Cfas Study guides, Class notes & Summaries

ACCOUNTING CFAS EXAM QUESTIONS AND ANSWERS 2022 COMPLETE SOLUTION

ACCOUNTING CFAS EXAM QUESTIONS AND ANSWERS 2022 COMPLETE SOLUTION

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...

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 PAS 1 Presentation of Financial Statements (Millan&Valix) Exam Question And Answers 2024

If doing so eliminates or reduces an accounting mismatch - - - Under what condition can an entity classify financial asset that meets the amortized cost 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 specific customers - - - Costs incurred in bringing the inventory to the present location and condition include C. Production of agricultural produce - - - Biologic...

Can clients challenge a Bill? correct answers Yes, they have a right. Can ask court to assess and court will reduce if amount unreasonable. If a costs officer reduces the amount by more than 50% in a non-contentious matter, they must inform the SRA. When can a Solicitor start a Claim to Recover the Bill? correct answers A solicitor can only commence a claim to recover costs due once one month has passed since they delivered the final invoice. Funding Options for Clients: correct answer...

ACECFAS HYPERINFLATION (TOA) EXAM 2024...

Conceptual Framework for Financial Reporting - correct answer A complete, comprehensive and single document promulgated by the International Accounting Standards Board. Conceptual Framework - correct answer 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. Conceptual Framework - correct answer Intended to guide standard-setters, pre...

What is the general objective of financial statements? a. To provide information about economic resources of an entity, claims against the entity and changes in the economic resources and claims. b. To assess future cash flows to the entity c. To assess management stewardship of economic resources d. To satisfy the information needs of users of financial statements - correct answer a A reporting entity is a. Necessarily a legal entity b. Necessarily an economic entity c. An entity ...