Homework Answers
Under the Conceptual framework income includes both Revenue and Gains. Gains arises from the sales of assets are not the part of Normal business activity.
Correct answer is option C .
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Under the Conceptual Framework income includes both: Select one: O a. gains and losses. O b....
he FASB's conceptual framework classifies gains and losses based on whether they are related to an...
he FASB's conceptual framework classifies gains and losses based
on whether they are related to an entity's major ongoing or central
operations. These gains or losses may be classified as
Nonoperating
Operating
a.
No
Yes
b.
Yes
No
c.
No
No
d.
Yes
Yes
Realized gains and losses on investments available-for-sale are reported Select one: O a. on the balance...
Realized gains and losses on investments available-for-sale are reported Select one: O a. on the balance sheet as part of shareholders' equity. O b. on the income statement. o c. as a contra asset. O d. as a current asset.
The major elements of the income statement are Select one: a revenues, expenses, gains, and losses....
The major elements of the income statement are Select one: a revenues, expenses, gains, and losses. b. operating section, nonoperating section, discontinued operations, extraordinary items, and cumulative effect. C. revenues, irregular items, and general expenses. d. revenue, cost of goods sold selling expenses, and general expense. age
Which of these is not a characteristic of equity as specified in the Conceptual Framework? Select...
Which of these is not a characteristic of equity as specified in the Conceptual Framework? Select one: O a. It cannot be calculated independently of assets and liabilities O b. It is diminished by unprofitable operations. c. It ranks after liabilities as a claim on assets. O d. It must be controlled by the entity.
Gains and losses are shown in which of the following statements? Select one: a statement of...
Gains and losses are shown in which of the following statements? Select one: a statement of stockholder's equity b. Income statement c. Statement of cash flow d. Balance sheet
Gains and Losses on Pension Liabilities can be caused by: Select one: a. Differences between expected...
Gains and Losses on Pension Liabilities can be caused by: Select one: a. Differences between expected and actual returns, but not actuarial assumptions b. Actuarial assumptions , but not differences between expected and actual returns c. Either differences between expected and actual returns or actuarial assumptions d. Neither differences between expected and actual returns, nor actuarial assumptions
Question 8 (2 points) According to the FASB Conceptual Framework, the financial statement element revenues, expenses,...
Question 8 (2 points) According to the FASB Conceptual Framework, the financial statement element revenues, expenses, gains, and losses describe amounts of resources and claims resources at/during a Moment in Time Period of Time Yes No b. Yes Yes No Yes No No a C. d a) b Obla O | c) d O d) c Previous Page Next Page Page 8 of 53
The statement that is not correct concerning the definition of expenses in the Conceptual Framework is...
The statement that is not correct concerning the definition of expenses in the Conceptual Framework is which of the following? Select one: O a. An expense arises whenever the economic benefits in an asset are consumed or lost. O b. An expense must result in a decrease in equity. О с. The definition of expenses is expressed in terms of changes in assets, liabilities and equity. O d. The definition of expenses does not encompass items that have traditionally been...
The cost of goods sold: Select one: O a. includes all manufacturing costs incurred during the...
The cost of goods sold: Select one: O a. includes all manufacturing costs incurred during the income statement period. O b. includes both the fixed and the variable costs of producing the items included in revenue. O c. includes period costs only. O d. is equal to the variable cost per unit multiplied by the number of units sold. e. is equal to the fixed costs of production for the time period.
According to the Conceptual Framework which of these is not an essential characteristic of an asset?...
According to the Conceptual Framework which of these is not an essential characteristic of an asset? Select one: O a. The future economic benefits can be reliably measured. O b. There must be future economic benefit O c. The entity must have control over the future economic benefits. O d. It must have a re-sale value.
he FASB's conceptual framework classifies gains and losses based
on whether they are related to an entity's major ongoing or central
operations. These gains or losses may be classified as
Nonoperating
Operating
a.
No
Yes
b.
Yes
No
c.
No
No
d.
Yes
Yes
Realized gains and losses on investments available-for-sale are reported Select one: O a. on the balance sheet as part of shareholders' equity. O b. on the income statement. o c. as a contra asset. O d. as a current asset.
The major elements of the income statement are Select one: a revenues, expenses, gains, and losses. b. operating section, nonoperating section, discontinued operations, extraordinary items, and cumulative effect. C. revenues, irregular items, and general expenses. d. revenue, cost of goods sold selling expenses, and general expense. age
Which of these is not a characteristic of equity as specified in the Conceptual Framework? Select one: O a. It cannot be calculated independently of assets and liabilities O b. It is diminished by unprofitable operations. c. It ranks after liabilities as a claim on assets. O d. It must be controlled by the entity.
Gains and losses are shown in which of the following statements? Select one: a statement of stockholder's equity b. Income statement c. Statement of cash flow d. Balance sheet
Question 8 (2 points) According to the FASB Conceptual Framework, the financial statement element revenues, expenses, gains, and losses describe amounts of resources and claims resources at/during a Moment in Time Period of Time Yes No b. Yes Yes No Yes No No a C. d a) b Obla O | c) d O d) c Previous Page Next Page Page 8 of 53
The statement that is not correct concerning the definition of expenses in the Conceptual Framework is which of the following? Select one: O a. An expense arises whenever the economic benefits in an asset are consumed or lost. O b. An expense must result in a decrease in equity. О с. The definition of expenses is expressed in terms of changes in assets, liabilities and equity. O d. The definition of expenses does not encompass items that have traditionally been...
The cost of goods sold: Select one: O a. includes all manufacturing costs incurred during the income statement period. O b. includes both the fixed and the variable costs of producing the items included in revenue. O c. includes period costs only. O d. is equal to the variable cost per unit multiplied by the number of units sold. e. is equal to the fixed costs of production for the time period.
According to the Conceptual Framework which of these is not an essential characteristic of an asset? Select one: O a. The future economic benefits can be reliably measured. O b. There must be future economic benefit O c. The entity must have control over the future economic benefits. O d. It must have a re-sale value.
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