statements are correct. 2.11 The primary purpose of financial statements is to___________. A. provide an accurate view of a company's financial position B. inform investors and creditors of a compan

Question: 2.1 The Conceptual Framework is technically___________. A. an IFRS B. an IAS C. a SIC D. an IFRSIC E. none of the above 2.2 General purpose financial statements are designed for ___________. A. internal and external users B. investors, lenders and creditors C. investors D. lenders and other creditors E. none of the above 2.3 Information regarding changes in economic resources and claims can be found on___________. A. SOCI B. SOCF C. SOCIE D. SOFP E. More than one of the above are correct 2.4 Identify which of the following terms, if any, are the fundamental qualitative characteristics of general purpose financial statements A. Prudence B. Neutrality C. Completeness D. All of the above E. None of the above 2.5 In order to achieve faithful representation, the financial statements must be___________. A. Neutral, prudent and timeous B. Neutral, complete and timeous C. Neutral, complete and free from errors D. Neutral, complete and verifiable E. None of the above 2.6 Which of the following are the four enhancing qualitative characteristics of general-purpose financial statements___________. A. Verifiability, prudence, materiality, and consistency B. Verifiability, consistency, materiality and understandability C. Verifiability, consistency, neutrality and understandability D. Verifiability, comparability, neutrality and understandability E. Verifiability, comparability, timeliness and understandability 2.7 Departure from IFRS___________. A. is never allowed B. may be allowed if fair presentation would otherwise not be achieved C. shall be allowed if compliance will be so misleading that it conflicts with the objective of financial statements. D. is always allowed E. None of the above statements are correct. 2.8 The accrual basis of accounting means___________. A. recognising income and expenses in a way that achieves ‘matching’. B. recognising the elements when their definitions are met. C. recognising the elements when their definitions and recognition criteria are met. D. all of the above are correct E. none of the above 2.9 IAS 1 lists certain line-items that should be presented in the statement of financial position and provides guidance regarding whether to present additional items separately. Deciding if additional items need to be presented involves an assessment of:___________. A. the nature, liquidity and function of assets and liabilities. B. the amount, nature, liquidity and function of assets and liabilities. C. the amount, nature, liquidity and function of assets and the amount and nature of liabilities. D. the amount, nature, liquidity and function of assets and the amount, nature and timing of liabilities. E. the nature, liquidity and function of assets and the amount nature and timing of liabilities 2.10 IAS 1 lists certain minimum line-items to be included on the face of the profit or loss section or the face of the statement of profit or loss. Amongst others, these minimum line-items include ___________. A. presenting separately revenue from sales and revenue from services. B. presenting separately revenue from sales, revenue from services and revenue from interest. C. gross profit D. operating profit E. none of the above