Pfrs - Study guides, Class notes & Summaries

FINANCIAL ACCOUNTING THEORY - TEST BANK 1. The objectives of financial reporting are based on a. Generally accepted accounting principles b. Reporting for regulators c. The need for conservatism d. The needs of the users of the information 2. The relevance of providing information in financial statements is subject to the constraint of a. Comparability b. Cost-benefit c. Reliability d. Faithful representation 3. Which of the following is an enhancing quality that relates to both ...

FINANCIAL ACCOUNTING THEORY - TEST BANK 1. The objectives of financial reporting are based on a. Generally accepted accounting principles b. Reporting for regulators c. The need for conservatism d. The needs of the users of the information 2. The relevance of providing information in financial statements is subject to the constraint of a. Comparability b. Cost-benefit c. Reliability d. Faithful representation 3. Which of the following is an enhancing quality that relates to both ...

Which statement is incorrect regarding the Conceptual Framework for Financial Reporting? A. Describes the objective of, and the concepts for, general purpose financial reporting B. Serves as a guide in developing future PFRSs and as a guide to resolving accounting issues that are not addressed directly in existing PFRSs C. Is not a PFRS and hence does not define standards for any particular measurement or disclosure nature D. Prevails in cases where there is conflict with a PFRS Correc...

A complete, comprehensive and single document promulgated by the International Accounting Standards Board. Correct Answer: Conceptual Framework for Financial Reporting A summary of the terms and concepts that underlie the preparation and presentation of financial statements for external users. It is also an attempt to provide an overall theoretical foundation for accounting. Correct Answer: Conceptual Framework Intended to guide standard-setters, preparers and users of financial informat...

NCA QUIZ 3 |FINAL EXAM, COMPLETE WITH CORRECT ANSWERS 1. Noncurrent asset or disposal group is classified as “held for sale” when the asset is available for immediate sale and the sale is highly probable. For the sale to be highly probable, (choose the incorrect one) a. Management must be committed to a plan to sell the asset b. An active program to locate a buyer and the complete the plan must have been initiated. c. The asset must be actively marketed for sale at a reasonable price i...

Financial Accounting & Reporting with correct answers External transactions - What are those transactions economic events involving one entity and another entity? Internal transactions (production and casualty loss) - These are economic events involving the entity only. Measuring - This accounting process involves the accountable economic transactions and events as to Assigning of Peso Amounts Other assets - Advances to employees is under what line item in the balance she...

True or False: Due from State of NJ for Sr. Citizen deduction can be anticipated as a revenue in the current fund budget as non-cash surplus. - ️️True--Need approval from DLGS for non-cash surplus. Trust Assessment fund cash is first pledged to: - ️️1. Retirement of serial bonds 2. general capital 3. general taxpayers Municipal Library is paid on a __________________ Basis - ️️Quarterly Basis True or False: Budget transfer from the Capital Improvement Fund are not permitted ...

NCA QUIZ 3 |FINAL EXAM, COMPLETE WITH CORRECT ANSWERS 1. Noncurrent asset or disposal group is classified as “held for sale” when the asset is available for immediate sale and the sale is highly probable. For the sale to be highly probable, (choose the incorrect one) a. Management must be committed to a plan to sell the asset b. An active program to locate a buyer and the complete the plan must have been initiated. c. The asset must be actively marketed for sale at a reasonable price i...

CFAS PAS 1 Presentation of Financial Statements (Millan&Valix)2022PAS 1 Presentation of Financial Statements Prescribes the basis for the presentation of general purpose financial statements, the guidelines for their structure, and the minimum requirements for their content to ensure comparability. Financial Statements Are the structured representation of an entity's financial position and results of its operations.(PAS 1 Paragraph 9) Financial Statements These are the end prod...