CFAS at Lyceum Of The Philippines University | Flashcards & Summaries

Lernmaterialien für CFAS an der Lyceum of the Philippines University

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TESTE DEIN WISSEN
This refers to the theoretical basis or a set of concepts for general purpose financial reporting.


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Conceptual Framework
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Primary users of general purpose financial reports does not include:


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Management
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To be a perfectly faithful representation according to the Conceptual Framework, a depiction of financial information would have the three characteristics of
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Completeness, neutrality, and freedom of error.
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Financial information is capable of making a difference in decisions (i.e., relevance fundamental qualitative characteristic) if it has
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Predictive value and understandability
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TESTE DEIN WISSEN
The purpose of the Conceptual Framework includes all of the following, except

 
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To assist the Financial Reporting Standards Council (FRSC) to develop accounting standards
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TESTE DEIN WISSEN
Which of the following refers to the underlying theme of Conceptual Framework?


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Relevance
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What is the objective of general purpose financial reporting according to the Conceptual Framework?
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To prepare and present a complete set of financial statements.
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What are the qualitative characteristics of financial information according to the Conceptual Framework?


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They are categories or grouping of accounts of financial effects of transactions and other events in the financial reports.
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Which of the following correctly describes the authoritative status of the Conceptual Framework for Financial Reporting?
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It is more authoritative than the Standard.
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Relevant financial information
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Is information that is verifiable 
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In many circumstances, the substance of an economic phenomenon and its legal form are the same. If they are not the same, providing informatiin only about the legal form would violate the qualitative characteristic of useful information of
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Relevance
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TESTE DEIN WISSEN
It helps assure users that information faithfully represents the economic phenomena it purports to represent. It means that different knowledgeable and independent observers could reach consensus, although not necessarily comolete agreement, that a particular depiction is a faithful representation.
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Verifiability
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Q:
This refers to the theoretical basis or a set of concepts for general purpose financial reporting.


A:
Conceptual Framework
Q:
Primary users of general purpose financial reports does not include:


A:
Management
Q:
To be a perfectly faithful representation according to the Conceptual Framework, a depiction of financial information would have the three characteristics of
A:
Completeness, neutrality, and freedom of error.
Q:
Financial information is capable of making a difference in decisions (i.e., relevance fundamental qualitative characteristic) if it has
A:
Predictive value and understandability
Q:
The purpose of the Conceptual Framework includes all of the following, except

 
A:
To assist the Financial Reporting Standards Council (FRSC) to develop accounting standards
Mehr Karteikarten anzeigen
Q:
Which of the following refers to the underlying theme of Conceptual Framework?


A:
Relevance
Q:
What is the objective of general purpose financial reporting according to the Conceptual Framework?
A:
To prepare and present a complete set of financial statements.
Q:
What are the qualitative characteristics of financial information according to the Conceptual Framework?


A:
They are categories or grouping of accounts of financial effects of transactions and other events in the financial reports.
Q:
Which of the following correctly describes the authoritative status of the Conceptual Framework for Financial Reporting?
A:
It is more authoritative than the Standard.
Q:
Relevant financial information
A:
Is information that is verifiable 
Q:
In many circumstances, the substance of an economic phenomenon and its legal form are the same. If they are not the same, providing informatiin only about the legal form would violate the qualitative characteristic of useful information of
A:
Relevance
Q:
It helps assure users that information faithfully represents the economic phenomena it purports to represent. It means that different knowledgeable and independent observers could reach consensus, although not necessarily comolete agreement, that a particular depiction is a faithful representation.
A:
Verifiability
CFAS

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