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Question;77. The quality of information that means the;numbers and descriptions match what really existed or happened is;a. relevance.;b. faithful;representation.;c. completeness.;d. neutrality.;78. Financial information does not demonstrate consistency when;a. firms;in the same industry use different accounting methods to account for the same;type of transaction.;b. a;company changes its estimate of the salvage value of a fixed asset.;c. a;company fails to adjust its financial statements for changes in the value of;the measuring unit.;d. none;of these.;79. When information about two different;enterprises has been prepared and presented in a similar manner, the;information exhibits the characteristic of;a. relevance.;b. faithful;representation.;c. consistency.;d. none;of these.;80. The second level of;the International Accounting Standards Board?s (IASB?s) ConceptualFramework;a.;provides conceptual building blocks that explain;the qualitative characteristics of accounting information.;b.;defines the elements of financial statements.;c.;serves as a bridge between the ?why? of accounting;and the ?how? of accounting.;d.;all of the choices are correct.;81. In the International Accounting;Standards Board?s (IASB?s) Conceptual Framework, qualitative characteristics;a.;Are considered either fundamental or enhancing.;b.;Contribute to the decision-usefulness of financial;reporting information.;c.;Distinguish better information from inferior;information for decision-making purposes.;d.;All of the choices are correct.;82. In the International Accounting;Standards Board?s (IASB?s) Conceptual Framework, an enhancing qualitative;characteristic is;a.;Predictive value.;b.;Free from error.;c.;Timeliness.;d.;Confirmatory value.;83. In the International Accounting;Standards Board?s (IASB?s) Conceptual Framework, an ingredient of a fundamental;qualitative characteristic is;a.;Neutrality.;b.;Verifiability.;c.;Timeliness.;d.;Understandability.;84. In the International Accounting;Standards Board?s (IASB?s) Conceptual Framework, a fundamental qualitative;characteristic is;a.;Materiality.;b.;Faithful representation.;c.;Decision usefulness.;d.;Neutrality.;85. To be a faithful representation;as described by the International Accounting Standards Board?s (IASB?s);Conceptual Framework, information must be all of the following except;a.;Complete.;b.;Free from error.;c.;Confirmatory.;d.;Neutral.;86. Enhancing qualities as described;by the International Accounting Standards Board?s (IASB?s) Conceptual;Framework, include all of the following except;a.;Comparability.;b.;Neutrality.;c.;Understandability.;d.;Verifiability.;87. Erin Company applies the same;accounting treatment to similar events from period to period. Erin Company is;exhibiting which of the following qualities as described by the International;Accounting Standards Board?s (IASB?s) Conceptual Framework?;a.;Verifiability.;b.;Consistency.;c.;Predictive value.;d.;All of the choices are correct.


Paper#55030 | Written in 18-Jul-2015

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