QUESTION: 17

Which of the following is a benefit of moving toward a single set of standards?

Create equity across the economies of different countries
Reduce the number of cross-border capital flows
Greater comparability between companies equals lower cost to investors
Less competition among exchanges

Answer(s): C

QUESTION: 18

The economic activities of US-based Company XYZ is divided into 12-month periods for the purpose of issuing annual reports. Which basic assumption of accounting does this practice represent?

Going concern
Monetary unit
Periodicity
Economic entity

Answer(s): C

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QUESTION: 19

Employee benefits that are not short-term, post-employment or termination benefits are considered what kind of benefits?

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

Answer(s): D

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QUESTION: 20

One of the reasons preparers use the conceptual framework is to:

Develop accounting policies in the absence of specific standards
Document a historical record of all judgments
Develop alternate interpretations of specific standards
Encourage change to standards as Board members change

Answer(s): A

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QUESTION: 17

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QUESTION: 20

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