Which of the following describes the concerns of Level 3 of the conceptual framework for financial reporting?

A. Basic objective

B. Recognition, measurement, and disclosure concepts

C. Fundamental concepts

D. Elements of financial statements

Employee benefits that are expected to be settled wholly before twelve months after the end of the annual reporting people in which the employee rendered the related service are considered what kind of benefits?

A. Short-term benefits

B. Post-employment benefits

C. Termination benefits

D. Long-term benefits

What is the timing of revenue recognition?

A. When it is probable that future economic benefits will flow to the company and reliable measurement of the amount of revenue is possible

B. When the company reports current and non-current classifications in its statement of financial position

C. When economic benefits are received by the company and reliable measurement of the amount of revenue is possible

D. When users have sufficient reasonable knowledge of business and financial accounting matters to understand the information

What is one of the main purposes of the International Financial Reporting Interpretations Committee (IFRIC)?

A. Provide guidance on reporting issues not specifically addressed in International Accounting Standards Board (IASB)'s standards

B. Provide advice to International Accounting Standards Board (IASB) on priorities

C. Monitor International Accounting Standards Board (IASB)'s effectiveness, raise funds, and approve budget

D. Discuss the roles and responsibilities of the International Accounting Standards Board (IASB) and its advisory groups

Company XYZ does not disclose any information in the notes to their financial statements unless the value of the information to users exceeds the expense of gathering it. Which constraint of Level 3 of the conceptual framework does this represent?

A. Cost

B. Materiality

C. Expense

D. Disclosure

IAS 19 classifies employee benefits into four main categories. Which of the following best represent those categories?

A. Wages, short-term benefits, long-term benefits, termination benefits

B. Wages, profit-sharing, bonuses, non-monetary bonuses

C. Short-term benefits, post-employment benefits, long-term benefits, termination benefits

D. Wages, short-term benefits, bonuses, termination benefits

Recognition of revenue when earned and the matching of expenses when incurred describes which of the following practices?

A. Business accounting

B. Cash basis accounting

C. IASB accounting

D. Accrual accounting

What is the present value of any economic benefits available in the form of refunds from or reductions in the future contributions to the defined benefits plan called?

A. Net defined benefit liability (asset)

B. Asset ceiling

C. Fair value

D. Net present value

A US-based company reports information about pending lawsuits in the notes to its financial statements. This is an example of which basic principle of accounting?

A. Full disclosure

B. Expense recognition

C. Going concern

D. Constraints

Why is accounting for short-term employee benefits generally a straightforward process?

A. Because no actuarial assumptions are required to measure the obligation or cost and there is no possibility of any actuarial gain or loss

B. Because short-term employee benefit obligations are measured on a discounted basis

C. Because short-term employee benefits are not provided in exchange for the service of the employee

D. Because the employer is required to incorporate actuarial assumptions into measurement of the obligation and the expenses