QUESTION: 9

Which of the following describes the concerns of Level 3 of the conceptual framework for financial reporting?

Basic objective
Recognition, measurement, and disclosure concepts
Fundamental concepts
Elements of financial statements

Answer(s): B

Employee benefits that are expected to be settled wholly before twelve months after the end of the annual reporting people in which the employee rendered the related service are considered what kind of benefits?

Short-term benefits
Post-employment benefits
Termination benefits
Long-term benefits

Answer(s): A

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QUESTION: 11

Employee benefits provided in exchange for the end of an employee’s employment are considered what kind of benefits?

Short-term benefits
Post-employment benefits
Termination benefits
Long-term benefits

Answer(s): C

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QUESTION: 12

The International Accounting Standards Board (IASB) has given companies the option to use fair value as the basis for measurement of financial assets and liabilities. Which of the following best defines fair value?

A residual interest in the assets of the entity after deducting all its liabilities
Faithful representation of the amount paid for a given item
Amount for which an asset could be exchanged or a liability settled between knowledgeable, willing parties in an arm’s length transaction
Quality of information that confirms users’ earlier expectations

Answer(s): C

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QUESTION: 9

QUESTION: 10

QUESTION: 11

QUESTION: 12

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