Homework Answers
*According to the objective of general purpose financial reportingthe reporting entity need not be a legal entity.
This statement is false,the objective of general purpose financial reporting is to provideinformation to users that is useful for making and evaluating decisions.Therefore according to the objectives of general purpose financial reportingthe reporting entity must be legal entity .
* The best justification for recoreding a liability at the high end of an estimate is purdence.
This statement is true, under the prudence concept, do not overestimate the amount of resvenues recognized or undrestimate the amount of expenses, Another way of looking at prudence is to only record a revenue trnsaction or liability when it is probable.
*The objetive of general purpose financial reporting only addresses the needs of existing investors and creditors.
this statement is true, the objectives of general purpose financial statement is to provide financial information about the reporting entity that is useful to existing potential investors, lenders and other creditors in making decesion relatin to providing resources to the entity.
* the peroidicity assumptions best justifies using the different measurement bases decribe in the conceptual framework.
this statement is true,for business entity causes inconvienience to measure performance achieved by the entity
in the ordinary course of business.
Thus the periodicity cincept facilities in :
(1) comparison to financial statement of different period
(2) uniform and consistent accounting treatment for ascertaining the profit and asset of the business
(3) matching periodic revenue with expenses for getting correct result of the business operation
* That"s why all statement is not true.
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Question 2 2 pts Which of the following statements is true? O According to the objective...
The objective of general purpose financial reporting as described in the Conceptual Framework is to: (See...
The objective of general purpose financial reporting as described in the Conceptual Framework is to: (See paragraph 1.2) A. Provide information to regulators B. Support the entity's tax return C. Meet the information needs of an entity's stakeholders D. Provide financial information about the reporting entity that is useful to existing and potential investors, lenders and other creditors in making decisions relating to providing resources to the entity
QUESTION 17 The financial information included within the financial statements reflects only the financial performance of...
QUESTION 17 The financial information included within the financial statements reflects only the financial performance of the entity as determined by applying the guidance and rules incorporated within the Conceptual Framework and within applicable accounting standards: they do not provide a means of assessing the performance of the entity. legal O technological O social or environmental O political QUESTION 18 Which among the following is not a current value measurement? Fair value Value in use for assets) or fulfilment value...
Q1 What is the objective purpose of general-purpose financial reporting? Q2 Users of financial statements can...
Q1 What is the objective purpose of general-purpose financial reporting? Q2 Users of financial statements can face different questions about the recognition and measurement of financial items. To help develop the type of financial information that can be used to answer these questions financial accounting and reporting rules are based on a conceptual framework. Requirements: 1. What are the basic components of the Conceptual Framework? 2. What are your views about the success of the conceptual framework?
Which of the following statements is not true? Comparability means using the same accounting principles from...
Which of the following statements is not true? Comparability means using the same accounting principles from year to year within a company. 2) Faithful representation is the quality of information that gives assurance that it is free of error. 3) Relevant accounting information must be capable of making a difference in the decision. 4) The primary objective of financial reporting is to provide financial information that is useful to investors and creditors for making decisions. Question 8 (1 point) Intangible...
QUESTION 10 Which of the following statements is true of the revaluation model in AASB 116?...
QUESTION 10 Which of the following statements is true of the revaluation model in AASB 116? It is the preferred model of managers. It is required under AASB 116. Once adopted, the firm can no longer revert back to the cost model. None of the given options are correct. QUESTION 11 A financial statement that complies with the requirements of the Conceptual Framework and accounting standards, and that meets the information needs common to users who are unable to prepare...
< a. buy, sell, hold equity and debt instruments b. decide whether to invest in the...
< a. buy, sell, hold equity and debt instruments b. decide whether to invest in the company. c. evaluate borrowing capacity to determine the extent of a loan to grant. d. plan and control company's operations. 6. Generally accepted accounting principles a. are fundamental truths or axioms that can be derived from laws of nature. b. derive their authority from legal court proceedings c. derive their credibility and authority from general recognition and acceptance by the accounting profession. d. have...
E 1-15 Multiple choice; concept statements, basic assumptions, principles Determine the response that best completes the...
E 1-15 Multiple choice; concept statements, basic assumptions, principles Determine the response that best completes the following statements or questions. 1. The primary objective of financial reporting is to provide information a. About a firm's management team b. Useful to capital providers C. Concerning the changes in financial position resulting from the income- producing efforts of the entity d. About a firm's financing and investing activities 2. Statements of Financial Accounting Concepts issued by the FASB a. Represent GAAP b....
s/atofi/Documents/Chapt%202%20intermed%20f%20Oscan_0200921015150 pdf efault browser? Set as default + F A Read aloud Y Draw A) It...
s/atofi/Documents/Chapt%202%20intermed%20f%20Oscan_0200921015150 pdf efault browser? Set as default + F A Read aloud Y Draw A) It should be a basis for standard-setting. B) It should allow practical problems to be solved more quickly by reference to it. C) It should be based on fundamental truths that are derived from the laws of nature. D) All of these answer choices are true 4. What is a purpose of having a conceptual framework? A) To make sure that economie activity can be...
Read each of the following statements carefully and indicate whether each is true or false. 2...
Read each of the following statements carefully and indicate whether each is true or false. 2 1. The Sarbanes-Oxley Act places great emphasis on internal controls and fraud prevention The FASB and the IASB are working toward full convergence of U.S. financial reporting standards and those of the International Accounting Standards Board. 3. Because of the Sarbanes-Oxley Act, it is probable that the FASB/IASB conceptual framework will become less important in developing accounting principles and standards 4. The FASB Standards...
JICES Exercise 2-1 The conceptual framework has been created to make accounting information useful Indicate whether...
JICES Exercise 2-1 The conceptual framework has been created to make accounting information useful Indicate whether the following statements about the conceptual framework are true or false (a) Accounting standards that rely on a body of concepts will result in useful and consistent pronouncements () General purpose financial reports are most useful to company insiders in making strategic business decisions. (c) Accounting standards based on individual conceptual frameworks wil generally result in consistent and comparable accounting reports. (d) Capital providers...
QUESTION 17 The financial information included within the financial statements reflects only the financial performance of the entity as determined by applying the guidance and rules incorporated within the Conceptual Framework and within applicable accounting standards: they do not provide a means of assessing the performance of the entity. legal O technological O social or environmental O political QUESTION 18 Which among the following is not a current value measurement? Fair value Value in use for assets) or fulfilment value...
Which of the following statements is not true? Comparability means using the same accounting principles from year to year within a company. 2) Faithful representation is the quality of information that gives assurance that it is free of error. 3) Relevant accounting information must be capable of making a difference in the decision. 4) The primary objective of financial reporting is to provide financial information that is useful to investors and creditors for making decisions. Question 8 (1 point) Intangible...
QUESTION 10 Which of the following statements is true of the revaluation model in AASB 116? It is the preferred model of managers. It is required under AASB 116. Once adopted, the firm can no longer revert back to the cost model. None of the given options are correct. QUESTION 11 A financial statement that complies with the requirements of the Conceptual Framework and accounting standards, and that meets the information needs common to users who are unable to prepare...
< a. buy, sell, hold equity and debt instruments b. decide whether to invest in the company. c. evaluate borrowing capacity to determine the extent of a loan to grant. d. plan and control company's operations. 6. Generally accepted accounting principles a. are fundamental truths or axioms that can be derived from laws of nature. b. derive their authority from legal court proceedings c. derive their credibility and authority from general recognition and acceptance by the accounting profession. d. have...
E 1-15 Multiple choice; concept statements, basic assumptions, principles Determine the response that best completes the following statements or questions. 1. The primary objective of financial reporting is to provide information a. About a firm's management team b. Useful to capital providers C. Concerning the changes in financial position resulting from the income- producing efforts of the entity d. About a firm's financing and investing activities 2. Statements of Financial Accounting Concepts issued by the FASB a. Represent GAAP b....
s/atofi/Documents/Chapt%202%20intermed%20f%20Oscan_0200921015150 pdf efault browser? Set as default + F A Read aloud Y Draw A) It should be a basis for standard-setting. B) It should allow practical problems to be solved more quickly by reference to it. C) It should be based on fundamental truths that are derived from the laws of nature. D) All of these answer choices are true 4. What is a purpose of having a conceptual framework? A) To make sure that economie activity can be...
Read each of the following statements carefully and indicate whether each is true or false. 2 1. The Sarbanes-Oxley Act places great emphasis on internal controls and fraud prevention The FASB and the IASB are working toward full convergence of U.S. financial reporting standards and those of the International Accounting Standards Board. 3. Because of the Sarbanes-Oxley Act, it is probable that the FASB/IASB conceptual framework will become less important in developing accounting principles and standards 4. The FASB Standards...
JICES Exercise 2-1 The conceptual framework has been created to make accounting information useful Indicate whether the following statements about the conceptual framework are true or false (a) Accounting standards that rely on a body of concepts will result in useful and consistent pronouncements () General purpose financial reports are most useful to company insiders in making strategic business decisions. (c) Accounting standards based on individual conceptual frameworks wil generally result in consistent and comparable accounting reports. (d) Capital providers...
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