Exam 5: Income Concepts,revenue Recognition and Matching

Income is equal to the difference between the present value of the net assets at the end of the period and their present value at the beginning of the period,excluding the effects of investments by owners and distributions to owners is the definition of which of the following current value concepts?

The installment method of recognizing revenue is not acceptable for financial reporting if

Which of the following is not a criteria outlined in SEC Staff Accounting Bulletin No.101 for the recognition of revenue?

Determining periodic earnings and financial position depends on measuring economic resources and obligations and changes in them as these changes occur.This explanation pertains to

Discuss the difference between financial capital maintenance and physical capital maintenance.

The principal disadvantage of using the percentage of completion method of recognizing revenue from long-term contracts is that it

The cost to replace assets with similar assets in a similar condition is the definition of which of the following current value concepts?

Which of the following accounting theorists called of conservatism the most influential principle of valuation in accounting?

Which of the following is not an approach to determining current value?

Overstating sales returns or warranty costs in good times and using these overstatements in bad times to reduce similar charges,is the definition of which of the following earnings management techniques?

The term revenue recognition conventionally refers to

Discuss the differences between the economic and accounting concepts of income.

Deliberately recording errors or ignoring mistakes in the financial statements under the assumption that their impact is not significant,is the definition of which of the following earnings management techniques?

One of the basic features of financing accounting is the

Under what condition is it proper to recognize revenues prior to the sale of the merchandise?

The definition of the economic concept ofincomeis usually attributed towhich of the following economists?

Money income.Which refers to increases in the monetary valuation of resources.

The one-time overstatement of restructuring charges to reduce assets,which reduces future expenses,is the definition of which of the following earnings management techniques?

Conventionally accountants measure income

Each asset-inventory,plant,equipment,and so on-would be valued based on the selling price that would be realized if the firm chose to dispose of it is the definition of which of the following current value concepts?