Reference no: EM132714440

Problem 1: Which valuation technique considers replacement cost of an asset when determining fair value?

Select one:

a. Income approach

b. Lower-of-cost-or-market approach

c. Market approach

Problem 2: What is not a key characteristic concerning users of general purpose financial statements?

Select one:

a. All of the above are key characteristics

b. The users lack the power to demand that the entity provides them with specific information

c. The users are internal to the entity

Problem 3: Which statement is incorrect regarding the Corporations Act 2001?

Select one:

a. the accounting standards are deemed to be part of the Corporations Act

b. financial reports must comply with the accounting standards

c. the accounting standards need not be complied with if, in the opinion of the board of directors, this would not result in a true and fair view