Details of this Paper

CHAPTER 2 CONCEPTUAL FRAMEWORK UNDERLYING FINANCIAL ACCOUNTING

Description

solution


Question

Question;129. Which;assumption or principle requires that all information significant enough to;affect a decision of reasonably informed users should be reported in the;financial statements?;a. Expense;recognition.;b. Going;concern.;c. Historical;cost.;d. Full;disclosure.;130. The basic principles of accounting used by the International;Accounting Standards Board include all of the following except;a.;Measurement;b.;Full disclosure;c.;Revenue recognition;d.;Going concern;131. The International Accounting Standards Board has given companies the;option of using fair value to report all of the following except;a.;Receivables;b.;Investments;c.;Financial liabilities;d.;All of the choices can be valued at fair value.;132. Under International Financial Reporting Standards (IFRS) revenue is recognized;a.;At the time cash is collected.;b.;During production.;c.;At the end of production.;d.;When the performance obligation is satisfied.;133. Under International Financial Reporting Standards (IFRS) _______ costs are charged off in the;immediate period and ________ costs may be carried into future periods.;a.;Period, product.;b.;Material, overhead.;c.;Product, period.;d.;Overhead, administrative.;134. Under International Financial Reporting Standards (IFRS) notes to the financial statements;a.;Must be quantifiable.;b.;Must qualify as an element.;c.;Amplify or explain items presented in the main body;of the financial statements.;d.;All of the choices are correct regarding notes to;the financial statements.;135. Under International Financial Reporting Standards (IFRS) supplementary information;a.;May be information that is high in relevance but;low in reliability.;b.;May include explanations of uncertainties and;contingencies.;c.;May include descriptions of accounting policies and;methods.;d.;All of the choices are correct regarding;supplementary information.;136. Which of the following is a constraint in;presenting financial information?;a. Cost.;b. Full;disclosure.;c. Relevance.;d. Consistency.;137. All;of the following represent costs of providing financial information except;a. preparing.;b. disseminating.;c. accessing;capital.;d. auditing.;138. Which of the following is a benefit of;providing financial information?;a. Potential;litigation.;b. Auditing.;c. Disclosure;to competition.;d. Improved;allocation of resources.

 

Paper#55035 | Written in 18-Jul-2015

Price : $22
SiteLock