Which of the following statements about the requirements of IAS 37 Provisions, contingent liabilities and contingent assets
are correct?
1 A contingent asset should be disclosed by note if an inflow of economic benefits is probable.
2 No disclosure of a contingent liability is required if the possibility of a transfer of economic benefits arising is remote.
3 Contingent assets must not be recognised in financial statements unless an inflow of economicbenefits is virtually certain to arise
All 3 statements are correct
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Which accounting concept should be considered if the owner of a business takes goods from inventory for his own personal
use?
Which accounting concept should be considered if the owner of a business takes goods from inventory for his own personal
use?
According to the IASB's Conceptual Framework for Financial Reporting, which TWO of the following are part of faithful
representation?1 It is neutral2 It is relevant3 It is presented fairly4 It is free from material error
Which of the following accounting concepts means that similar items should receive a similar accounting treatment?
Listed below are some characteristics of financial information.1 Relevance2 Consistency3 Faithful representation4 Accuracy
Which of these are qualitative characteristics of financial information according to the IASB's Conceptual Framework for
Financial Reporting?
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