单选题 Correcting the recognition, measurement and disclosure of amounts of financial statement elements as if a prior period error had never occurred is known as:

A、 prior period application.

B、 retrospective restatement.

C、 retrospective application.

D、 historical restatement.

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单选题 Which of the following statements about the Conceptual Framework is true?

A、 The Conceptual Framework deals with the objective of special purpose financial statements.

B、 The Conceptual Framework deals with the objective of general purpose financial statements.

C、 The Conceptual Framework for Financial Reporting provides guidelines intended to meet the information needs of a range of users who are able to command that reports be prepared to their own particular needs.

D、 the Conceptual Framework for Financial Reporting, SAC 1, and SAC 2 provides guidelines on the preparation of financial statements for a specific group of users.

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单选题 The two recognition criteria for the elements of financial statements are:

A、 Faithful representation and Existence of economic benefits.

B、 relevant and faithful representation.

C、 Probability of occurrence and Control.

D、 Existence of economic benefits and Control.

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单选题 Which of the following statements is correct?

A、 Equity is increased by profit and owner contributions.

B、 Equity cannot be sub-classified in the statement of financial position.

C、 Equity is decreased by an entity's income.

D、 Equity is defined as 'the residual interest in the assets of the entity after deducting all its expenses'.

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单选题 The two fundamental qualitative characteristics of useful information are:

A、 faithful representation and comparability.

B、 relevance and faithful representation.

C、 materiality and timeliness.

D、 understandability and verifiability.

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单选题 Fiona's Flowers rents a small shop located in the outskirts of Sydney. In accordance with the Conceptual Framework, Fiona's Flowers should recognise the monthly payment for the shop rental as:

A、 a decrease in assets and an increase in expense.

B、 a decrease in assets and an increase in equity.

C、 an increase in income and a decrease in liabilities.

D、 a decrease in assets and a decrease in income.

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单选题 For information to be considered material:

A、 it must not include any bias.

B、 its omission or misstatement could influence users' decision-making.

C、 it must be complete.

D、 it has a predictive or confirmatory value.

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单选题 An example of an expense, as defined in the Conceptual Framework, is: