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CFAS EXAM QUESTIONS WITH ALL CORRECTANSWERS GRADED A+
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CFAS EXAM QUESTIONS WITH ALL CORRECTANSWERS GRADED A+ Which concept of capital should be adopted by an entity if the users of financial statements are primarily concerned with the maintenance of nominal invested capital or the purchasing power of invested capital? A. financial concept B. physi...

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  • October 10, 2024
  • 9
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • CFAS
  • CFAS

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CFAS EXAM QUESTIONS WITH
ALL CORRECTANSWERS
GRADED A+

Which concept of capital should be adopted by an entity if the users of financial
statements are primarily concerned with the maintenance of nominal invested capital or
the purchasing power of invested capital?
A. financial concept

B. physical concept

C. either a or b

D. neither a nor b - Answer-A

The underlying theme of the conceptual framework is
A. decision usefulness

B. understandability


C. just as important as information about assets and liabilities

D. not important - Answer-C

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

D. assets are presented in the SFP either as current or noncurrent - Answer-C

Which of the following is (are) essential to the existence of an asset?
A. legal right

B. physical form

C. both a & b

D. neither a nor b - Answer-D

,

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