- All Exams Instant Download
When the economic consequences of a standard or rule is ignored, which characteristic is being represented?
When the economic consequences of a standard or rule is ignored, which characteristic is being represented?A . NeutralB . VerifiabilityC . CompleteD . RelevanceView AnswerAnswer: A
Which of the following describes the concerns of Level 3 of the conceptual framework for financial reporting?
Which of the following describes the concerns of Level 3 of the conceptual framework for financial reporting?A . Basic objectiveB . Recognition, measurement, and disclosure conceptsC . Fundamental conceptsD . Elements of financial statementsView AnswerAnswer: B
Which of the following describes the change in the net defined benefit liability (asset) during the period due to passage of time?
Which of the following describes the change in the net defined benefit liability (asset) during the period due to passage of time?A . Past service costB . Current service costC . Net interest on the net defined benefit liability (asset)D . Time value of moneyView AnswerAnswer: C
Issuance of interim reports is an example of what enhancing characteristic?
Issuance of interim reports is an example of what enhancing characteristic?A . ComparabilityB . VerifiabilityC . RelevanceD . TimelinessView AnswerAnswer: D
Which of the following is the term that describes total net sales minus total expenses?
Which of the following is the term that describes total net sales minus total expenses?A . Operating expensesB . Net incomeC . Total incomeD . Current assetsView AnswerAnswer: B
Current assets comprise assets that can be converted to cash. They must be converted within what time period?
Current assets comprise assets that can be converted to cash. They must be converted within what time period?A . Before the end of the fiscal yearB . Within a yearC . Within a fiscal yearD . Within two yearsView AnswerAnswer: B
Which of the following is true of liabilities?
Which of the following is true of liabilities?A . Current liabilities come due in less than a yearB . Current liabilities come due in less than 18 monthsC . Noncurrent liabilities come due in less than a yearD . Both current and noncurrent liabilities come due in less than a...
What is one of the purposes of International Accounting Standards Board (IASB)’s conceptual framework, which establishes the concepts that underlie financial reporting?
What is one of the purposes of International Accounting Standards Board (IASB)’s conceptual framework, which establishes the concepts that underlie financial reporting?A . Provides information about economic entities that is useful in making economic decisionsB . Provides guidance where conflicting interpretations have developedC . Provides benchmark for judgmentsD . Informs...
Which of the following is true?
Company XYZ outsourced its printing services to a specialist printing firm. The specialist firm took responsibility for the staff, though the team remains on Company XYZ’s premises. Which of the following is true?A . Because they remain on your premises, they are considered staff costsB . Due to the outsourcing...
Neutral and complete are ingredients of which of the following fundamental characteristics of accounting information?
Neutral and complete are ingredients of which of the following fundamental characteristics of accounting information?A . Faithful representationB . RelevanceC . Predictive valueD . ComparabilityView AnswerAnswer: A
