Which of the following would not NECESSARILY lead to a liability being classified as a current liability（）
A. The liability is expected to be settled in the course of the entity’s norma! operating cycle
B. The liability has arisen during the current accounting period
C. The liability is held primarily for the purpose of trading
D. The liability is due to be settled within 12 months after the end of the reporting period
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The Conceptual Framework identifies an UNDERLYING ASSUMPTION in preparing financial statements. This is（）
A. Going concern
B. Materiality
C. Substance over form
D. Accruals
Which of the following would correctly describe the net realisable value of a two year old asset（）
A. The original cost of the asset less two years’ depreciation
B. The amount that could be obtained from selling the asset, less any costs of disposal
C. The cost of an equivalent new asset less two years’ depreciation
D. The present value of the future cash flows obtainable from continuing to use the asset
Which one of the following statements regarding systems of regulation of accounting is true（）
A principles-based system will require more detailed regulations than a rules-based system
B. A rules-based system will tend to give rise to a smaller number of accounting standards than a principles-based system
C. A principles-based system seeks to cover every eventuality
D. A principles-based system requires the exercise of more judgement in application than a rules-based system
which of the following are NOT items required by IAS 1 Presentation of Financial Statements to be shown on the face of the statement of financial position（）
A. Inventories
B. Provisions
C. Government grants
D. Intangible assets
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