answer the following mcqs just write answers

1. A Regulatory frameworkfor the preparation of financial statements is necessary for reason: Required to answer. Single choice.

(1 Point)

To minimize the risk of misstatement inaccounts.

All of above

To increase users' confidence in the financial reporting process.

To regulate the behavior of companies and directors towards

12.

Final Version of Conceptual Framework was issued in year:Required to answer. Single choice.

(1 Point)

2018

2019

2017

2015

13.

Any item with following features in Financial Statements is Called ___________:

a. Economic Resource.

b. In Control of an entity.

c. Probable inflow of future economic benefit.Required to answer. Single choice.

(1 Point)

Income

Equity

Assets

Liabilities

14.

Net Realizable Value = ?Required to answer. Single choice.

(1 Point)

Expected Selling Price Less Total Selling Cost

Selling Price Less Discounts

None of above

Fair Value Less Selling Price

15.

IAS 1 requires an entity to clearly identify the following information must be displayed prominently, and repeated as necessary:Required to answer. Single choice.

(1 Point)

Information about the reporting period

The name of the reporting entity and any change in the name whether the financial statements are a group of entities or an individual entity

The presentation currency

All of above