Dive into the fundamental aspects of research methodology with our Conceptual Framework Quiz. This quiz is designed to provide a comprehensive exploration of conceptual frameworks, a crucial component in the realm of academic research.
By engaging with our Conceptual Framework Quiz, you'll have the opportunity to test your knowledge and deepen your understanding of this vital aspect of research See moremethodology. Each question is meticulously crafted to challenge your comprehension and reinforce essential concepts.
From identifying different types of conceptual frameworks to understanding their role in guiding research inquiries, this quiz offers a dynamic learning experience for individuals at all levels of expertise. Whether you're brushing up on your skills or exploring this topic for the first time, our Conceptual Framework Quiz is the perfect resource to enhance your understanding and proficiency in research methodology.
True
False
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True
False
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No
Yes, the Board is not required to use the Conceptual Framework when developing Standards
Yes, but only from aspects of the Conceptual Framework and only if doing so is needed to meet the objective of financial reporting
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True
False
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Immediately after it is issued
For annual reporting periods beginning on or after 1 January 2020, with early application permitted.
Never - the Conceptual Framework is only used by the International Accounting Standards Board
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Provide information to regulators
Support the entity's tax return
Meet the information needs of an entity's stakeholders.
Provide financial information about the reporting entity that is useful to existing and potential investors, lenders and other creditors in making decisions relating to providing resources to the entity.
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Employees, investors and trade union representatives
Existing and potential investors, lenders and other creditors
Lenders and other creditors and customers
Existing and potential investors, government agencies and the general public
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True
False
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Providing information needed to assess management's stewardship is identified as an additional objective of financial reporting, equal in prominence to providing financial information useful to users in making decisions relating to providing resources to the entity
Decisions relating to providing resources to the entity depend on users' assessment of the amount, timing and uncertainty of the prospects for future net cash inflows to the entity and on their assessment of management's stewardship
Providing information needed to assess stewardship is more important than providing information needed to assess the prospects for future cash inflows to the entity
Financial reports are not intended to provide information needed to assess stewardship
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Comparability and relevance
Relevance and reliability
Relevance, reliability and comparability
Relevance and faithful representation
Comparability, relevance and faithful representation
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Only predictive value
Only confirmative value
Both predictive and confirmatory value
Either predictive or confirmatory value, or both
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True
False
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Separate reporting entities
A partnership
A single reporting entity
A legal entity
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True
False
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A present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodyiong economic benefits
A present obligation of the entity to transfer an economic resource as a result of past events
An amount the entity may have to pay after the end of the reporting period
None of the above
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True
False
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That an obligation is a duty or responsibility that an entity has no practical ability to avoid
That an obligation can arise from a duty or responsibility conditional on a future action that the entity itself may take, if the entity has no practical ability to avoid taking that action
That an obligation can arise from an entity’s customary practices, published policies or specific statements, if the entity has no practical ability to avoid those practices, policies or statements
All of the above
None of the above
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Income
Profit or loss
Equity
Other comprehensive income
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Capturing, for inclusion in the statement of financial position or the statement(s) of financial performance, an item that meets the definition of one of the elements of the financial statements—an asset, a liability, equity, income or expenses
Determining where an item should be presented in the financial statements
Sorting assets, liabilities, equity, income or expenses on the basis of shared characteristics
Adding together of assets, liabilities, equity, income or expenses that have shared characteristics
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True
False
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Uncertainty about whether an asset or liability exists
Low probability of an inflow or outflow of economic benefits
Other factors
All of the above
None of the above
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For an asset, derecognition normally occurs when the entity loses control of all or part of the recognised asset
For a liability, derecognition normally occurs when the entity no longer has a present obligation for all or part of the recognised liability
Derecognition is the removal of all or part of a recognised asset or liability from an entity's statement of financial position
All of the above
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True
False
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A bias towards understating assets or income and towards overstating liabilities or expenses
The exercise of caution when making judgements under conditions of uncertainty
A preference towards the earlier recognition of expenses and liabilities than of income and assets
A mechanism for smoothing profits over time (understate profits in good years and overstate profits in bad years)
A form of accounting conservatism
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Relevance is a fundamental qualitative characteristic of useful financial information
Financial information without both relevance and faithful representation is not useful
Enhancing qualitative characteristics cannot make information useful if that information is irrelevant or does not provide a faithful representation of what it purports to represent
All of the above
None of the above
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True
False
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Management's choice
Legal form of the reporting entity
Information needs of the primary users of the reporting entity
All of the above
None of the above
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A portion of an entity
A single entity
More than one entity
All of the above
None of the above
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A resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity
A present economic resource controlled by the entity as a result of past events
A right to receive income or reduce expenses in the future
None of the above
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The set of rights arising from legal ownership of the physical object
The physical object
The economic benefits that may flow from the physical object
All of the above
None of the above
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True
False
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Value in use
Fair value
Fulfilment value
Current cost
All of the above
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Variability of cash flows of the asset or liability
How the asset or liability contributes to future cash flows, which depends in part on the nature of an entity's business activities
The level of measurement uncertainty associated with a particular measurement basis
All of the above
None of the above
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True
False
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True
False
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True
False
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True
False
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True
False
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Are never reclassified (recycled) from other comprehensive income into the statement of profit or loss
Are recycled into the statement of profit or loss if the International Accounting Standards Board decides that doing so results in the statement of profit or loss providing more relevant information, or providing a more faithful representation of the entity’s financial performance for that period
Are always recycled into the statement of profit or loss at the end of the holding period of the related asset or liability
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The statement of profit or loss is the only source of information about an entity’s financial performance for the period
In principle, all income and expenses are included in the statement of profit or loss
All income and expenses included in profit or loss arise from ordinary activities of the entity
All of the above
None of the above
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