320CheckFigures_02(2) - (l is “comprehensive income”...

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CHAPTER 2 Conceptual Framework CHECK FIGURES EXERCISE 2-1 (c) neutrality (h) I think Wiley has an error on this one. The answer should be relevance, but the answer that is grading correctly is “relevance and reliability.” I’ll let Wiley know. (i) comparability EXERCISE 2-3 (a) is “gains or losses” (c) is “investment by owners or comprehensive income” (e) is “comprehensive income” (g) is “comprehensive income” (k) is distributions to owners. Stock buybacks are a form of owner distribution.
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Unformatted text preview: (l) is “comprehensive income” EXERCISE 2-5 (b) Conservatism – Lower of cost or market is something we will learn about in a later chapter. (e) Materiality (h) Full disclosure principle (k) Revenue and expense recognition principles (l) Economic entity assumption (p) Historical cost principle – we’ll cover goodwill in a later chapter. 3-1...
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