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APF-CFASpace Nan Chen CFA Level I

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详解: 请观看视频 Practice Problems Financial Reporting Standards Financial Reporting Standards Describe the objective of financial statements and the importance of financial reporting standards in security analysis and valuation 1 The objective of financial statements is best described as to: B A. aid in the evaluation of potential equity and debt investments. B. provide economic decision makers with useful information about a firm's financial performance and changes in financial position. C. provide shareholders detailed information about the performance and financial position of the firm. Describe the financial reporting standard-setting bodies and regulatory authorities; the role of IOSCO 2 Financial reporting standards are most likely enforced by: B A. both standard-setting bodies and regulatory bodies. B. regulatory authorities, such as the SEC and IOSC, only. C. standard-setting bodies, such as the FASB and IASB, only. 3 Which of the following statements is most accurate respect to financial B reporting requirements? A. Regulatory authorities are typically private sector, self-regulated organizations. B. Standard-setting bodies have authority because they are recognized by regulatory agencies. C. The requirement to prepare financial reports in accordance with specified accounting standards is the responsibility of standard-setting bodies. 1

APF-CFASpace Nan Chen CFA Level I 4 Which of the following statements best describes the role of the International C Organization of Securities Commissions (IOSCO)? The IOSCO: A. is responsible for regulating financial markets of member nations. B. is the oversight body to which the International Accounting Standards Board (IASB) reports. C. assists in attaining the goal of cross-border cooperation in combating violations of securities laws. 5 Which of the following is least likely to be considered an objective of financial C market regulation according the International Organization of Securities Commissions (IOSCO)? A. Reduce systemic risk. B. Ensure the fairness, efficiency and transparency of markets. C. Develop individual financial regulatory standards for each country to reflect the unique needs of each market. Describe the status of global convergence of accounting standards and barriers to convergence 6 Which of the following is least likely to be considered a barrier to B developing one universally recognized set of reporting standards? A. Differences of opinion among various regulatory bodies. B. Reluctance of rims to adhere to a single set of reporting standards. C. Political pressure from stakeholders affected by reporting standards. 2

APF-CFASpace Nan Chen CFA Level I Describe the conceptual framework of IASB *objective and qualitative characteristics of financial statements; *required reporting elements; *constraints and assumptions in preparing financial statements. 7 Accounting to the International Accounting Standards Board’s C 8 Conceptual Framework for Financial Reporting, the two fundamental qualitative characteristics that make financial information useful are best described as: A. timeliness and accrual accounting B. understandability and verifiability C. relevance and faithful representation Under the IASB Conceptual Framework, one of the qualitative A characteristics of useful financial information is that different knowledgeable users would agree that the information is a faithful representation of the economic events that it is intended to represent. This characteristic is best described as: A. verifiability. B. comparability. C. understandability. 3

APF-CFASpace Nan Chen CFA Level I To be recognized as a financial statement element under the IFRS A Framework for the Preparation and Presentation of Financial Statements an element most appropriately needs to: A. have a cost or value that can be measured with reliability. B. normally be carried at historical cost, current cost or fair market value. C. provide certainty that any future economic benefit associated with the item will flow to or from the enterprise. 10 Which of the following is a constraint as defined in the International B Financial Reporting Standards (IFRS) Framework for the Preparation and Presentation of Financial Statements? A. Neutrality B. Timeliness C. Going concern 11 The two primary assumptions in preparing financial statements under A IFRS are: A. accrual and going concern. B. reasonable accuracy and accrual. C. going concern and reasonable accuracy. 12 The presence of current and long-term liabilities and assets in the balance C sheet is a clear indication which principle has been applied? A. Accruals. B. Matching. C. Going concern. 9 Describe general requirements for financial statements under IFRS *required financial statements *general features for preparing financial statements *structure and content of financial statements 4