The Conceptual Framework identifies an UNDERLYING ASSUMPTION in preparing financial statements. This is（）
A. Going concern
B. Materiality
C. Substance over form
D. Accruals
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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
Which of the following would NOT be an advantage of adopting IFRS（）
A. It would be easier for investors to compare the financial statements of companies with those of foreign competitors
B. Cross-border listing would be facilitated
C. Accountants and auditors would have more defence in case of litigation
D. Multinational companies could more easily transfer accounting staff across national borders
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