An asset may best be defined as:

• A.A person or entity to whom money is owed by the business
• B.An obligation to transfer economic benefits as a result of past transactions or events
• C.A resource which may be used to derive income in the future
• D.The amount of money invested in the business by the shareholders

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Internal controls can be split between detect controls and prevent controls.
Which THREE of the following are prevent controls?

• A.Recording all transactions
• B.Checking delivery notes to invoices
• C.Bank reconciliations
• D.Signing goods received notes
• E.Checking invoices to goods received notes
• F.Physical inventories

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Which TWO of the following are responsibilities of the IFRS interpretations committee?

• A.Communicating the views of the wider public on the ongoing projects to the IASB
• B.Taking decisions on finalising an interpretation of the standards
• C.Issuing draft interpretations of the standards for public comment
• D.Preparing and publishing the international financial reporting standards

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There are four separate but related bodies which control the setting of International accounting standards (IFRS's).
Which THREE of the following are included in the standard setting process?

• A.International Accounting Standards Committee Foundation (IASCF)
• B.Accounting Standards Board (ASB)
• C.International Accounting Standards Board (IASB)
• D.Chartered Institute of Management Accountants (CIMA)
• E.International Financial Reporting Interpretations Committee (IFRIC)
• F.Financial Accounting Standards Board (FASB)

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The IASB's Framework for the Preparation and Presentation of Financial Statements identifies four possible measurement bases for use in financial statements Which of the following are those bases?

• A.historical cost, current cost, realizable value, present value
• B.historical cost, modified historical cost, realizable value, current cost
• C.historical cost, resale value, realizable value , present value
• D.historical cost, modified historical cost, realizable value, present value

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