ReSA B42 FAR Final Pre-Board
Examination 2024 Actual Questions and
Answers Graded A+
Q: NOT an attribute of accounting
A: it provides quality information
Q: a conceptual for financial reporting is
A: A set of principles which UNDERPIN financial
reporting
Q: A conceptual framework sets out the BROAD rules for
governing financial reporting. The accounting standards
provide the detailed accounting treatment.
A: True
,Q: A conceptual framework sets out the DETAILED
accounting treatment of transactions and other items
A: False
Q: NOT a purpose of a financial reporting conceptual
framework
A: Enforcement of existing reporting practices
Q: The conceptual framework deals with the following
EXCEPT
A: the OBJECTIVE of financial accounting
Q: one of the benefits of having a conceptual framework
of accounting is that it leads to the development of
consistent accounting practices. However, this DOES
NOT make the preparation of accounting standards easier
and may even hamper their development as each new
standard will have to be checked for consistency with the
framework.
,A: True
Q: One of the disadvantages of using a conceptual
framework of accounting is that it CANNOT consider the
needs of ALL users even though each user will have
different needs and requirements
A: True
Q: NOT an advantage of having a conceptual framework
of accounting
A: consider the needs of all users
Q: allowing a choice of alternative accounting treatments
improves the consistency and comparability of financial
statements
False
, The process of providing financial information to external
decision makers is referred to as
A: Financial accounting
Q: financial statements generally include all BUT which
of
A: Income tax return
Q: the objectives of financial reporting are to provide
information EXCEPT
A: information about product lines
Q: the PRIMARY users of general purpose financial
reports are
A: Investors, lenders and other creditors
Examination 2024 Actual Questions and
Answers Graded A+
Q: NOT an attribute of accounting
A: it provides quality information
Q: a conceptual for financial reporting is
A: A set of principles which UNDERPIN financial
reporting
Q: A conceptual framework sets out the BROAD rules for
governing financial reporting. The accounting standards
provide the detailed accounting treatment.
A: True
,Q: A conceptual framework sets out the DETAILED
accounting treatment of transactions and other items
A: False
Q: NOT a purpose of a financial reporting conceptual
framework
A: Enforcement of existing reporting practices
Q: The conceptual framework deals with the following
EXCEPT
A: the OBJECTIVE of financial accounting
Q: one of the benefits of having a conceptual framework
of accounting is that it leads to the development of
consistent accounting practices. However, this DOES
NOT make the preparation of accounting standards easier
and may even hamper their development as each new
standard will have to be checked for consistency with the
framework.
,A: True
Q: One of the disadvantages of using a conceptual
framework of accounting is that it CANNOT consider the
needs of ALL users even though each user will have
different needs and requirements
A: True
Q: NOT an advantage of having a conceptual framework
of accounting
A: consider the needs of all users
Q: allowing a choice of alternative accounting treatments
improves the consistency and comparability of financial
statements
False
, The process of providing financial information to external
decision makers is referred to as
A: Financial accounting
Q: financial statements generally include all BUT which
of
A: Income tax return
Q: the objectives of financial reporting are to provide
information EXCEPT
A: information about product lines
Q: the PRIMARY users of general purpose financial
reports are
A: Investors, lenders and other creditors
