1. TRUE 2. TRUE 3. TRUE 4. FALSE – liquidating concern 5. TRUE 6. FALSE – Materiality is ‘entity-specific’, meaning it depends on the facts and circumstances surrounding a specific entity. 7. FALSE – should not exceed 8. TRUE 9. TRUE 10. TRUE
PROBLEM 2: TRUE OR FALSE
1. FALSE – Going Concern 2. FALSE – Consistency 3. TRUE 4. FALSE – Prudence or Conservatism 5. TRUE 6. FALSE – SEC 7. FALSE 8. FALSE – PFRSs only. The Conceptual Framework is not a Standard. 9. TRUE 10. TRUE PROBLEM 3: FOR CLASSROOM DISCUSSION 1. A 2. B 3. A 4. A 5. A 6. B 7. C 8. D 9. C 10. B 11. D
PROBLEM 4: MULTIPLE CHOICE
1. D 2. C 3. A 4. A 5. C 6. C 7. B 8. C 9. C 10. C
PROBLEM 5: MULTIPLE CHOICE
1. B 2. D 3. C 4. A 5. B 6. C 7. C 8. B 9. D 10. D
PROBLEM 6: CLASSROOM ACTIVITY
The learner’s work is graded based on the teacher’s judgment.