Financial Reporting

Conceptual Framework for Financial Reporting MCQs with Answers

Conceptual Framework for Financial Reporting Quiz with Answers

The Conceptual Framework for the Financial Reporting (let’s title it just “Framework”) is a basic document that sets objectives and the concepts for general purpose financial reporting. Its predecessor, Framework for the preparation and presentation of the financial statements was issued back in 1989. Then in 2010, IASB published the new document, Conceptual Framework for the Financial Reporting, however, it was a bit unfinished as a few concepts and chapters were missing.

Now Let’s check your knowledge about Conceptual Framework for Financial Reporting

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The carrying amount of an item of property, plant, and equipment generally refers to:

Correct! Wrong!

Which one of the following is the underlying assumption of the financial statement?

Correct! Wrong!

International accounting standard board (IASB) was established in?

Correct! Wrong!

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Which one of the following is not the element of financial statement?

Correct! Wrong!

IFRS Stands for:

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According to IAS which one of the following is the underlying assumption of the financial statement?

Correct! Wrong!

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Which one of the following is not a component of financial statement?

Correct! Wrong!

Approximately how many countries have adopted IFRS around the world?

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Which one of the following is not the element of financial statement?

Correct! Wrong!

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Which one of the following is not the qualitative characteristic of financial statement:

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IASB stands for:

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Which one of the following is the Element of financial statement :

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