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STANDARD SETTING
CONCEPTUAL FRAMEWORK
Fundamental Characteristics
Qualitative Characteristics
c. Prudent
d. Reliable
33. Under PFRS Conceptual Framework (2010), which of the
following is considered a fundamental characteristic rather than an
enhancing characteristic of financial information
a. Faithful representation
b. Timeliness
c. Understandability
d. Verifiability
34. Under the Conceptual Framework for Financial Reporting 2010,
which of the following characteristics replaces the reliability
characteristic under the old Conceptual Framework?
a. Faithful representation
b. Prudence
c. Substance over form
d. Verifiability
35. Freedom from error relates to which qualitative characteristic
of the Conceptual Framework?
a. Faithful representation
b. Relevance
c. Understandability
d. Verifiability
36. Which of the following terms describing information in the
financial statements are properly matched?
a. Prudent and relevant
b. Reliable and verifiable
c. Unbiased and neutral
d. Understandable and comparable
37. Which of the following is not an ingredient of faithful
representation according to Conceptual Framework for Financial
Reporting?
a. Completeness
b. Confirmatory value
c. Freedom from error
d. Neutrality
38. Which of the following is not listed under the faithful
representation characteristic of financial information based on the
Conceptual Framework of Financial Reporting?
a. Completeness
b. Freedom from error
c. Neutrality
d. Prudence
39. Which two characteristics of financial information are part of
the reliability characteristic under the old Conceptual Framework
BALIUAG UNIVERSITY
CPA REVIEW 2016-2017
THEORY OF ACCOUNTS VEA
a. Yes, Yes
b. Yes, No
c. No, Yes
d. No, No
69. The current cost basis of accounting is specifically required
under
a. Any circumstances
b. Physical capital maintenance concept
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c. Depreciation
d. Officers salaries
75. Which is an example of the principle of systematic and rational
allocation?
a. Amortization of intangible asset
b. Cost of goods sold
c. Research and development cost
d. Salesmens salaries
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