A statement of generally accepted theoretical principles which form the frame of reference for financial reporting refers to the

• A.Regulatory Framework.
• B.Conceptual Framework.
• C.International Financial Reporting Standards.
• D.Generally Accepted Accounting Principles.

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Which one of the following countries has the view that Generally Accepted Accounting Principles (GAAP) refers to accounting practices which are regarded as permissible by the accounting profession?

• A.Australia
• B.United Kingdom
• C.Canada
• D.United States of America

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Which one of the following is an objective of the International Federation of Accountants (IFAC)?

• A.to provide advice on accounting standards to the OECD
• B.to issue new international financial reporting standards (IFRS)
• C.to provide direction to the Financial Accounting Standards Board (FASB)
• D.to establish high quality professional standards in accountancy

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Which one of the following shows whether the financial statements of a company show a true and fair presentation of the financial performance of the company?

• A.Statement of cash flows
• B.Corporate Governance Statement
• C.Auditor's Report
• D.Director's Report

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The two fundamental qualitative characteristics of the financial information are

• A.verifiability and relevance.
• B.relevance and faithful representation.
• C.faithful representation and comparability.
• D.relevance and comparability.

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