ACCA F7 - The Conceptual Framework Exam Practice Questions and Answers
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Course
ACCA
Institution
ACCA
ACCA F7 - The Conceptual Framework
Exam Practice Questions and Answers
Advantages of the conceptual framework? - ANSWER• Standardised consistent accounting practices,
• Standards are less subject to political pressure
• Consistent methodology used
• Avoids reactionary approach to setti...
Why is GAAP a dynamic concept? - ANSWER✔✔• It adapts to as changes in legislation, standards and
practice occur
What is the conceptual framework? - ANSWER✔✔• Frame of reference that provides underlying
guidance for IAS and IFRS
What do the theoretical principles provide the basis for? - ANSWER✔✔• Development of new reporting
practices
• Evaluation of existing ones
IASB definition? - ANSWER✔✔• International Accounting Standards Board
IFRS definition? - ANSWER✔✔• International Financial Reporting Standards
Purpose of IFRS's Conceptual Framework for Financial Reporting? - ANSWER✔✔• Provides concepts for
underlying information present in general purpose financial statements
Does the Standards or Conceptual Framework take precedent if in conflict? - ANSWER✔✔• Standards
What must an entity comply with in order to achieve fair presentation? - ANSWER✔✔• IFRS and the
conceptual framework for Financial Reporting
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