On March 1, Brutto Corp. issues a 3 year, 5%, $60,000 note payable. The terms of the note include monthly blended principal and interest payments of $1,799. How much would be the total cash payments in year 1?

Question 1 options:

a)

$24,685

b)

$1,799

c)

$4,799

d)

$21,588

Which is NOT a criteria for recognition of financial information in the IFRS Conceptual Framework?Question 2 options:

a)	The amount is reasonably measurable.

b)	The expenses should be matched with revenues.

c)	The amount must be measured at historical cost.

d)	Inflow or outflow of cash flows are probable.

Which qualitative characteristic of financial information alleviates "moral hazard"?Question3 options:

a)	Neutrality.

b)	Predictive value.

c)	Timeliness.

d)	Comparability.

Which statement best explains the qualitative characteristic of "relevance"?Question 4 options:

a)	Financial reports should be understandable to the users of the information.

b)	Omitting information would influence a user's economic decision.

c)	Information should influence a user's economic decisions.

d)	Financial reports should be accurate and complete.