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CHAPTER 2 CONCEPTUAL FRAMEWORK UNDERLYING FINANCIAL ACCOUNTING

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Question;61. The objective of financial reporting;in the International Accounting Standards Board?s (IASB?s) Conceptual Framework;a.;Is the foundation for the Framework.;b.;Includes the qualitative characteristics that make;accounting information useful.;c.;Is found on the third level of the Framework.;d.;All of the choices are correct regarding the;objective of financial reporting.;62. An implicit assumption of the;International Accounting Standards Board?s (IASB?s) Conceptual Framework is;that;a.;Information must be decision-useful to all;potential users of financial reporting.;b.;General-purpose financial reporting is the primary;source of information for users of financial reporting.;c.;Users need reasonable knowledge of business and;financial accounting matters to understand the information contained in;financial statements.;d.;All of the choices are correct.;63. The overriding criterion by which;accounting information can be judged is that of;a. usefulness;for decision making.;b. freedom;from bias.;c. timeliness.;d. comparability.;64. Which of the following is a fundamental;quality of useful accounting information?;a. Comparability.;b. Relevance.;c. Neutrality.;d. Materiality.;65. Which of the following is a fundamental;quality of useful accounting information?;a. Conservatism.;b. Comparability.;c. Faithful;representation.;d. Consistency.;66. What is meant by comparability when;discussing financial accounting information?;a. Information;has predictive or feedback value.;b. Information;is reasonably free from error.;c. Information;that is measured and reported in a similar fashion across companies.;d. Information;is timely.

 

Paper#55028 | Written in 18-Jul-2015

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