Antwoorden

Test Bank Chapter 2 Conceptual Framework Underlying Financial Accounting.

0 keer verkocht

Vak
Test Bank Chapter 2 Conceptual Framework Underlying Financial Accounting.

Instelling
University

CONCEPTUAL FRAMEWORK UNDERLYING FINANCIAL ACCOUNTING IFRS questions are available at the end of this chapter. TRUE-FALSE—Conceptual Answer No. Description F 1. Nature of conceptual framework. T 2. Conceptual framework definition. F 3. Levels of conceptual framework. T 4 International concep...

[Meer zien]

Voorbeeld 4 van de 39 pagina's

Bekijk voorbeeld

Geupload op 18 oktober 2020
Aantal pagina's 39
Geschreven in 2020/2021
Type Antwoorden
Persoon Onbekend

test bank chapter 2 conceptual framework underlying financial accounting

Instelling
University
Vak
Test Bank Chapter 2 Conceptual Framework Underlying Financial Accounting.

Volgen

SolutionsStuvia

Lid sinds 5 jaar 12454 documenten verkocht

1200

208

124

114

$14.49

In winkelwagen

Op verlanglijstje

100% tevredenheidsgarantie
Direct beschikbaar na je betaling
Lees online óf als PDF
Geen vaste maandelijkse kosten

CHAPTER 2
CONCEPTUAL FRAMEWORK UNDERLYING
FINANCIAL ACCOUNTING
IFRS questions are available at the end of this chapter.

TRUE-FALSE—Conceptual
Answer No. Description
F 1. Nature of conceptual framework.
T 2. Conceptual framework definition.
F 3. Levels of conceptual framework.
T 4 International conceptual framework.
F 5. Statements of Financial Accounting Concepts.
T 6. Objective of financial reporting.
F 7. Financial statement users.
T 8. Relevance and faithful representation.
T 9. Consistency.
F 10. Relevance.
F 11. Faithful representation.
F 12. Basic elements.
T 13. Comprehensive income.
T 14. Going concern assumption.
F 15. Economic entity assumption.
F 16. Expense recognition principle.
T 17. Realizable revenues.
T 18. Supplementary information.
F 19. Cost benefit trade-off.
F 20. Conservatism.

MULTIPLE CHOICE—Conceptual
Answer No. Description
c 21. GAAP defined.
d 22. Purpose of conceptual framework.
c 23. Conceptual framework.
d 24. Conceptual framework purpose.
S
d 25. Conceptual framework benefits.
d 26. Objectives of financial reporting.
a 27. Decision usefulness.
d 28. Objective of financial reporting.
P
a 29. Financial reporting objectives.
a 30. Primary objective of financial reporting.
a 31. Primary objective of financial reporting.
b 32. Characteristic of accounting information.
c 33. Characteristic of accounting information.
c 34. Meaning of comparability.
a 35. Meaning of consistency.

,2-2 Test Bank for Intermediate Accounting, Fourteenth Edition

MULTIPLE CHOICE—Conceptual (cont.)
Answer No. Description
d 36. Ingredient of relevance.
c 37. Ingredient of reliability.
a 38. Consistency characteristic.
b 39. Primary quality of accounting information.
d 40. Quality of relevance.
a 41. Quality of reliability.
c 42. Consistency quality.
a 43. Decision-usefulness criterion.
c 44. Primary qualities of accounting information.
b 45. Definition of relevance.
b 46. Definition of reliability.
d 47. Relevance quality.
c 48. Materiality characteristic.
d 49. Completeness characteristic.
b 50. Neutrality characteristic.
d 51. Neutrality characteristic.
c 52. Definition of verifiability.
a 53. Quality of predictive value.
c 54. Quality of free from error.
d 55. Consistency.
b 56. Consistency characteristic.
b 57. Comparability and consistency.
d 58. Comparability.
d 59. Elements of financial statements.
c 60. Distinction between revenues and gains.
c 61. Definition of a loss.
d 62. Definition of comprehensive income.
b 63. Components of comprehensive income.
P
d 64. Comprehensive income.
S
b 65. Earnings vs. comprehensive income.
S
a 66. Reporting financial statement elements.
b 67 Basic element of financial statements.
a 68. Basic element of financial statements.
d 69. Basic element of financial statements.
c 70. Definition of gains.
d 71. Historical cost assumption.
c 72. Periodicity assumption.
b 73 Going concern assumption.
b 74. Periodicity assumption.
S
a 75. Monetary unit assumption.
S
c 76. Periodicity assumption.
c 77. Monetary unit assumption.
d 78. Economic entity assumption.
a 79. Economic entity assumption.
b 80. Periodicity assumption.
a 81. Going concern assumption.
d 82. Going concern assumption.
d 83. Implications of going concern assumption.
a 84. Historical cost principle.

, Conceptual Framework Underlying Financial Accounting 2-3

MULTIPLE CHOICE—Conceptual (cont.)
Answer No. Description
d 85. Historical cost principle.
c 86. Revenue recognition principle.
d 87. Revenue recognition principle.
d 88. Revenue recognition principle.
d 89. Timing of revenue recognition.
c 90. Realization concept.
b 91. Definition of realized.
b 92. Expense recognition principle.
b 93. Expense recognition principle.
b 94. Expense recognition.
c 95. Full-disclosure principle.
a 96. Argument against historical cost.
d 97. Recognition of revenue.
b 98. Revenue recognition principle.
c 99. Deviation from revenue recognition principle.
a 100. Required components of financial statements.
d 101. Recognition of expenses.
c 102. Historical cost principle.
a 103. Expense recognition principle example.
d 104. Recording expenditure as asset.
c 105. Historical cost principle violation.
a 106. Full disclosure principle violation.
d 107. Full disclosure principle.
c 108. Historical cost principle violation.
a 109. Industry practice constraint.
c 110. Costs of providing financial information.
d 111. Benefits of providing financial information.
c 112. Use of materiality.
b 113. Definition of prudence/conservation.
a 114. Example of materiality constraint.
d 115. Constraints to limit the cost of reporting.
a 116. Cost-benefit constraint.
c 117. Materiality characteristic.
d 118. Materiality.
d 119. Pervasive constraints.
a 120. Prudence or conservatism.
b 121. Industry practices constraint.
a 122. Trade-offs between characteristics of accounting information.
c 123. Trade-offs between characteristics of accounting information.
P
c 124. Prudence or conservatism.

, 2-4 Test Bank for Intermediate Accounting, Fourteenth Edition

MULTIPLE CHOICE—CPA Adapted
Answer No. Description
a 125. Quality of predictive value.
b 126. Relevance and faithful representation.
b 127. Classification of gains and losses.
b 128. Earnings concept.
a 129. Components of comprehensive income.
b 130. Components of comprehensive income.
d 131. Components of comprehensive income.
d 132. Components of comprehensive income.
a 133. Definition of recognition.
P
Note: these questions also appear in the Problem-Solving Survival Guide.
S
Note: these questions also appear in the Study Guide.

EXERCISES
Item Description
E2-134 Qualitative characteristics.
E2-135 Accounting concepts—identification.
E2-136 Accounting concepts—identification.
E2-137 Accounting concepts—matching.
E2-138 Accounting concepts—fill in the blanks.
E2-139 Basic assumptions.
E2-140 Revenue recognition.
E2-141 Historical cost principle.
E2-142 Matching concept.

CHAPTER LEARNING OBJECTIVES

1. Describe the usefulness of a conceptual framework.

2. Describe the FASB’s efforts to construct a conceptual framework.

3. Understand the objective of financial reporting.

4. Identify the qualitative characteristics of accounting information.

5. Define the basic elements of financial statements.

6. Describe the basic assumptions of accounting.

7. Explain the application of the basic principles of accounting.

8. Describe the impact that constraints have on reporting accounting information.

Dit zijn jouw voordelen als je samenvattingen koopt bij Stuvia:

Bewezen kwaliteit door reviews

Studenten hebben al meer dan 850.000 samenvattingen beoordeeld. Zo weet jij zeker dat je de beste keuze maakt!

In een paar klikken geregeld

Geen gedoe — betaal gewoon eenmalig met iDeal, Bancontact of creditcard en je bent klaar. Geen abonnement nodig.

Focus op de essentie

Studenten maken samenvattingen voor studenten. Dat betekent: actuele inhoud waar jij écht wat aan hebt. Geen overbodige details!

Veelgestelde vragen

Wat krijg ik als ik dit document koop?

Je krijgt een PDF, die direct beschikbaar is na je aankoop. Het gekochte document is altijd, overal en oneindig toegankelijk via je profiel.

Tevredenheidsgarantie: hoe werkt dat?

Onze tevredenheidsgarantie zorgt ervoor dat je altijd een studiedocument vindt dat goed bij je past. Je vult een formulier in en onze klantenservice regelt de rest.

Van wie koop ik deze samenvatting?

Stuvia is een marktplaats, je koop dit document dus niet van ons, maar van verkoper SolutionsStuvia. Stuvia faciliteert de betaling aan de verkoper.

Zit ik meteen vast aan een abonnement?

Nee, je koopt alleen deze samenvatting voor $14.49. Je zit daarna nergens aan vast.

Is Stuvia te vertrouwen?

4,6 sterren op Google & Trustpilot (+1000 reviews)

Afgelopen 30 dagen zijn er 69411 samenvattingen verkocht

Opgericht in 2010, al 15 jaar dé plek om samenvattingen te kopen

Start met verkopen

Laatst bekeken door jou

Samenvatting ·

(0)

Antwoorden

Test Bank Chapter 2 Conceptual Framework Underlying Financial Accounting.

Document informatie

Onderwerpen

Geschreven voor

Verkoper

Ontvangen beoordelingen

Voorbeeld van de inhoud