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NEW QUESTION 23
Restrictions on the scope of a specific accounting standard are stated in

A. various Statements of Accounting Concepts (SACs) issued by the AASB.B. that specific standard.C. the IASB's Conceptual Framework.D. the explanatory materials provided by the AASB.

Answer: B

 

NEW QUESTION 24
Which one of the following would be included in a statement of financial position?

A. finance costsB. retained earningsC. proceeds from long term borrowingsD. cost of sales

Answer: B

 

NEW QUESTION 25
Which one of the following financial statements helps provide information about factors that might affect an entity's liquidity or solvency?

A. statement of changes in equityB. statement of cash flowsC. notes to the financial statementsD. statement of profit or loss and other comprehensive income

Answer: B

 

NEW QUESTION 26
Which of the following are the stated objectives of the International Accounting Standards Board (IASB)?
I)Enforce accounting standards.
II)Develop accounting standards.
III)Work for convergence of accounting standards.

A. I onlyB. II and III onlyC. III onlyD. I and II only

Answer: B

 

NEW QUESTION 27
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