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The basic assumptions of accounting used by the International Accounting Standards Board (IASB) 



1.	The basic assumptions of accounting used by the International Accounting Standards Board (IASB) include all of the following except:
a.	Going concern.
b.	Periodicity.
c.	Accrual basis.
d.	Materiality.
2.	The basic assumptions of accounting used by the International Accounting Standards Board (IASB) include
a.	Neutrality.
b.	Periodicity.
c.	Understandability.
d.	Materiality.
3.	The basic assumptions of accounting used by the International Accounting Standards Board (IASB) include
a.	Monetary unit.
b.	Decision usefulness
c.	Timeliness.
d.	All of the choices are basic assumptions of accounting.
4.	Which of the following basic assumptions of accounting (used by the International Accounting Standards Board) makes depreciation and amortization policies justifiable and appropriate?
a.	Periodicity.
b.	Decision usefulness
c.	Monetary unit.
d.	Going concern.
	5.	Proponents of historical cost ordinarily maintain that in comparison with all other valuation alternatives for general purpose financial reporting, statements prepared using historical costs are more
a.	verifiable.
b.	relevant.
c.	indicative of the entity's purchasing power.
d.	conservative.



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