Cfas Study guides, Class notes & Summaries

99 CFAS- Final Exam Questions with Correct Answers. Rated A Document Content and Description Below 99 CFAS- Final Exam Questions with Correct Answers If doing so eliminates or reduces an accounting mismatch >>>Under what condition can an entity classify financial asset that meets the amortized c ost criteria at FVPL? Integral part of the entity's basic financial statements >>>An entity shall prepare and present a statement of cash flows as Cost of designing product for speci...

PAS 1 Presentation of Financial Statements - correct answer 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 - correct answer Are the structured representation of an entity's financial position and results of its operations.(PAS 1 Paragraph 9) Financial Statements - correct answer These are the end product of the financial repor...

Evaluated CFAs Revision Questions 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 t...

To generate general purpose financial statementw that provide information, about economic entities, that is to be used as basis for the formulation of economic decisions - correct answer Purpose of accounting in society Historical Cost - correct answer the value of the costs incurred in acquiring or creating the asset, comprising the consideration paid to acquire or crease the asset plus transaction costs Current Cost - correct answer the cost of an equivalent asset at the measurement date...

CFAS: Module 1 - Development of Financial Reporting Framework and Standard Setting Body

What is the Conceptual Framework for Financial Reporting? - correct answer It is a framework that describes the objective of, and the concepts for, general purpose financial reporting Who revises the Conceptual Framework for Financial Reporting? - correct answer IASB What are the 3 purposes of the Conceptual Framework? - correct answer (a) Assist the IASB to develop IFRS that are based on consistent concepts (b) Assist preparers to develop consistent accounting policies when no Standard a...

CFAS FINAL EXAM (PASS ASSURANCE)...