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June 9, 2021 at 4:04 am
Helpful to evaluate self
November 19, 2020 at 12:14 pm
Scored My First Practice Test 100%, this has motivated me a lot and i am eager to continue learning
August 27, 2020 at 2:36 am
Question 4: PV is not and can never be a basis for measurement in the financial statement but can form basis for estimates. According to the conceptual framework, 1. Historical cost, 2. Fair Value(as in Net realizable value), 3. Value in use, 4. Current Cost (Carrying Amount or book value) are recognized.
Current Value (NOT PRESENT VALUE) includes fair value, Value in use and Current cost.
Therefore, the answer to question 4 in ‘Present value’ as its the odd of them all.
May 30, 2020 at 9:17 am
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May 2, 2020 at 6:53 pm
I don’t understand why the quiz said the realisable value is one of the measurement bases instead of the value in use because the conceptual framework says its the value in use
February 12, 2020 at 10:47 pm
Please I think the answer for question 4 should be “Realisiable value” fir the measurement basis as per the updated conceptual framework. If not,can you explain why it’s rather “Value in use”.
May 10, 2020 at 4:23 pm
The question was very clear when it said in accordance with the “conceptual framework.”
August 28, 2019 at 4:35 pm
Value in use is a basis according to the latest technical update. Please revisit
July 18, 2019 at 3:59 pm
Is not realizable value the correct answer for Question 4 as per updated conceptual framework?
December 15, 2018 at 9:44 am
plz guide how to download f7 lectures videos
December 15, 2018 at 12:12 pm
Lectures are not downloadable – but you can watch them as many times as you want
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November 19, 2018 at 5:18 am
Dear professor, can you take an example of Q5 “increase in equity from equity participants”?
I am a litttle bit confuse.
Does it mean that if I am an investor, then I buy a company stock, when the stock price higher than the amount I invest, then I sell out the stock and gain.
This gain is “increase in equity from equity participant” so it can not be calculated as company income right?
I am not sure about who are equity participants, and when their equity increase.
June 15, 2020 at 2:17 am
“increase in equity from equity participants” means that inflows from the sales of shares for instance “right issues” cannot be termed an “Income”. The proceed from such will increase equity via O/S and S/P but never “Retained Earnings”. Revaluation surplus is also an income which is recognized in OCI.
August 2, 2018 at 12:09 am
Question 6 is asking for an enhancing characteristic but the answer is a fundamental characteristic.
I believe it should be understandability and not relevance.
May you please kindly check it and give us feedback back.
August 17, 2018 at 2:00 pm
I agree with you, in my opinion also should be understandability
August 17, 2018 at 2:30 pm
Thanks for spotting the above, I’ll get it updated.
January 14, 2020 at 9:26 am
Just to nit-pick in case it causes confusion. Q6 is now recognized as understandability being the right answer, but when reviewing the question it still says “The answer is relevance”
August 1, 2018 at 5:54 am
I suggest tutor should review answer to question no. 6, It should be “understandibility” and not “Relevane” because the question is asking about enhancing qualitative characteristics and not fundamental characteristics.
March 29, 2019 at 1:48 pm
Answer is both Relevance and Understandibily
July 23, 2018 at 12:32 pm
There is some kind of error. I can not open any questions.
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