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Question 12/138
The Framework is described as a conceptual framework when used in the creation of new accounting standards.
Which ONE of the following describes the approach of the Framework?
Which ONE of the following describes the approach of the Framework?
Correct Answer: C
- Question List (138q)
- Question 1: The suspense account of a company was opened with a credit b...
- Question 2: Which TWO of the following are transactions that would be re...
- Question 3: Refer to the Exhibit. (Exhibit) Wilton Limited is preparing ...
- Question 4: A company which is VAT registered, has sales for the period ...
- Question 5: An asset may best be defined as:...
- Question 6: Refer to the Exhibit. (Exhibit) The following information is...
- Question 7: One of the main responsibilities of internal auditors is to ...
- Question 8: "To assure shareholders that the stewardship of the organiza...
- Question 9: VWX is registered for sales tax in Country B A sales invoice...
- Question 10: The formula for calculating payables days is...
- Question 11: The petty cash imprest is restored to £500 at the end of eac...
- Question 12: The Framework is described as a conceptual framework when us...
- Question 13: ABC produces accounts lo the year ended 31 December annually...
- Question 14: MHJ purchased an asset for £53,500, which incurred a deliver...
- Question 15: Refer to the exhibit. (Exhibit) The trial balance of Monchu ...
- Question 16: A company's financial statements show a gross profit of $15 ...
- Question 17: The trial balance shows the debit total as $200 less than th...
- Question 18: Select the THREE INCORRECT statements from the following lis...
- Question 19: Which of the following is the final document in the audit tr...
- Question 20: A business buys a new production line at a cost of £100,000....
- Question 21: Refer to the exhibit. (Exhibit) The following is an extract ...
- Question 22: Which of the following would be a role of the management acc...
- Question 23: External auditors report their opinion to the members of the...
- Question 24: Financial controls are needed in order to:...
- Question 25: The prime cost of goods manufactured is the total of:...
- Question 26: Which one of the following would not be considered a purpose...
- Question 27: Company P are looking to create a balance sheet. Which of th...
- Question 28: If an auditor expresses an opinion of `fair presentation' on...
- Question 29: Before lending to an entity, which TWO of the following piec...
- Question 30: Principles based accounting uses a conceptual basis to provi...
- Question 31: CDE, an entity registered for sales tax, purchases a piece o...
- Question 32: Refer to the Exhibit. (Exhibit) A company operates a FIFO sy...
- Question 33: Financial statements should present fairly the financial pos...
- Question 34: At the beginning of the year, a club's Membership Subscripti...
- Question 35: External auditors are primarily responsible for:...
- Question 36: Which ONE of the following organizations issues Internationa...
- Question 37: HJK has maintained minimal accounting records during the yea...
- Question 38: On 1 March, a company made a payment of $6,000, in respect o...
- Question 39: Refer to the Exhibit. (Exhibit) A business writes a cheque u...
- Question 40: Which THREE of the following are improved by the use of acco...
- Question 41: W and Partners has an opening capital balance at 1 January o...
- Question 42: Which of the following would meet the definition of a liabil...
- Question 43: Entity HJ is a small business. In the period. Entity Hj earn...
- Question 44: Comany D recently purchased an intangible asset from Company...
- Question 45: A company had disposed of a non-current asset for $4,000 dur...
- Question 46: Refer to the Exhibit. (Exhibit) A business has three non-cur...
- Question 47: Refer to the exhibit. (Exhibit) A company has the following ...
- Question 48: The following is an extract of the trial balance of XYZ as a...
- Question 49: Store Y believe customer XF will not be able to pay his £300...
- Question 50: Refer to the Exhibit. (Exhibit) A company that is VAT-regist...
- Question 51: Refer to the Exhibit. (Exhibit) The following information re...
- Question 52: FGH has extracted its trial balance from its nominal ledger ...
- Question 53: The Finance Director of EFG company has made the following s...
- Question 54: Which THREE of the following internal controls are procedure...
- Question 55: Which of the following represent liabilities of a business?...
- Question 56: Which of the following would be a good method of segregating...
- Question 57: The role of the internal auditors is primarily to:...
- Question 58: Cost of goods sold for a manufacturing company is the total ...
- Question 59: A trial balance should be extracted from the ledger accounts...
- Question 60: Non-current assets can be divided between intangible and tan...
- Question 61: Which one of the following book-keeping errors does not affe...
- Question 62: The issue of a company's shares for more than their normal v...
- Question 63: Refer to the Exhibit. (Exhibit) Soffit plc is calculating it...
- Question 64: In times of rising prices, the 'FIFO' method of inventory va...
- Question 65: The correct journal entries for subscriptions paid in advanc...
- Question 66: Which TWO of the following are responsibilities of the IFRS ...
- Question 67: At the beginning of the year, an organization's non-current ...
- Question 68: Refer to the Exhibit. (Exhibit) A company has the following ...
- Question 69: Which one of the following is an example of where the accrua...
- Question 70: Refer to the exhibit. (Exhibit) The following information is...
- Question 71: Refer to the Exhibit. (Exhibit) Transactions are often categ...
- Question 72: Which of the following is an example of a transaction that a...
- Question 73: Which of the following transactions would be classified as a...
- Question 74: Accounting records should be kept by all businesses for many...
- Question 75: An organization's cash book has an opening balance in the ba...
- Question 76: Refer to the Exhibit. (Exhibit) Which of the following would...
- Question 77: A liability may best be defined as:...
- Question 78: Which ONE of the following is a possible explanation for a d...
- Question 79: A trial balance is extracted from the ledger accounts at the...
- Question 80: Refer to the Exhibit. (Exhibit) The Financial Accountant for...
- Question 81: Different users have different needs from financial informat...
- Question 82: MNO operates an imprest system to maintain a float of petty ...
- Question 83: Which one of the following best describes the stewardship fu...
- Question 84: An internal audit is an independent appraisal function estab...
- Question 85: The financial statements are produced in accordance with rel...
- Question 86: Entity V has a cost of sales of £23,850 for last year. Entit...
- Question 87: Which THREE of the following would be recorded as a debit ba...
- Question 88: Refer to the Exhibit. (Exhibit) A company operates a FIFO sy...
- Question 89: Refer to the exhibit. (Exhibit) A company has the following ...
- Question 90: Accounting codes have proven to be very useful when recordin...
- Question 91: In a manufacturing company, prime costs is the total of...
- Question 92: The financial accounts, as prepared by the directors of a co...
- Question 93: Which TWO of the following are characteristics of financial ...
- Question 94: Refer to the Exhibit. (Exhibit) At the beginning of the mont...
- Question 95: Refer to the exhibit. (Exhibit) ABC has the equity balances ...
- Question 96: Which of the following is an error of principle?...
- Question 97: Your organization paid $120250 in net wages to its employees...
- Question 98: Which one of the following would not be considered one of th...
- Question 99: Refer to the Exhibit. (Exhibit) Ax minster Limited is calcul...
- Question 100: Which TWO of the following are features of a private limited...
- Question 101: The balance on LMN's cash account at 31 December 20X6 is $10...
- Question 102: There are four separate but related bodies which control the...
- Question 103: Refer to the exhibit. (Exhibit) The following is an extract ...
- Question 104: If closing inventory at the end of an accounting period is o...
- Question 105: The role of the internal auditors is primarily to:...
- Question 106: What will be the effect on the financial statements if the c...
- Question 107: The accumulated fund is equal to:...
- Question 108: The valuation of inventory in a manufacturing company will c...
- Question 109: The profit earned by Subramanian in 2006 was £ 50,000. He in...
- Question 110: A company's cashbook has an opening balance of £4,860 debit....
- Question 111: BCD has the following balances for the year ended 31 Decembe...
- Question 112: Which of the following would not require an adjustment to be...
- Question 113: Which of the following is not a correct definition of the ac...
- Question 114: Which of the following transactions would be classified as a...
- Question 115: Refer to the exhibit. (Exhibit) In a statement of cash flows...
- Question 116: The Accounting Standards Board is responsible for:...
- Question 117: In a statement of cash flows, which one of the following wou...
- Question 118: Refer to the Exhibit. (Exhibit) A company is preparing its a...
- Question 119: The external auditor seeks to provide an opinion on whether ...
- Question 120: Which of the following is not a book of prime entry?...
- Question 121: ABC manufactures vehicle engines and purchases components fr...
- Question 122: Which of the following transactions in the current year expl...
- Question 123: An external audit is an independent examination of, and expr...
- Question 124: GG has the following statement of profit or loss extract for...
- Question 125: If the royalty cost falls on items used in the manufacturing...
- Question 126: A company has authorized capital of 100,000 5% preference sh...
- Question 127: Refer to the exhibit. (Exhibit) A business has the following...
- Question 128: The method of accounting that attempts to recognize changing...
- Question 129: JW's debits total £10,502 for this period. JW's credits tota...
- Question 130: Refer to the Exhibit. (Exhibit) Which of the following items...
- Question 131: If a profitable entity is not required to register for sales...
- Question 132: A business has come to you for advice. There are about to st...
- Question 133: The owner of a business takes goods from inventory for his o...
- Question 134: Mr UY has just had property P re-valued. Mr UY originally pu...
- Question 135: ABC has the following summary of transactions for the quarte...
- Question 136: Refer to the Exhibit. (Exhibit) The correct ledger entry for...
- Question 137: Refer to the Exhibit. (Exhibit) John, an employee of Kelt Lt...
- Question 138: Refer to the Exhibit. (Exhibit) The following information is...
