D Question 23 1 pts The allowance for doubtful accounts, which appears as a deduction from accounts receivable on a statement of financial position and which is based on an estimate of bad debts, is an application of the O expense recognition principle O revenue recognition principle. accrual concept monetary unit D Question 24 1 pts In the conceptual framework for financial reporting, what provides the why the purpose of accounting? o Objective of financial reporting Qualitative characteristics of accounting information Elements of financial statements Recognition, measurement, and disclosure concepts such as assumptions, principles, and constraints - G Question 25 1 pts What is a purpose of having a conceptual framework? To provide comparable information for different companies. To make sure that economic activity can be identihed with a particular legal entity, To enable the profession to more quickly solve emerging practical problems and to provide a foundation from which to build more useful standards To segregate activities among competing companies 1 pts Question 26 Accounting information is considered to be relevant when it O is capable of making a difference in a decision. is understandable by reasonably informed users of accounting information. is verifiable and neutral can be depended on to represent the economic conditions and events that it is intended to represent