ch02 - CHAPTER 2 CONCEPTUAL FRAMEWORK UNDERLYING FINANCIAL...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
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.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Test Bank for Intermediate Accounting, Twelfth Edition MULTIPLE CHOICE —Conceptual (cont.) Answer No. Description d 36. Verifiability characteristic. b 37. Neutrality characteristic. d 38. Neutrality characteristic. c 39. Definition of verifiability. a 40. Quality of predictive value. c 41. Quality of representational faithfulness. d 42. Consistency. b 43. Consistency characteristic. b 44. Comparability and consistency. d 45. Comparability. d 46. Elements of financial statements. c 47. Distinction between revenues and gains. c 48. Definition of a loss. d 49. Definition of comprehensive income. b 50. Components of comprehensive income. d P 51. Comprehensive income. b S 52. Earnings vs. comprehensive income. a S 53. Reporting financial statement elements. a S 54. Monetary unit assumption. c S 55. Periodicity assumption. c 56. Monetary unit assumption. d 57. Economic entity assumption. a 58. Economic entity assumption. b 59. Periodicity assumption. a 60. Going concern assumption. d 61. Going concern assumption. d 62. Implications of going concern assumption. a 63. Historical cost principle. d 64. Historical cost principle. c 65. Revenue recognition principle. d 66. Revenue recognition principle. d 67. Revenue recognition principle. d 68. Timing of revenue recognition. c 69. Realization concept. b 70. Definition of realized. b 71. Matching principle. b 72. Matching principle. b 73. Expense recognition.
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 04/21/2011 for the course ACC 02 taught by Professor Hashash during the Spring '11 term at Tanta University.

Page1 / 24

ch02 - CHAPTER 2 CONCEPTUAL FRAMEWORK UNDERLYING FINANCIAL...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online