{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

p7 - in time in accordance with the concept of Objectivity...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
S 52. According to the FASB conceptual framework, earnings a. are the same as comprehensive income. b. exclude certain gains and losses that are included in comprehensive income. c. include certain gains and losses that are excluded from comprehensive income. d. include certain losses that are excluded from comprehensive income. S 53. According to the FASB Conceptual Framework, the elements assets, liabilities, and equity describe amounts of resources and claims to resources at/during a Moment in Time Period of Time S 54. Which of the following basic accounting assumptions is threatened by the existence of severe inflation in the economy? S 55. During the lifetime of an entity accountants produce financial statements at artificial points
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: in time in accordance with the concept of Objectivity Periodicity a. No No b. Yes No c. No Yes d. Yes Yes 56. Under current GAAP, inflation is ignored in accounting due to the a. economic entity assumption. b. going concern assumption. c. monetary unit assumption. d. periodicity assumption. 57. The economic entity assumption a. is inapplicable to unincorporated businesses. b. recognizes the legal aspects of business organizations. c. requires periodic income measurement. d. is applicable to all forms of business organizations. 58. Preparation of consolidated financial statements when a parent-subsidiary relationship exists is an example of the a. economic entity assumption. b. relevance characteristic. c. comparability characteristic. d. neutrality characteristic....
View Full Document

{[ snackBarMessage ]}