Hi, on the answer to Question 6; the green tick is next to "Understandability", however, the text box says the answer is "Relevance".
Which is the actual correct answer?
Thank you in advance!
J
james·
This is the correct answer for question 5 as per my selection. However, this was marked wrong.
• Income
Income is increases in assets (or decreases of liabilities) that result in increases in equity, other
than contributions from equity participants.
B
Barb·
I've just answered the same and it's marked as correct. There are two very similar options - are you sure that you read them both and selected the appropriate one?
M
Muhammad·
Thanks
C
cp15009·
Helpful to evaluate self
W
Warsame·
Scored My First Practice Test 100%, this has motivated me a lot and i am eager to continue learning
A
Ayowale·
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.
Cheers!
A
Ayowale·
"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.
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Mercy·
Hi Harry,
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".
Thank you
E
elleskrack·
The question was very clear when it said in accordance with the "conceptual framework."
Thanks
B
bwaks·
Value in use is a basis according to the latest technical update. Please revisit
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Syam Krishnan Kamath·
Is not realizable value the correct answer for Question 4 as per updated conceptual framework?
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rashidsiddiq·
plz guide how to download f7 lectures videos
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MikeLittleTutor·
Lectures are not downloadable - but you can watch them as many times as you want
It's the only way that we can keep the site free
K
kaira26299·
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.
K
kasiek61·
I agree with you, in my opinion also should be understandability
P
P2-D2Tutor·
Thanks for spotting the above, I'll get it updated.
Thanks
A
accastudent·
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.
A
anyabansal·
Answer is both Relevance and Understandibily
A
Algimants·
Hi!
There is some kind of error. I can not open any questions.
Which is the actual correct answer?
Thank you in advance!
• Income
Income is increases in assets (or decreases of liabilities) that result in increases in equity, other
than contributions from equity participants.
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.
Cheers!
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".
Thank you
Thanks
It's the only way that we can keep the site free
I believe it should be understandability and not relevance.
May you please kindly check it and give us feedback back.
Thanks
There is some kind of error. I can not open any questions.