1) Which one of these is not part of the elements of financial statements that are directly related to the measurement of financial position?
A) Equity
B) Assets
C) Income
2) Which one of these is not a qualitative characteristics of financial statements?
A) Understandability
B) Comprehensiveness
C) Relevance
3) Which one of these is not a characteristics of an effective financial reporting framework?
A) Consistency
B) Transparency
C) Reliability
4) Which one of these is not required to be filed annually by the SEC?
A) Forms 10K
B) Forms 10-Q
C) Annual Report
5) Which of these forms is filed to report employee stock purchases, savings, and similar plans?
A) Form 8K
B) Form 6K
C) Form 11K
6) Which of these is a barrier to a single coherent framework?
A) Materiality
B) Valuation
C) Comparability作者: Bluetick1010 时间: 2011-7-11 19:46
all the way till the end huh Damil....... . .
c
b
c
b
c? - not sure what this is
b作者: Bulla564 时间: 2011-7-11 19:46
5 is C. An 8k is material events and a 6k is something to do with foreign investors.
C
B
A
B
C
C作者: suyash1989 时间: 2011-7-11 19:46
like when valuing historical costs作者: ramzes 时间: 2011-7-11 19:46
Yep, valuation is it because, for instance, IFRS differ on revaluing assets.作者: Daniel1985 时间: 2011-7-11 19:46
C
B
C
B
A?
B作者: siavosh 时间: 2011-7-11 19:46
Just looked it up. Form 6K is for non-US companies who have issued securities in the US. Form 11K is to report employee stock purchases, etc., and Form 8K is to announce significant changes in the company, ie: bankruptcy, M&A, etc.作者: sdada 时间: 2011-7-11 19:46
What is the correct answer to 3?作者: bluejazzy 时间: 2011-7-11 19:46
Correct Answers
C
B
C
C
C
B作者: sgupta0827 时间: 2011-7-11 19:46
Reliability, Relevance, Comparability, Understandability for the qual characteristics of fin statements.
Transparency and Consistency for the framework?作者: btcapital 时间: 2011-7-11 19:46
Did you just say noob? Really?作者: dcfox83 时间: 2011-7-11 19:46
Unfortunately so. We're less than 24 hours from D-Day so I am allowed immunity!作者: joemoran 时间: 2011-7-11 19:46
They wouldn't ask #4 on the actual exam. It's misleading because 10-Qs have to be filed quarterly, not annually. Doesn't annually imply ONCE per year?
