity
B. materiality is based on the nature or magnitude, or both, of the items to which
the information relates in the context of an individual entity's financial report
C. the IASB does not specify a uniform quantitative threshold for materiality or
predetermine what could be material in a particular situation
D. none of the above - ✔️✔️D
Which statement is incorrect regarding prudence?
, A. neutrality is supported by the exercise of prudence
B. prudence is the exercise of caution when making judgments under conditions
of uncertainty
C. prudence does not allow for overstatement of assets, liabilities, income or
expenses
D. prudence allows for understatements of assets, liabilities, income or expenses -
✔️✔️D
Which of the following helps users make good decisions?
A. a faithful representation of an irrelevant phenomenon
B. an unfaithful representation of a relevant phenomenon
C. both a & b
D. neither a nor b - ✔️✔️D
The objective of financial statements is to provide financial information about the
reporting entity's A, L, E, Inc and Ex that is useful to users of financial statements
in assessing
A. the prospects for future net cash inflows to the reporting entity
B. management's stewardship of the entity's economic resources
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