Generally accepted accounting principles

The conceptual framework for financial reporting consists of how many levels

The conceptual framework for financial reporting consists of how many levels

Which of the following statements is true regarding the convergence project by the FASB and IASB?

In the conceptual framework for financial reporting, what provides "the how" - the implementation of accounting?

The underlying theme of the conceptual framework is decision usefulness

For information to be relevant, it must have both predictive value and confirmatory value?

Enhancing qualities of accounting information include

Enhancing quailities of accounting information include all of the following except

In order to be relevant, financial information must have

The change in net assets during a period from transactions and other events and circumstances from non-owner sources is called

an increase in net assets arising from peripheral or incidental transactions is called a(n)

Under current GAAP, inflation is ignored in accounting due to

The periodicity assumption specifies that the most appropriate time periods for financial reporting are weekly, bi-monthly, and yearly

Depreciation and amortization policies are justifiable and appropriate because of the

A contract is an agreement between two parties that creates enforceable rights or obligations

Generally, revenues are recognized when the

Which of the following statements about the fair value principle is true.

The difficulty in cost benefit analysis is that the benefits are usually evident and measurable, while the costs are not always evident or measurable.

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.