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Generally accepted accounting principles
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The conceptual framework for financial reporting consists of how many levels
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The conceptual framework for financial reporting consists of how many levels
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Which of the following statements is true regarding the convergence project by the FASB and IASB?
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The converged framework will be a series of documents, similar to the two conceptual frameworks that presently exist.
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The IASB framework makes two assumptions
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In the conceptual framework for financial reporting, what provides "the how" - the implementation of accounting?
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A measurement and cognition concepts such as assumptions, principles, and constraints
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qualitative characteristics of accounting information.
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The underlying theme of the conceptual framework is decision usefulness
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For information to be relevant, it must have both predictive value and confirmatory value?
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Enhancing qualities of accounting information include
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Enhancing quailities of accounting information include all of the following except
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comparability
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understandability
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neutrality
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timeliness
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In order to be relevant, financial information must have
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The change in net assets during a period from transactions and other events and circumstances from non-owner sources is called
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revenues
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comprehensive income
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an increase in net assets arising from peripheral or incidental transactions is called a(n)
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Under current GAAP, inflation is ignored in accounting due to
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The periodicity assumption specifies that the most appropriate time periods for financial reporting are weekly, bi-monthly, and yearly
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Depreciation and amortization policies are justifiable and appropriate because of the
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A contract is an agreement between two parties that creates enforceable rights or obligations
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Generally, revenues are recognized when the
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Which of the following statements about the fair value principle is true.
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The difficulty in cost benefit analysis is that the benefits are usually evident and measurable, while the costs are not always evident or measurable.
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The existing conceptual frameworks underlying IFRS and GAAP are strikingly different and the FASB and ISAB will likely change many aspects of each of the frameworks in order to create a common conceptual framework.