4. According to PAS 1 Presentation of Financial Statements, thegeneral features of financial statements include all of thefollowing, excepta. Fair presentation and compliance with PFRSSb. Comparability of presentationc. Materiality and aggregation,d. Comparative information5. According to PAS 1 Presentation of Financial Statements,inappropriate accounting policies area. rectified either by disclosure of the accounting policiesused or by notes or explanatory material.b. not rectified either by disclosure of the accounting policiesused or by notes or explanatory material.C. permitted as long as they are used consistently fromperiod to period.d. disclosed in the notes only.

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According to PAS 1 Presentation of Financial Statements, the general features of financial statements include all of the following, except a. Fair presentation and compliance with PFRSS b. Comparability of presentation c. Materiality and aggregation, d. Comparative information

According to PAS 1 Presentation of Financial Statements, the general features of financial statements include all of the following, except a. Fair presentation and compliance with PFRSS b. Comparability of presentation c. Materiality and aggregation, d. Comparative information

Auditing: A Risk Based-Approach to Conducting a Quality Audit

10th Edition

ISBN:9781305080577

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter17: Other Services Provided By Audit Firms

Section: Chapter Questions

Problem 24MCQ

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Which statement is incorrect? a. Notes to financial statements provide narrative description or disaggregation of items disclosed in F/S and information about items that do not qualify for recognition. b. Notes to financial statements are an integral part of financial statements. c. Notes to financial statements amplify the items presented in the financial statements. d. Notes to financial statements is the best demonstration of the standard of adequate disclosure. e. none of the above
Which of the following is true regarding whether IFRS specifically addresses the accounting and reporting for effects of changes in accounting policies? Direct Effects Indirect Effects a. Yes Yes b. No No c. No Yes d. Yes No
Choose the letter of the correct answer.
What is not a financial statement assertion are:a. Accuracyb. Completenessc. Presentation and disclosured. Occurrence
23. What is the process of incorporating an item in the statement of financial position or statement of profit or loss and other comprehensive income, when it meets the definition criteria? a. None of the options b. De-recognition c. Recognition d. Measurement
Which of the following is not an objective of the conceptual framework? O a. Provides guidance for transactions not addressed in existing accounting standards O b. Enables implementation of one universal set of accounting standards O c. Enables consistency of qualitative characteristics in financial reports O d. Addresses the common needs of users of financial reports
Which of the following is not an advantage of accounting standards? Select one: a. All of the given answers are correct. b. It reduces the reliability of financial statements. c. It helps to attain uniformity in accounting. d. It provides guidance on the content and presentation of financial statements.
Prior period errors: a. Do not include mistake in the application of policy b. Do not affect presentation of financial statements c. Do not require further disclosure d. Are omissions and misstatements in the financial statements of prior periods
The following characteristics refer to financial accounting, excepta, Provides information to external usersb. Emphasizes on objective datac. Has no externally imposed standardsd. Generates general purpose financial statements.
which of the following in not related to standards of reporting Select one: a. The report shall identify those circumstances in which such principles have not been consistently observed in the current period in relation to the preceding period b. The report shall state whether the financial statements are presented in accordance with generally accepted accounting principles c. The report shall contain either an expression of opinion regarding the financial statements, taken as a whole, or an assertion to the effect that an opinion cannot be expressed d. A sufficient understanding of internal control is to be obtained to plan the audit and to determine the nature, timing, and extent of tests to be performed. e. All Of the above are standards of reporting
9. Consider Special Reports. What type involves a "different basis of accounting"? a. Agreed-upon-procedures. b. Compliance Report. c. Special Purpose Framework. d. Specified Elements, Accounts.
When it is difficult to distinguish a change in accounting policy from achange in an accounting estimate, the change is treated as A. Change in accounting estimate with appropriate disclosureB. Change in accounting policyC. Correction of an errorD. Initial adoption of an accounting policy