Exam 2: The Conceptual Framework: Purpose, reporting Entity, the Objective of Financial Reporting, and Qualitative Characteristics

Which fundamental qualitative characteristic best describes the capability of financial information making a difference in decisions made by users?

In establishing reporting requirements,the Corporations Act distinguishes between:

Which factor(s)is/are identified in SAC1 to assist in determining whether an entity has users dependent on general purpose financial reports?

Which of the following is not a fundamental issue when an accountant faces a new type of transaction?

The IASB Framework defines the objective of general purpose financial reporting as:

List and briefly explain the four fundamental issues that accountants address when developing the appropriate accounting policy for a new type of transaction.

The major beneficiary from the development of a conceptual framework is expected to be:

Which qualitative characteristic of financial information focuses on the inclusion of relevant information?

Which of the following is a characteristic of financial information as suggested by the American Accounting Association?

Financial statements prepared by non-reporting entities are known as:

Assisting the users to assess the amount,timing and uncertainty associated with an entity's future Cash flows is a decision common to:

The elements of financial statements,as outlined in the conceptual framework,are:

What are the two aspects related to the timeliness of financial information?

Which term defines a 'financial report intended to meet the information needs common to users who are unable to command the preparation of reports tailored so as to satisfy,specifically,all of the information needs'.

When deciding whether an entity is a reporting entity reference should be made to:

Which term best illustrates the assurance that financial information faithfully represents the economic phenomena it purports to represent?

Distinguish between general purpose and special purpose financial statements.Give examples of each type of report.

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

What is one difficulty encountered with asking users of financial information what they want?

According to a study from the 1980's,what are the three components of the objective of accounting?