2.Which of these statements regarding the IFRS and U.S. GAAP is correct?

a. U.S. GAAP is considered to be "principles-based" and more detailed than iGAAP.

b.U.S. GAAP is considered to be "rules-based" and less detailed than iGAAP.

c.IFRS is considered to be "principles-based" and less detailed than U.S. GAAP

d.Both U.S. GAAP and iGAAP are considered to be "rules-based", but U.S. GAAP tends

to be more complex.

3.A soundly developed conceptual framework of concepts and objectives should

a.increase financial statement users' understanding of and confidence in financial

reporting.

b.enhance comparability among companies' financial statements.

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

d.all of these.

8.Proponents of historical cost ordinarily maintain that in comparison with all other valuation methods used for general purpose financial reporting, statements prepared using historical cost are more:

a.faithfully representative.

b.relevant.

c.indicative of the entity's purchasing power.

d.conservative.

9.Revenue generally should be recognized:

a.at the end of production.

b.at the time of cash collection.

c.when realized.

d.when the performance obligation is satisfied.

10.A company has a factory building that originally cost the company $250,000. The current fair

value of the factory building is $3 million. The president would like to report the difference as a

gain. The write-up would represent a violation of which accounting assumption or principle?

a.Revenue recognition principle

b.Going concern assumption

c.Measurement Principle - Historical cost.

d.Monetary unit assumption