p3 - Conceptual Framework Underlying Financial Accounting 2...

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Conceptual Framework Underlying Financial Accounting 2 - 7 25. 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 c. Elements of financial statements d. Objectives of financial reporting 26. The underlying theme of the conceptual framework is a. decision usefulness. b. understandability. c. reliability. d. comparability. 27. Which of the following is not an objective of financial reporting? a. To provide information about economic resources, the claims to those resources, and the changes in them. b. To provide information that is helpful to investors and creditors and other users in assessing the amounts, timing, and uncertainty of future cash flows. c. To provide information that is useful to those making investment and credit decisions. d. All of these are objectives of financial reporting.
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