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CFA Final Exam| Questions with 100% Verified Answers
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CFA Final Exam| Questions with 100%Verified Answers
Which of the following financial statements provide information about assets,
liabilities, equity, income and expenses of two or more entities that are not
all linked by a parent-subsidiary relationship?
A. consolidated FS
B. unconsolidated FS
C. combined FS
D. separate FS - ✔ ✔ C
Which statement is incorrect regarding a reporting entity?
A. a reporting entity is an entity required or chooses to prepare
financial statements
B. a reporting entity should be a legal entity
C. a reporting entity could be a portion of an entity or comprise more than
one entity
, D. a reporting entity does not comprise an arbitrary or incomplete collection of
assets, liabilities, equity, income and expenses - ✔ ✔ B.
The new Conceptual Framework defines recognition as
A. process of capturing for inclusion in the statement of financial position or
the statement(s) of financial performance an item that meets the definition of
an asset, liability, equity, income or expenses
B. process of incorporating in the balance sheet or income statement an item
that meets the definition of an element and satisfies the criteria for recognition
C. removal of a previously recognized asset or liability form an entity's SFP
D. process of determining the monetary amounts at which the elements of
the financial statements are to be recognized and carried in the balance sheet
and income statement - ✔ ✔ A
Which statement is incorrect regarding assets in accordance with the
Conceptual Framework?
A. assets are resources controlled by the entity as a result of past events and
from which future economic benefits are expected to flow to the entity
B. assets are recognized in the statement of financial position if it is probable
that the future economic benefits will flow to the entity and the item has a cost
or value that can be measured reliably
C. assets are required to be measured at fair value
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