The primary objective of financial management Can be in the form of a. Maximise the entity’s asset b. Minimise an entity’s liabilities c. Achieve a balance between risk and return d. Achieve a balance between current assets and current liabilities
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- Working capital is an indication of the firms ________. A. asset utilization B. amount of noncurrent liabilities C. liquidity D. amount of noncurrent assetsIn general, how does the income statement help satisfy the objectives of financial reporting?The accounting equation underlies the process used to capture the effect of economic events. The equation (Assets = Liabilities + Owners’ Equity) implies an equality between the total economic resourcesof an entity (its assets) and the total claims against the entity (liabilities and equity). It also implies thateach economic event affecting this equation will have a dual effect because resources always must equalclaims.
- This concerns ensuring that company assets are being used efficiently. a. Financial planning b. Financial control c. Financial decision-making d. Financial asset efficiencyWhich of the following is ascertained from the income and expenses of an entity? A financial position B liquidity C financial performance D solvencyWhat is the qualitative characteristic of financial statements according to the Framework? a. Qualitative characteristics are broad classes of financial effects of transactions and other events b. Qualitative characteristics are the attributes that make the information provided in financial statements useful to others c. Qualitative characteristics measure the extent to which an entity has complied with all relevant standards. d. Qualitative characteristics are non-quantitative aspects of an entity’s position and performance and changes in financial position.
- Recognition is the process of: A. Capturing, for inclusion in the statement of financial position or the statement(s) of financial performance, an item that meets the definition of one of the elements of the financial statements—an asset, a liability, equity, income or expenses B. Determining where an item should be presented in the financial statements C. Sorting assets, liabilities, equity, income or expenses on the basis of shared characteristics D. Adding together of assets, liabilities, equity, income or expenses that have shared characteristicsWhat are the qualitative characteristics of financial statements according to the Framework? Qualitative characteristics are broad classes of financial effects of transactions and other events Qualitative characteristics are the attributes that make the information provided in financial statements useful to others. Qualitative characteristics measure the extent to which an entity has complied with all relevant Standards and Interpretations. Qualitative characteristics are non-quantitative aspects of an entity’s position and performance and changes in financial positionAccording to CF of IASB Determining how an asset or liability should be measured should ideally be linked to: Select one: a. All of above b. the perceived objectives of general purpose financial reporting c. to provide information beneficial to decisions involve buying, selling or holding equity and debt instruments, and providing or settling loans and other forms of credit. d. usefulness to existing and potential investors, lenders and other creditors in making decisions about providing resources to the entity
- According to Conceptual Framework, what is the primary objective of financial reporting? Select one: Provide information about those investing in the entity Provide information that is useful to management Provide information that is useful to those making investing and credit decisions All of these answer choices are correctThe relationship between current assets and current liabilities is a. useful in determining profitability. b. useful in evaluating a company’s liquidity. c. useful in evaluating a company’s solvency. d. useful in determining the amount of a company’s non-current debt.The International Accounting Standards Board’s Conceptual Framework for Financial Reporting defines an asset as:A A resource controlled by an entity which is capable of generating independent cash flows.B A resource capable of generating income for the entityC A resource owned by an entity as a result of a past events, from which future economic benefits are expected.D A resource controlled by an entity as a result of past events, from which future economic benefits are expected.
