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CHAPTER 2 CONCEPTUAL FRAMEWORK UNDERLYING FINANCIAL ACCOUNTING

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Question;S88. According;to the IASB Conceptual Framework, the elements?assets, liabilities, and equity?describe amounts of resources and claims to resources at/during a;Moment in Time Period of Time;a. Yes No;b. Yes Yes;c. No Yes;d. No No;89. Which of the following;is not a basic element of financial statements?;a. Assets.;b. Statement;of financial position.;c. Expenses.;d. Income.;90. Which of the following;basic elements of financial statements is more associated with the statement of;financial position than the income statement?;a. Equity.;b. Income.;c. Gains.;d. Expenses.;91. Issuance of common;stock for cash affects which basic element of financial statements?;a. Revenues.;b. Losses.;c. Liabilities.;d. Equity.;92. The International;Accounting Standards Board (IASB) defines five interrelated elements of;financial statements. Which of the following is not one of those elements?;a.;Asset.;b.;Income.;c.;Equity.;d.;All of the choices are elements defined by the;IASB.;93. The International Accounting Standards Board (IASB) defines one;of the 5 elements as follows: ?the residual interest in the assets of the;entity after deducting all its liabilities? Which element matches this;description?;a.;Retained earnings.;b.;Income.;c.;Equity.;d.;All of the choices match this definition.;94. Which of the following;is not a basic assumption underlying;the financial accounting structure?;a. Economic;entity assumption.;b. Going;concern assumption.;c. Periodicity;assumption.;d. Historical;cost assumption.;95. Which basic assumption;is illustrated when a firm reports financial results on an annual basis?;a. Economic;entity assumption.;b. Going;concern assumption.;c. Periodicity;assumption.;d. Monetary;unit assumption.;96. Which basic assumption;may not be followed when a firm in;bankruptcy reports financial results?;a. Economic;entity assumption.;b. Going;concern assumption.;c. Periodicity;assumption.;d. Monetary;unit assumption.;97. Which accounting;assumption or principle is being violated if a company provides financial;reports only when it introduces a new product?;a. Periodicity.;b. Economic;entity.;c. Revenue;recognition.;d. Full;disclosure.

 

Paper#55031 | Written in 18-Jul-2015

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