Chapter2 - 50. Which of the following elements of financial...

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50. Which of the following elements of financial statements is not a component of comprehensive income? |,|b. Distributions to owners|,|0| <<|51. Which of the following is false with regard to the element "comprehensive income"?|,|d. It excludes prior period adjustments (transactions that relate to previous periods, such as corrections of errors). |,|0|<<|52. According to the FASB conceptual framework, earnings|,|b. exclude certain gains and losses that are included in comprehensive income. |,|0|<<|53. According to the FASB Conceptual Framework, the elementsвЋЇassets, liabilities, andequityвЋЇdescribe amounts of resources and claims to resources at/during aMoment in Time Period of Time|,|a. Yes No|,|0|<<|54. Which of the following basic accounting assumptions is threatened by the existence of severe inflation in the economy? |,|a. Monetary unit assumption. |,|0|<<|55. During the lifetime of an entity accountants produce financial statements at artificial points in time in accordance with the concept ofObjectivity Periodicity|,|c. No Yes|,|0|<<|56. Under current GAAP, inflation is ignored in accounting due to the|,|c. monetary unit assumption. |,|0|<<|57. The economic entity assumption|,|d. is applicable to all forms of business organizations. |,|0|<<|58. Preparation of consolidated financial statements when a parent- subsidiary relationship exists is an example of the|,|a. economic entity assumption. |,|0|<<|59. During the lifetime of an entity, accountants produce financial statements at arbitrarypoints in time in accordance with which basic accounting concept? |,|b. Periodicity assumption|,|0|<<|60. What accounting concept justifies the usage of accruals and deferrals? |,|a. Going concern assumption|,|0|<<|61. The
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This note was uploaded on 06/03/2010 for the course ACC 51 taught by Professor Botsford during the Spring '08 term at DeAnza College.

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Chapter2 - 50. Which of the following elements of financial...

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