3101 Quiz-02 for student 2009

3101 Quiz-02 for student 2009 - Acctg3101/Lin Quiz Chap.02...

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Unformatted text preview: Acctg3101/Lin Quiz Chap.02 Name: 1. A soundly developed conceptual framework of concepts and objectives should a. increase financial statement users' understanding of and confidence in financial reporting. b. enhance comparability among companies' financial statements. c. allow new and emerging practical problems to be more quickly solved. d. all of these. 2. Which of the following is not true concerning a conceptual framework in accounting? a. It may help develop a coherent set of GAAP. b. It should allow practical problems to be solved more quickly by reference to it. c. It should be based on fundamental truths that are derived from the laws of nature. d. It should define the objectives of financial reporting and provide guidelines on how to achieve the objectives. 3. In the conceptual framework for financial reporting, what provides "the why"--the goals and purposes of accounting? a. Measurement and recognition concepts such as assumptions, principles, and constraints b. Qualitative characteristics of accounting information...
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This note was uploaded on 04/29/2011 for the course ACCT 3010 taught by Professor John during the Spring '11 term at University of Minnesota Duluth.

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