20 The scope of conceptual framework for financial reporting concerned with Which of the following given options? a. The objective of general purpose of financial reporting and going concern assumption. b. Elements of financial statements, recognition and measurement of elements of financial statements c. Concepts of capital and capital maintenance and the qualitative characteristics of useful financial information d. All the given options

20 The scope of conceptual framework for financial reporting concerned with Which of the following given options? a. The objective of general purpose of financial reporting and going concern assumption. b. Elements of financial statements, recognition and measurement of elements of financial statements c. Concepts of capital and capital maintenance and the qualitative characteristics of useful financial information d. All the given options

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter2: Financial Reporting: Its Conceptual Framework

Section: Chapter Questions

Problem 7C

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The scope of conceptual framework for financial reporting concerned with Which of the following given options? a. Concepts of capital and capital maintenance and the qualitative characteristics of useful financial information b. The objective of general purpose of financial reporting and going concern assumption. c. All the given options d. Elements of financial statements, recognition and measurement of elements of financial statements
From the following givven options,identify the characteristics which relevant to bisac qualitative charactertic of usefull financial information Verifiablty Understandability Timeliness Faithfull represention
The Conceptual Framework for Financial Reporting addresses fundamental issues including Group of answer choices The objective of financial reporting All of these Characteristics that make financial information useful Definition, recognition, derecognition, measurement, presentation and disclosure of the elements of financial statements
Materiality is an entity-specific aspect of which of the qualitative characteristics of financial information? Select one: a. Understandibility b. Timeliness C. Relevance d. Verifiability
Conceptually, interim financial statements can be described as emphasizing which of the following? I. Timeliness II. Relevance III. Verifiability
Explain the following measurement bases of the elements of financial statements andindicate how assets and liabilities are measured in each case:i. Historical cost ii. Current cost iii. Realisable value
Classifying Financial Statement Amounts For the following six items, indicate which financial statement category would be affected: (1) net income or (2) other comprehensive income. d. Unrealized loss on a TS debt investment. e. Unrealized gain on an AFS debt investment accounted for using the fair value option. f. Unrealized loss on an equity investment measured at FV-NI.
The conceptual framework for Financial Reporting describes the objective of, and the concepts for, general purpose financial reporting (GPFR). Explain 5 importance of the conceptual framework.
Explain the main purposes of the Conceptual Framework for Financial Reporting and Identify the objective of general-purpose financial reporting, as stated in the Conceptual Framework
MULTIPLE CHOICE. Choose the best answer among the following choices. 6. The financial statements should be stated in terms of a common financial denominator. A. Accrual B. Going Concern C. Time Period D. Stable Monetary Unit 7. The principle of objectivity includes the concept of A. Summarization B. Verifiability C. Classification D. Conservatism 8. The financial accounting information is directed toward the common needs of users and is independent of presumptions about particular needs and desires of specific users. A. Completeness B. Verifiability C. Relevance D. Neutrality 9. The attribute of relevance include ALL EXCEPT: A. Predictive value B. Feedback value C. Materiality D. Neutrality 10. The assumption that an entity will continue to operate for the foreseeable future is called A. Accrual basis B. Comparability C. Going concern D. Cash basis
The following are the typical classifications used in a statement of financial position : a. Current assets b. Investments and funds c. Property, plant, and equipment d. Investment property e. Intangible assets f. Current liabilities g. Long-term liabilities h. Issued capital i. Retained earnings Required : For each of the following statements of financial position items. use the letters above to indicate the appropriate classification category. If the item is a contra account, place a minus before the chosen letter 1. …. .…….Prepaid insurance 2. ……….. Note payable due in three months 3. ………. Unearned rent revenue 4. ……….. Income less dividends, accumulated 5. ………. Building, in use
The following are the typical classifications used in a statement of financial position : a. Current assets b. Investments and funds c. Property, plant, and equipment d. Investment property e. Intangible assets f. Current liabilities g. Long-term liabilities h. Issued capital i. Retained earnings Required : For each of the following statements of financial position items. use the letters above to indicate the appropriate classification category. If the item is a contra account, place a minus before the chosen letter 3. ………. Unearned rent revenue 4. ……….. Income less dividends, accumulated 5. ………. Building, in use