Which Is an Assumption of Financial Information in the IFRS

question 59

Multiple Choice

Which is an assumption of financial information in the IFRS Conceptual Framework?

• A)Accrual basis of accounting.
• B)Historical cost.
• C)Timeliness.
• D)Financial capital maintenance.

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Definitions:

Stream Confined

Refers to a watercourse that flows within narrow, limited boundaries, usually within a canyon or a gorge.

Steep Drainage

Terrain or landscapes where water flows very quickly due to steep slopes, often leading to rapid erosion.

Broad Valley

A wide and often flat trough between mountains or hills, typically having a river or stream running along it.

Braided Stream

A stream or river with an interconnecting network of branching and reuniting shallow channels.