Company XYZ does not disclose any information in the notes to their financial statements unless the value of the information to users exceeds the expense of gathering it. Which constraint of Level 3 of the conceptual framework does this represent?
A. Cost
B. Materiality
C. Expense
D. Disclosure
Which of the following is the best description of liquidity?
A. The historical cost of an asset
B. The fair value of an asset
C. The ease of converting a noncash asset to cash
D. Liabilities, minus equity
Paid annual leave and paid sick leave are examples of which kind of employee benefits?
A. Short-term benefits
B. Post-employment benefits
C. Termination benefits
D. Long-term benefits
When a company provides information that is of sufficient importance to influence the judgment and decisions of an informed user, which principle of Level 3 of the conceptual framework is being represented?
A. Faithful representation
B. Measurement
C. Full disclosure
D. Going concern
Which of the following is true of liabilities?
A. Current liabilities come due in less than a year
B. Current liabilities come due in less than 18 months
C. Noncurrent liabilities come due in less than a year
D. Both current and noncurrent liabilities come due in less than a year
Defined contribution plans are an example of which kind of employee benefits?
A. Short-term benefits
B. Post-employment benefits
C. Termination benefits
D. Long-term benefits
Issuance of interim reports is an example of what enhancing characteristic?
A. Comparability
B. Verifiability
C. Relevance
D. Timeliness
What is the main objective of IAS 19?
A. To prescribe the accounting and disclosure for employee benefits
B. To prescribe the timing of payments
C. To draw a distinction between long and short term benefits
D. To draw a distinction between a defined contribution and defined benefit plan
One of the reasons preparers use the conceptual framework is to:
A. Develop accounting policies in the absence of specific standards
B. Document a historical record of all judgments
C. Develop alternate interpretations of specific standards
D. Encourage change to standards as Board members change
What is one of the main purposes of the International Financial Reporting Interpretations Committee (IFRIC)?
A. Provide guidance on reporting issues not specifically addressed in International Accounting Standards Board (IASB)'s standards
B. Provide advice to International Accounting Standards Board (IASB) on priorities
C. Monitor International Accounting Standards Board (IASB)'s effectiveness, raise funds, and approve budget
D. Discuss the roles and responsibilities of the International Accounting Standards Board (IASB) and its advisory groups
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