CFAS - ACCA102 PRELIM EXAM PRACTICE QUESTIONS AND ANSWERS (100% PASS)
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Course
CFAS - ACCA102 PRELIM
Institution
CFAS - ACCA102 PRELIM
CFAS - ACCA102 PRELIM EXAM
PRACTICE QUESTIONS AND
ANSWERS (100% PASS)
Which is NOT a purpose of having a Conceptual Framework?
A. To enable the profession to solve emerging practical problems more quickly
B. To provide a foundation from which to build more useful standards
C. To enable the st...
WEST VIRGINIA UNIVERSIRTY- (WV) : 26506
C. Materiality is dependent on professional judgement because no threshold limit is
defined in the Conceptual Framework.
D. Materiality is a fundamental qualitative characteristic rather than a threshold or cut off
point in determining useful information. - ✔️✔️D. Materiality is a fundamental qualitative
characteristic rather than a threshold or cut off point in determining useful information.
Which of the following is the best description of "faithful representation" in relation to
information in financial statements?
A. Influence on the economic decisions of users
B. Inclusion of degree of caution
C. Freedom from material error
D. Comprehensibility to users - ✔️✔️C. Freedom from material error
The ingredients of faithful representation are
4
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