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ch02 - CHAPTER 2 CONCEPTUAL FRAMEWORK UNDERLYING FINANCIAL...

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CHAPTER 2 CONCEPTUAL FRAMEWORK UNDERLYING FINANCIAL ACCOUNTING TRUE-FALSE —Conceptual Answer No. Description F 1. Nature of conceptual framework. T 2. Conceptual framework definition. F 3. Levels of conceptual framework. T 4 International conceptual framework. F 5. Statements of Financial Accounting Concepts. T 6. Decision usefulness. F 7. Financial statement users. T 8. Relevance and reliability. T 9. Consistency. F 10. Relevance. F 11. Reliability. F 12. Basic elements. T 13. Comprehensive income. T 14. Going concern assumption. F 15. Economic entity assumption. F 16. Matching principle. T 17. Realizable revenues. T 18. Supplementary information. F 19. Materiality factors F 20. Conservatism. MULTIPLE CHOICE —Conceptual Answer No. Description c 21. GAAP defined. d 22. Purpose of conceptual framework. c 23. Conceptual framework. d S 24. Conceptual framework benefits. d 25. Objectives of financial reporting. a 26. Decision usefulness. d 27. Objectives of financial reporting. a P 28. Financial repoting objectives. c 29. Purpose of understandable information. a 30. Decision-usefulness criterion. c 31. Primary qualities of accounting information. b 32. Definition of relevance. b 33. Definition of reliability. d 34. Relevance and reliability. c 35. Timeliness characteristic.
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