87. Erin Company applies the same accounting treatment to similar events from period to period.Erin Company is exhibiting which of the following qualities as described by the International Accounting Standards Boards (IASBs) Conceptual Framework?

1. Verifiability.
2. Consistency.
3. Predictive value.
4. All of the choices are correct.

89. Which of the following is not a basic element of financial statements?

a. Assets.

b. Statement of financial position. (balance sheet) chapter 4

c. Expenses.

d. Income.

90. Which of the following basic elements of financial statements is more associated with the statement of financial position than the income statement? Assets + liabilities + equity

a. Equity.

b. Income.

c. Gains.

d. Expenses.

91. Issuance of common stock for cash affects which basic element of financial statements?

a. Revenues.

b. Losses.

c. Liabilities.

d. Equity.

92. The International Accounting Standards Board (IASB) defines five interrelated elements of financial statements. Which of the following is not one of those elements?

1. Asset.
2. Income.
3. Equity.
4. All of the choices are elements defined by the IASB.

93. The International Accounting Standards Board (IASB) defines one of the 5 elements as follows: the residual interest in the assets of the entity after deducting all its liabilities Which element matches this description?

1. Retained earnings.
2. Income.
3. Equity.
4. All of the choices match this definition.

Assets = liabilities + owner equity