Which one of the following would be included in a statement of financial position?

• A.cost of sales
• B.finance costs
• C.proceeds from long term borrowings
• D.retained earnings

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In the context of a regulatory framework, a principles-based system

• A.attempts to cover specific eventualities.
• B.is a rule-driven approach.
• C.provides a theoretical basis with broad terms of reference.
• D.removes any element of judgement by providing clear requirements.

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The International Accounting Standards Board's Conceptual Framework for Financial Reporting for the preparation and presentation of financial statements is concerned with the information needs of most users, but not for each possible user.
Which one of the following stakeholders would not be one of the users that the Conceptual Framework is concerned about?

• A.potential investors in the company
• B.members of the public who have small investment holdings in the company
• C.governments and regulatory bodies
• D.a company's executive management

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A statement of comprehensive income reports on

• A.changes in financial position.
• B.financial performance.
• C.solvency.
• D.financial position.

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Current cost accounting reflects an approach to capital maintenance based on maintaining which one of the following?

• A.cost of assets in the business
• B.financial capability of the business
• C.profitability of the business
• D.operating capability of the business

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