p12 - Solutions to those Multiple Choice questions for...

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Solutions to those Multiple Choice questions for which the answer is “none of these.” 42. a company changes its inventory method every few years in order to maximize reported income (other answers are possible). 45. comparability. 49. change in equity of an entity during a period from transactions and other events and circumstances from nonowner sources. 61. going concern assumption. 66. an exchange has taken place and the earnings process is virtually complete. MULTIPLE CHOICE —CPA Adapted 85. According to the FASB's conceptual framework, predictive value is an ingredient of Relevance Reliability a. Yes No b. Yes Yes c. No Yes d. No No 86. According to the FASB's conceptual framework, which of the following relates to both relevance and reliability? Consistency Verifiability a. Yes Yes b. Yes No c. No Yes d. No No 87. The FASB's conceptual framework classifies gains and losses based on whether they are related to an entity's major ongoing or central operations. These gains or losses may be classified as
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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.

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p12 - Solutions to those Multiple Choice questions for...

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