p1 - TRUE-FALSEConceptual 1. The conceptual framework for...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
TRUE-FALSE —Conceptual 1. The conceptual framework for accounting has been discovered through empirical research. 2. A conceptual framework is a coherent system of interrelated objectives and fundamentals that can lead to consistent standards. 3. The first level of the conceptual framework identifies the recognition and measurement concepts used in establishing accounting standards. 4. The IASB has issued a conceptual framework that is broadly consistent with that of the United States. 5. Although the FASB intends to develop a conceptual framework, no Statements of Financial Accounting Concepts have been issued to date. 6. Decision Usefulness is the underlying theme of the conceptual framework. 7. Users of financial statements are assumed to have no knowledge of business and financial accounting matters by financial statement preparers. 8. Relevance and reliability are the two primary qualities that make accounting information useful for decision making. 9. The idea of consistency does not mean that companies cannot switch from one accounting
Background image of page 1

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

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 11/03/2011 for the course ACCT 3223 taught by Professor Peck during the Spring '11 term at Texas State.

Page1 / 2

p1 - TRUE-FALSEConceptual 1. The conceptual framework for...

This preview shows document pages 1 - 2. Sign up to view the full document.

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