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Answer is
D. It must be controlled by entity.
The above point is not a characteristics of equity.
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Which of these is not a characteristic of equity as specified in the Conceptual Framework? Select...
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.
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...
[25] According to the FASB’s conceptual framework, which of the following is an essential characteristic of...
[25] According to the FASB’s conceptual framework, which of the following is an essential characteristic of a liability? A. Liabilities must require the obligated entity to pay cash to a recipient entity. B. Liabilities must be legally enforceable. C. The identity of the recipient entity must be known to the obligated entity before the time of settlement. D. Liabilities are obligations resulting from previous transactions or events. [26] Consolidated financial statements are prepared when a parent-subsidiary relationship exists in recognition...
Under the Conceptual Framework income includes both: Select one: O a. gains and losses. O b....
Under the Conceptual Framework income includes both: Select one: O a. gains and losses. O b. returns and profits. O c. revenue and gains. O d. takings and outgoings.
1. How does the conceptual framework differ from an accounting standard? a. The principles in the...
1. How does the conceptual framework differ from an accounting standard? a. The principles in the conceptual framework are specific in nature while accounting standards provide more general requirements for financial reporting. b. The principles in the conceptual framework are general concepts while accounting standards provide specific requirements for a particular area of financial reporting. c. The principles in the conceptual framework are designed to provide guidance and apply to a limited range of decisions relating to the preparation of...
Please answer the following question(s): The current conceptual distinction between liabilities and equity defines liabilities independently...
Please answer the following question(s): The current conceptual distinction between liabilities and equity defines liabilities independently of assets and equity, with equity defined as a residual amount. The present proliferation of financial instruments that combine features of both debt and equity and the difficulty of drawing a distinction have led many to conclude that the present two-category distinction between liabilities and equity should be eliminated. Two opposing viewpoints are: View #1: The distinction should be maintained. View #2: The distinction...
According to the Conceptual Framework information that is free from material error and bias has greater:...
According to the Conceptual Framework information that is free from material error and bias has greater: Select one: O a. Relevance. O b. Decision making usefulness. c. Verifiability O d. Faithful representation
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 1a) Which of the following is NOT an essential characteristic to all assets? a) A...
Question 1a) Which of the following is NOT an essential characteristic to all assets? a) A resource owned by the entity. b) As a result of a past event. c) A resource controlled by the entity. d) A present economic resource. Question 1b) Which of the following characteristics of a company business structure is TRUE? a) All of the other options. b) Easy to start up. c) Directors have limited liability. d) A separate legal entity.
D) $400 15. Which of the following describes a debenture? A) A bond that repays principal...
D) $400 15. Which of the following describes a debenture? A) A bond that repays principal in installments B) A bond that gives the bondholder a claim for specific assets if the issuer fails to pay C) A bond that matures at one specified time D) A bond that is not backed by specific assets 16. Which of the following statements describes the corporate characteristic termed no mutual agency? A The liabilities of the corntion cannot h ytended to the...
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.
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...
Under the Conceptual Framework income includes both: Select one: O a. gains and losses. O b. returns and profits. O c. revenue and gains. O d. takings and outgoings.
According to the Conceptual Framework information that is free from material error and bias has greater: Select one: O a. Relevance. O b. Decision making usefulness. c. Verifiability O d. Faithful representation
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...
D) $400 15. Which of the following describes a debenture? A) A bond that repays principal in installments B) A bond that gives the bondholder a claim for specific assets if the issuer fails to pay C) A bond that matures at one specified time D) A bond that is not backed by specific assets 16. Which of the following statements describes the corporate characteristic termed no mutual agency? A The liabilities of the corntion cannot h ytended to the...
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