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CFA Midterm Exam| Questions with 100% Verified Answers
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CFA Midterm Exam| Questions with100% Verified Answers
Which of the following is not an essential characteristic of a liability?
a. written contract
b. present obligation
c. future sacrifice of economic benefits
d. result of past event - ✔ ✔ a
According to the Conceptual Framework, which of the following is a constraint
when implementing accounting procedures to achieve the qualitative objectives
of relevance and faithful representation?
a. Cost
b. Materiality
c. Timeliness
d. Balance between qualitative characteristics - ✔ ✔ a
It is the capacity of information to make a difference in the decision by helping
users form predictions about the outcome of past, present, and future events
or conform and correct prior expectations.
a. Comparability
,b. Reliability
c. Understandability
d. Relevance - ✔ ✔ d
Which of the following is an asset?
a. Corporation's own shares reacquired for re-issue.
b. Probable gain on lawsuit according to company lawyer's opinion.
c. Equity shares of another corporation acquired by an entity.
d. Goodwill developed by the entity through extensive advertising and personnel
development. - ✔ ✔ c
The objective of financial statements is solely accomplished in the statement
of financial position.
True
False - ✔ ✔ FALSE
Dividends are to be paid out of an entity's
a. Revenues
b. Share Capital
c. Unrestricted Retained Earnings
d. Restricted Retained Earnings - ✔ ✔ c
, Financial statements also provide information to help the primary users
assess management's stewardship of the entity's economic resources.
True
False - ✔ ✔ TRUE
In presenting assets in the Statement of Financial Position, the Conceptual
Framework states that the current assets like Cash should always be presented
before the noncurrent assets.
True
False - ✔ ✔ FALSE
It is the ability to bring together for the purpose of noting similarities
and dissimilarities.
a. Reliability
b. Comparability
c. Understandability
d. Relevance - ✔ ✔ b
Where in the financial statements can one find out about how well the entity
was able to generate revenues and control costs? *
a. Statement of Financial Position
b. Statement of Performance
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