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"Financial Report":The function of financial report

来源: 正保会计网校 编辑:某某 2020/09/09 17:51:13 字体:

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Questions 1:

Providing information about the performance of a company, its financial position, and changes in financial position that is useful to a wide range of users is most accurately described as the role of:

A financial reporting.

B the audit report.

C financial statement analysis?

Questions 2:

According to the International Accounting Standards Board’s (IASB) Conceptual Framework for Financial Reporting, the two fundamental qualitative characteristics that make financial information useful are best described as:

A understandability and verifiability.

B relevance and faithful representation.

C timeliness and accrual accounting.

View answer resolution
【Answer to question 1】(A)

【analysis】

A is correct. The role of financial reporting is to provide information about the performance of a company, its financial position, and changes in financial position that is useful to a wide range of users in making economic decisions. 

 B is incorrect. Audit reports express an opinion about the fair presentation of the financial statements. 

 C is incorrect. The role of financial statement analysis is to take the financial reports and evaluate the past, current, and prospective performance and financial position of a company for the purpose of making investment, credit, and other economic decisions.

【Answer to question 2】(B)

【analysis】

B is correct. Relevance and faithful representation are the two fundamental qualitative characteristics that make financial information useful, according to the IASB Conceptual Framework. 

 A is incorrect. Verifiability and understandability are two characteristics that enhance the usefulness of relevant and faithfully represented financial information. 

 C is incorrect. Timeliness enhances the usefulness of relevant and faithfully represented financial information. Accrual accounting is an underlying assumption.

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  • CFA报考指南

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  • CFA历年

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  • CFA备考建议

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