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According to IASB's Conceptual Framework, an expense is a decrease in economic benefits in the form of
I.
outflows.
II.
decreases of assets.
III.
incurrences of liabilities.
IV.
contributions to equity holders.- A. I, II and IV only
- B. I, II and III only
- C. II, III and IV only
- D. I, III and IV only
Answer: B
NEW QUESTION 31
Which one of the following would be included in the statement of financial position?- A. depreciation
- B. distribution costs
- C. deferred tax
- D. gains on property valuations
Answer: C
NEW QUESTION 32
Restrictions on the scope of a specific accounting standard are stated in- A. that specific standard.
- B. the IASB's Conceptual Framework.
- C. various Statements of Accounting Concepts (SACs) issued by the AASB.
- D. the explanatory materials provided by the AASB.
Answer: A
NEW QUESTION 33
Which one of the following is an advantage of current purchasing power accounting?- A. It provides a clear use of indices which approximates the measurement of value.
- B. It supposes that value of net assets clearly reflects general goods and services are bought once assets were released.
- C. It enables raw data to be just easily verifiable but not auditable.
- D. It provides a stable monetary unit that values profit and capital.
Answer: D
NEW QUESTION 34
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