In Relation to IAS 8 the Two Statements That Are

question 33

Multiple Choice

In relation to IAS 8 the two statements that are correct are:
I When making judgements reference shall be made firstly to the Framework and secondly to standards and interpretations dealing with similar and related issues
II When making judgements reference shall be made firstly to standards and interpretations dealing with similar and related issues and secondly to the Framework
III Material in the Framework is binding on preparers of financial statements
IV Material in the Framework is not binding on preparers of financial statements

• A)i)and iii)
• B)ii)and iii)
• C)ii)and iv)
• D)i)and iv)

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Definitions:

Self-efficacy

A person's confidence in their ability to carry out actions that are required to achieve particular outcomes.

Verbal Persuasion

A method of influence involving the use of language to convince or persuade others to change their thoughts, beliefs, or actions.

Activity Failure

A situation where an attempt to perform an action does not result in the expected goal or outcome, often leading to learning or modification of efforts.

Adults

Individuals who have reached the age where they are considered legally responsible for their actions and have attained full physical development.