In Relation to Measurement of the Elements of Financial Statements

question 15

Multiple Choice

In relation to measurement of the elements of financial statements

• A) The Framework acknowledges that a variety of measurement bases are used to different degrees and in varying combinations in financial statements.
• B) The Framework includes detailed concepts and principles for selecting which measurement basis should be used for particular elements of financial statements.
• C) Net realisable value is the preferred basis for measurement of assets.
• D) The Framework adopts a mixed attribute accounting model