Exam (elaborations)
Chapter 2 CPA Exam Practice questions with answers Graded A+
- Course
- Institution
Chapter 2 CPA Exam Practice
[Show more]
Seller
Follow
DESTINYGRACE
Content preview
Chapter 2 CPA Exam PracticeThe objectives and concepts for use in developing standards of financial accounting and
reporting. - answerWhat is the conceptual framework intended to establish?
The needs of the users of the information. - answerAccording to the conceptual
framework, the objectives of financial reporting for business enterprises are based on:
Confirmatory value. - answerAccording to the FASB conceptual framework, which of the
following is not an enhancing qualitative characteristic?
Relevance. - answerUnder Statement of Financial Accounting Concepts (SFAC) 8,
predictive value is an ingredient of the fundamental quality of
Timeliness. - answerUnder Statement of Financial Accounting Concepts (SFAC) 8,
which of the following relates to both relevance and faithful representation?
Consistency: Yes
Verifiability: Yes - answerAccording to the FASB Conceptual Framework, which of the
following relates to both relevance and faithful representation?
Neutrality. - answerAccording to the FASB Conceptual Framework, what does the
concept of faithful representation in financial reporting include?
Gains: Yes
Gross Margin: Yes - answerUnder Statements of Financial Accounting Concepts,
comprehensive income includes which of the following?
Recognition - answerAccording to the conceptual framework, the process of reporting
an item in the financial statements of an entity is:
Sales commissions. - answerWhich of the following is an example of the expense
recognition principle of associating cause and effect?
Matching. - answerAnde Co. estimates uncollectible accounts expense using the ratio of
past actual losses from uncollectible accounts to past net credit sales, adjusted for
anticipated conditions. The practice follows the accounting concept of:
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller DESTINYGRACE. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $15.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75632 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now