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Question 42 1 1 pts which statement best describes

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Question 421 / 1 ptsWhich statement best describes GAAP?The accounting principles do not apply to small and medium-sized entities.Correct!The accounting principles have been developed on the basis of such factors as usage and practicalnecessity.The accounting principles have been formulated in the public sector.The accounting principles are the same as laws.Downloaded by Pat Pat ([email protected])lOMoARcPSD|10480893
Question 431 / 1 ptsProper application of accounting principles is most dependent uponOversight of regulatory bodiesExistence of specific guidelinesCorrect!Professional judgment of the accountantExternal audit functionQuestion 441 / 1 ptsOnce an accounting standard has been establishedThe principle of consistency requires that no revisions ever be made to the standardCorrect!The standard is continually reviewed to see if modification is necessary.The task of reviewing the standard is given to the national accounting organization.The standard is not reviewed unless a regulatory authority makes a complaint.Question 451 / 1 ptsThe primary responsibility for properly applying GAAP lies withInternal auditorExternal auditorCorrect!ManagementNational accounting organizationExercise_ Chapter 2 _ CF Objective of financial reportingQuestion 11 / 1 ptsWhich statement is true about the Conceptual Framework for Financial Reporting?In case of conflict, the requirements of the IFRS prevail over the Conceptual Framework.The Conceptual Framework is not a Standard.Correct!All of these statements are true about the Conceptual FrameworkThe Conceptual Framework describes the concepts for general purpose financial reporting.Question 21 / 1 ptsWhich is not a purpose of the Revised Conceptual Framework?To assist preparers to develop consistent accounting policy when no Standard applies to a particulartransaction or when Standard allows a choice of accounting policy.To assist the IASB to develop IFRS based on consistent concepts.To assist all parties to understand and interpret the Standards.Correct!To assist regulatory agencies in issuing rules and regulations for a particular industry.Downloaded by Pat Pat ([email protected])lOMoARcPSD|10480893
Question 31 / 1 ptsThe scope of the Revised Conceptual Framework comprises how many chapters?Correct!EightFiveSevenSixQuestion 41 / 1 ptsThe Conceptual Framework provides the foundation for Standards thatCorrect!All of these are the result of Standards developed based on consistent conceptsStrengthen accountability of managementContribute to economic efficiency by helping investors to identify opportunities and risksContribute to transparency by enhancing international comparability and quality of financialinformationQuestion 51 / 1 ptsWhat is the authoritative status of the Conceptual Framework?

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Term
Summer
Professor
Michael Gonzales
Tags
Balance Sheet, Generally Accepted Accounting Principles, Pat Pat

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