chapter 2 quiz -...

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Submitted by Tran, Khoa (KHOTRAN1) on 1/26/2012 8:48:54 PM Points Awarded 10.00 Points Missed 0.00 Percentage 100% 1.  Which of the following are  not  true concerning a conceptual framework in account-ing?  A) It should be a basis for standard-setting.  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) All of the above (a-c) are true.  Points  Earned:  1.0/1.0  Correct Answer(s): C 2.  Changing the method of inventory valuation should be reported in the financial statements under what  qualitative characteristic of accounting information?  A) Consistency.  B) Verifiability.  C) Timeliness.  D) Comparability.  Points  Earned:  1.0/1.0  Correct Answer(s): A 3.  Financial information exhibits the characteristic of consistency when  A) expenses are reported as charges against revenue in the period in which they are paid. 
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chapter 2 quiz -...

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