Guest-229194234-Conceptual Framework - The Quiz
Guest-229194234-Conceptual Framework - The Quiz
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Name : Guest
Your Score : 6 out of 8 (75%)
Correct Answers : 6 Question
Incorrect Answers : 2 Question
Unanswered : 0 Question
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Q5) If an entity has a legal ownership of a physical object, its asset is:
A. The set of rights arising from legal ownership of the physical object (Correct)
B. The physical object
C. The economic benefits that may flow from the physical object
D. All of the above (Your Answer)(Incorrect)
E. None of the above
Explanation:See paragraphs 4.11-4.12
Q7) The Conceptual Framework identifies a preferred measurement basis for all
assets and liabilities.
A. True
B. False (Your Answer)(Correct)
Explanation:See paragraph 6.2