According to Statement of Financial Accounting Concepts No.2, timeliness is an ingredient of the primary quality of \[\begin{array} { c c c } & \text { Relevance } & \text { Reliability } \\ \text { a. } & \text { Yes } & \text { Yes } \\ \text { b. } & \text { No } & \text { Yes } \\ \text { c. } & \text { Yes } & \text { No } \\ \text { d. } & \text { No } & \text { No } \end{array}\]

The answer of According to Statement of Financial Accounting Concepts...

The FASB's conceptual framework classifies gains and losses based on whether they are related to an entity's major ongoing or central operations.These gains or losses may be classified as \(\begin{array}{lcc} & \text { Nonoperating } & \text { Operating } \\ \text { a. } & \text { Yes } & \text { No } \\ \text { b. } & \text { Yes } & \text { Yes } \\ \text { c. } & \text { No } & \text { Yes } \\ \text { d. } & \text { No } & \text { No } \end{array}\)

The answer of The FASB's conceptual framework classifies gains and...

Exam 2: Conceptual Framework Underlying Financial Accounting

Trade-offs between the characteristics that make information useful may be necessary or beneficial.Issuance of interim financial statements is an example of a trade-off between

(Multiple Choice)

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Question 41

Preparation of consolidated financial statements when a parent-subsidiary relationship exists is an example of the

(Multiple Choice)

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Question 42

Comprehensive income includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.

(True/False)

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Question 43

The quality of information that gives assurance that it is reasonably free of error and bias and is a faithful representation is

(Multiple Choice)

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Question 44

Which of the following is not a time when revenue may be recognized?

(Multiple Choice)

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Question 45

Allowing firms to estimate rather than physically count inventory at interim (quarterly) periods is an example of a trade-off between

(Multiple Choice)

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Question 46

Which of the following is not an objective of financial reporting?

(Multiple Choice)

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Question 47

Revenues, gains, and distributions to owners all increase equity.

(True/False)

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Question 48

When information about two different enterprises has been prepared and presented in a similar manner, the information exhibits the characteristic of

(Multiple Choice)

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Question 49

One of the elements of financial statements is comprehensive income.As described in Statement of Financial Accounting Concepts No.6, "Elements of Financial Statements," comprehensive income is equal to

(Multiple Choice)

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Question 50

According to Statement of Financial Accounting Concepts No.2, timeliness is an ingredient of the primary quality of Relevance Reliability a. Yes Yes b. No Yes c. Yes No d. No No

(Short Answer)

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Question 51

Charging off the cost of a wastebasket with an estimated useful life of 10 years as an expense of the period when purchased is an example of the application of the

(Multiple Choice)

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Question 52

What accounting concept justifies the usage of accruals and deferrals?

(Multiple Choice)

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Question 53

The FASB's conceptual framework classifies gains and losses based on whether they are related to an entity's major ongoing or central operations.These gains or losses may be classified as Nonoperating Operating a. Yes No b. Yes Yes c. No Yes d. No No

(Short Answer)

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Question 54

Accounting information is considered to be relevant when it

(Multiple Choice)

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Question 55

Which of the following (a-c) are not true concerning a conceptual framework in account-ing?

(Multiple Choice)

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Question 56

A decrease in net assets arising from peripheral or incidental transactions is called a(n)

(Multiple Choice)

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Question 57

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

(Multiple Choice)

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Question 58

The accounting principle of matching is best demonstrated by

(Multiple Choice)

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Question 59

The overriding criterion by which accounting information can be judged is that of

(Multiple Choice)

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Question 60

Showing 41 - 60 of 92

Trade-offs between the characteristics that make information useful may be necessary or beneficial.Issuance of interim financial statements is an example of a trade-off between

Preparation of consolidated financial statements when a parent-subsidiary relationship exists is an example of the

Comprehensive income includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.

The quality of information that gives assurance that it is reasonably free of error and bias and is a faithful representation is

Which of the following is not a time when revenue may be recognized?

Allowing firms to estimate rather than physically count inventory at interim (quarterly) periods is an example of a trade-off between

Which of the following is not an objective of financial reporting?

Revenues, gains, and distributions to owners all increase equity.

When information about two different enterprises has been prepared and presented in a similar manner, the information exhibits the characteristic of

One of the elements of financial statements is comprehensive income.As described in Statement of Financial Accounting Concepts No.6, "Elements of Financial Statements," comprehensive income is equal to

According to Statement of Financial Accounting Concepts No.2, timeliness is an ingredient of the primary quality of Relevance Reliability a. Yes Yes b. No Yes c. Yes No d. No No

Charging off the cost of a wastebasket with an estimated useful life of 10 years as an expense of the period when purchased is an example of the application of the

What accounting concept justifies the usage of accruals and deferrals?

The FASB's conceptual framework classifies gains and losses based on whether they are related to an entity's major ongoing or central operations.These gains or losses may be classified as Nonoperating Operating a. Yes No b. Yes Yes c. No Yes d. No No

Accounting information is considered to be relevant when it

Which of the following (a-c) are not true concerning a conceptual framework in account-ing?

A decrease in net assets arising from peripheral or incidental transactions is called a(n)

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

The accounting principle of matching is best demonstrated by

The overriding criterion by which accounting information can be judged is that of

Financial Accounting and Accounting Standards

The Accounting Information System

Income Statement and Related Information

Balance Sheet and Statement of Cash Flows

Accounting and the Time Value of Money

Cash and Receivables

Valuation of Inventories: a Cost-Basis Approach

Inventories: Additional Valuation Issues

Acquisition and Disposition of Property, Plant, and Equipment

Depreciation, Impairments, and Depletion

Intangible Assets

Current Liabilities and Contingencies

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