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Question 1 of 20

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Generally accepted accounting principles

Select one of the following:

  • have been specified in detail in the FASB conceptual framework

  • Derive their credibility and authority from general recognition and acceptance by the accounting profession.

Question 2 of 20

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The conceptual framework for financial reporting consists of how many levels

Select one of the following:

  • 3

  • 4

Question 3 of 20

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The conceptual framework for financial reporting consists of how many levels

Select one of the following:

  • 3

  • 4

Question 4 of 20

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

Select one of the following:

  • The converged framework will be a series of documents, similar to the two conceptual frameworks that presently exist.

  • The IASB framework makes two assumptions

Question 5 of 20

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

Select one of the following:

  • A measurement and cognition concepts such as assumptions, principles, and constraints

  • qualitative characteristics of accounting information.

Question 6 of 20

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The underlying theme of the conceptual framework is decision usefulness

Select one of the following:

  • True
  • False

Question 7 of 20

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

Select one of the following:

  • True
  • False

Question 8 of 20

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Enhancing qualities of accounting information include

Select one of the following:

  • Comparability and verifiability

  • Relevance and faithful representation.

Question 9 of 20

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Enhancing quailities of accounting information include all of the following except

Select one of the following:

  • comparability

  • understandability

  • neutrality

  • timeliness

Question 10 of 20

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In order to be relevant, financial information must have

Select one of the following:

  • confirmatory or predictive value

  • comparability

Question 11 of 20

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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

Select one of the following:

  • revenues

  • comprehensive income

Question 12 of 20

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

Select one of the following:

  • gain

  • investment by owner

Question 13 of 20

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Under current GAAP, inflation is ignored in accounting due to

Select one of the following:

  • consistency

  • the monetary unit assumption

Question 14 of 20

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

Select one of the following:

  • True
  • False

Question 15 of 20

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Depreciation and amortization policies are justifiable and appropriate because of the

Select one of the following:

  • economic entity assumption

  • going concern assumption

Question 16 of 20

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

Select one of the following:

  • True
  • False

Question 17 of 20

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Generally, revenues are recognized when the

Select one of the following:

  • product is produced

  • performance obligation has been satisfited

Question 18 of 20

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

Select one of the following:

  • Fair value is generally less relevant than historical cost

  • Fair value is a market-based measure

Question 19 of 20

Medal-premium 1

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

Select one of the following:

  • True
  • False

Question 20 of 20

Medal-premium 1

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.

Select one of the following:

  • True
  • False
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dana
Quiz by , created almost 3 years ago

Quiz on Untitled, created by dana on 18/01/2014.

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dana
Created by dana almost 3 years ago
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