28.

The underlying purpose of the conceptual framework for financial reporting includes which of the following?

I. increase financial statement users understanding of and confidence in financial reporting.

II. enhance comparability among companies financial statements.

III. allow new and emerging practical problems to be more quickly solved.

a.

I and II only

b.

I, II and III

c.

II only

d.

I only

29.

_______________ is the overriding criterion by which accounting information can be judged.

a.

Comparability

b.

Timeliness

c.

Freedom from bias

d.

Usefulness for decision making

The Billings on Construction in Progress account is a / an _____________ account.

a.

contract revenue

b.

construction expense

c.

contra-inventory

d.

inventory