* 1 Reporting MULTIPLE CHOICE QUESTIONS Which among the following is not a purpose of the, IASB's Conceptual Framework for Financial Reporting? a. To assist the local standard setting bodies, such as the. Financial Reporting Standards Council, in the edoption 0! the IFRS, in the regulation of the ippines. ‘the auditors ing an opinion as to the fairness of the presentation of the financial statements. d. To assist the users in interpreting the information presented on the financial statements. Which of the following is @ valid statement regarding the status of the Conceptual Framework? Framework is an IFRS. ial Framework is a PFRS. ©. Incase of conflict between the IFRS and Conceptual Framework, the IFRS shall prevail. d. Incase of conflict between the IFRS and Conceptual Framework, the Conceptual Framework shall prevail. ‘The IASB's Conceptual Framework deals with the 1 objectives of the financial statements. U, qualitative characteristics that make the financial statement useful to users. concepts of capital and capital maintenance. generally accepted accounting principles. b, ce a ‘The objectives of financial reporting are based on the need a. to comply with prudence. b. of the users for accounting information. “c. to report management's stewardship. 4, for compliance to general accepted accounting principles,Aouasysuog —“P sousprd 3” uuoj 1900 aoumsqngs “4 suyown essot v Jo woruiior91 syeipauuy ayp suoddns yyy idsoues Suispopun ayy st 1 Ayennou -Auiqepueysiopun ‘uoneiuasaidas injyprey ‘Aunqeyson 2 Jo ‘2p Jo suorsizap onuouos2 oy) noqe UoNPUONUT apincid OL °9 -asuidioquo ue jo souvuuojied ayy moqe uoneuHojuT apiroid of — -q ‘asuidioqua ue jo wonrsod jejoueuy oy7 ynoge UoREUUO;N opioid of — -e esyuauia wis peroueuy Jo aarjoa{go ue you st BuLMoLIO} Bx Jo YOIY.A s20}!p919 s9yX0 puw sispud| ‘S1oySaaut feNUDIed puE SuNsIg, ‘ssoutpoio Jouo pure s49pudy “s10)S9AUF PERUDIOd ssotpaio Jato pu s49pudy ‘ss0ysoau Sunswg, sugsh Jwusoyxa puL [UII add eSursodos jwrouvuy jo s1osn Arwutd ox se poxopisu0s axe oym ‘Sumioday jojouvury 40) yromuresy }emdoouey oyp Jopun sayuodsy TwIUBUIT Toy YromoUDIy onydooUaD oy = TIVIOYDeanp 0 aealaiuy pw suvey soy s9y194H uouPUO; MT porsazaauy aay sitaK amano Aaya Uaym suAMD IIS pied st yseo way siuatiomas’ por “m9 Tepuvuy axa uy periods ing pied pid siusuiims jouvuy oy uF pauiods: ing ‘Spiooay Suunosa” oyp tt pops0. SuouowsuNn Jo s19QYa IyI ‘GuNUNOD” Jo sIsEq JwnA22” 94 ‘sodas Teoueuy asodind porsads yam poussou0s s} syz0mouNe P “spawpuris Suniodoy, auiddimyg yam uuojuos syuwows jwioueuy 40) or se vorurdo ue Sumo} ur sydd sisissr romoweL§ 94, > ‘SUI SuNsIx9 Jo uondope PUD 21092 5) sprepuris [eso] ayy sisissy yromoure 1 4 “Biosn juusa x9 404 squsWDTIs Piouwuy jo uonwuasosd pue wedosd ay) ayzapun weys eidsoued oy1 ino sis yYomouIy JUNIdsu0D oy, “we HeUY 40} yrOMIUUES, [ed sou UWS TUMOHIOS 9 Jo Yor LP eNO Sounysisuoy —-q wiosues Huey -e esqeusajop pu syenuooe Jo asn ayy saysn{ ydaou0s sons ayy UF suon¥Iado soy) BWLD ‘Ayaq1uyopuy aywasdo oy anunu 2 saou4d quod parsnipy axe q juwaajo4 aw syasse Jo a v Jeu) souMNssY jda9U09 Wiv.uU09 TUIOS oy, Bupodoy jwjouDUg sof YxomoUDIs pwnjdoouUeD ByL~T4>IdOYD ot OL stdaouos sountiyusvun perideo yoorséd angsnyout-tly 409 [wOIsAU dsod osudioyua ue sip spun, jo Aumnbo 40 sass aU ou} sw popautias st [yitdv9 dou a pu d apued 9D puev a puey dsod aouwaaiaat “0 Aujonnan a ssouypun, “a Anuar “a Auyqumduwog —-V von eULOJUt [PIOULUY Jo sonsTIoezey9 Suoueyus [p) anos ayy Suoue ose Dummoyjoy ayy Jo. yorUs “Auqupueysiopun “ssouayo[duzoo “Auqureduios ‘Auqeytion dsod s} s0uvuuojiod pue 1 Ajguapt oy awn YBN asudsows ov jo" st i) 9y) s1vdWOD oF si9sN ay saiquud yup onsuaereyp eanenTeNb ayy ‘s}HomouRLAY TENYdaOUOD oy 9p, 3809 |w9110} a ywoo qouing ——-3 anqea aiquawoy—-q ayes wussog “a “ssoursnq, wow oy yw sauosoudar yy Jo a1n09 uLDIOP Jo Seas P JO ssa004d ou ap sOdeN HOON 10F AsomoUDLE Homasou “ee et zz tzase = dsod los spoo8 Jo S09 gioayjo pure asneo Sune190% uo paseq asuadxa sv poriufosas st Buisoljoy ayy Suour yp ‘squourayeys fepueU! aun jo uonemedaid ayy ut paxojdura sarsyjod Sununose soBuvyo pur saroyod Sununosse axp jo suosn ayy Suyess0y 01g wos} aaxj a18 Jey LoHeULIOSU BuypInosG — ysoo puw Apeuoiwur JO spunoq ayy uRpIM uoNwULOUE oo[dWICD SuIpIACIg —- “anjea Arowwunsyuoo sassassod wy uoRvuLLO}L! Turpiaosg = evonpUo;UT BuNUNodDdE Jo ssoUIrYL| WH) feuONeIUESOZco3 01 singinued Ayesss9u you aso Buroj1o} ou HUW Yor anyea 1uDso4g anpes a1qez1teoy S09 11ND soo [wau03si4) adaouos souvusyureur Jeudes yeoisdyd oy &q pordope st sisvq quowomsvout yorum ‘yg01 WEY D10WL S| SHUIUAWD LOY my“ -498N dy} Jo UOHENILAd 10 UOISI99p OYE jnoUD aHy] paulgap sf ywnow 2 q uy souasoy1p wv axem OF 2g Pinoys ‘sxoyo19q) puw jeHoW ys WOIE UY Buppiodsy jo)ouvujg Jof Yroniouvas PoRydeDUOD oyL = 1 49024uoReOOTTY : uonezTeoy quowomseayy uuonuoo0q dag “sqUsWAWEIS PeIOUBUY ax Jo JWAUI9[9 Ue Jo VORIUYap au sioaut yeUY WOE Ue auooUy aajsuayaiduios jo JuaUID,D}s 40 uoNtSod jepueUy Jo WMDs oy1 uL BuNIOdsooU! Jo ssoo01d ox St “plos spoof jo ysoa -asuadxo Ajuresrem -asuadxe uoneioasdap “uorssrurtto9 s,xrauusapes dada yéooxe ‘ow09ut Jo sway} oy}oads Jo sBupuseo ot pure sis09 a4 woaMjaq UoNeIIOSSE aN ¥ Jo s1Seq BY) Lo paztUooar are sasuadxo Buxmojfos OuN JO TV ; ydaouos uszou0 3u10p SP ydoouos soueuaureu padeg = “9 i | 4 ydsouos GnuG = °q 2 =. ypvoidde uonoesuei, =e : = s19uNo TEA suonovsuen Jo sio2jf9 atp FLpRPXS soye ‘pouod ayy jo Buruuiog. au ye Tedeo Jo yunoure axp'spasaxs pouiad ox Jo pus ayy re Ide atp Jo qunoure ay uayA pourws st agoud v Adsou09 su s9pUA suopeiods Areunid woxy yosse ut asvarou ‘suonsestren fequap!our wos AygeH Ll aSMarOUT ‘suongesuen [eyuepiout woy Josse Ue UT aseaxep suopeiedo Areutd woyj Jasse ur asvar29p dsod ue/e wosy ynsax Sour asuodxa uy Auennay —-p soueprg = *9 ounsisuey —-q lwoy sox0 aoueIsqng “pe sudaoiua xp Aq pret siasse AreyouoUW-uoU Jo onrea ur usuTedusy Puontuiosa: ayy suoddns yey ydaouo9 Burduopun oy st reyAL x ‘Anwuoyeur wwowSpnf 5 wieouo> Bue} ‘pouod Sununoose —y aus} yuouino-tiou pu qu2LIN su soNMqLA pue saBEe Jo onvoyresey> 2uh 40} 81804 1899 941 SF Yor UoRduNssY oIseq aL supproaby TOIOURUE 7OY HromIUIIT TORREOSURS BE saya “se “ve "ee ce Te oe 7Diw uasaidas 0) sodand uonwunsosut oy yey souvisuMo}9 Joye Jo UONswSUEA ay AjaIwIMIOe Yoyo! OY “P yiodas 91m: vou sasuadxa puv gonuaaar aywudorddy ayy yoru oy “2 *spouad dunsodas wuasaysip Jo SwuaMAMS POUKUY UaIMaq AMQuIEdwoD soWIOId OY —“q “sastadsojuo wuos94H1p Jo syuswoAIs [wIoUPUY UsIMyaq AIIGuIEdwOD aoWOsd OF ‘1 s9}oyiod Sunumoaoe ut Aousrsisuos Hursidde jo oanoofgo sofou 244, “OF ssauaioqduios ‘Augers : souvaayd “Augqepuwysiopun dacs st poredasd sm y asodind up 20} Aqqiom puw popoot a saxyour wep tonewIO;UT Jo AiTENb aU, “6E -Amqepuerssopun “Aimnaes ‘outuaofod “sanousies died st afesruy ‘Shy. “oye yeu sxasn ay TEI suo!s!99p oy) pue LOReULIOFUT O42 uaamiag aBexul] © 2q SRW asamp ‘IRJasN aq 0} UONEUUIOJUT 9x JOH “BE “sasuadxo pute owoous Jo uonfuovar ou uF syuowesingsip ysvo pue sidrooar Yseo jo Juju, oy soziseyduio syseq jeruoy —“p ssistq yse9 24 0} posedusoo -uoneuosuy pejouwuy ay9[duioo ox0us 0} syfnsar sIseq JenIDoy—“O | ‘pred s} yseo yor ut pouod ou wt ueY Joye pounour axe fou yey) pourad ayy UF popsooas om sasuodxy —°-q *"pay99}o9 } Yseo YoYas UF pouod ou WI weM some pouses axe fay) yeu) poulod ay UE popiosa1 oxv sanuonoy | -v | eBlugunosse jo siseq wnud9v oy 0} Sunvjar wows prea v you sf Tuojoy ap Jo uM — “Ze bupaodoy PooUDUIE sof aaoMDUIDLG To\doDUOD BYE = THeNEOUDjou ponynbow sf yas op Jp peed nb yen 10 WM Jo. JUTLAND parmoostpun am yHp pur aud Humes paroadxo sary se umouy sf sated pu pue sanuaas: pue sjosse dunvysiopul daqosaz 01 suBUNEDe Jo AoUDpUD) oy ae squouay ‘ayn uo poywasaid uo 4) soueINsse Sopinosd pouiad saye poyod Kem oumes ou parussaid st “p. uvUy sso1e suostNdUIOD oxeU oy S498 2 ee -s0419 wioyy 904) pu yexynoLe ‘axpeul 0) 71 a5n tes UDWOWIS [eIOUBUY Jo S9EN Oo as Je RNUUEY AeuONLUDso1do4 61 uoRPULZOFUT EY -pouod 01 pojied wo. 1uo1sIsuo9 s1 suODUE poriodas a4 P ‘Ayvus a4 40) UL quoysjeuos v oad yw pardope ose sainpaoord Suna a Sununosoe ouies ou u} onuanoy if P Sununoase owes oy) sUDKD 9 nua oy ow aya parsidap ywoq 8f UopWULIO;UL [eH evan Wsu09 Jo 94 Bupodoy 1w/ouBU)E JF yrOMOWDIy YoRIEDW wy zy Ta doasamp Jo ny “Atqutias pamseaur oq wvo wep anjea 40 3809 v SEU I} yatiag o1MoUDD9 ammyny sopiAosd 3] ‘YonsestEN 40 1u9A9 ywed Jo N04 © StI] diese we Jo onsuaoerey peRUASse Ue s1 BuLMOtIO} OWN Jo YOR wonvounuspl —“p quouninseay “3 Buzueuung —-q uonesunuues +e syuaaa pure suonoesuen sIu0UO99 ajqeyunosoe 8¥OW ayy oy symoure osad jo Burudisse om) st ssao01d yorum Leow “uoryuooox yuswoinsvour ‘duryowwur ‘uoneaoype asudioqua ue jo suowos jeoueUY ayy UT WoW Ue SuNsodos JO ssoooad ayy ‘yomoureiy jemidsou0D S,ASVI 9M) 49pUN oFOW Bupsodoy poyoUDUAT Ta] AromIUTBT POMYTTUOD PUL = T DD