F

Flag this Question

Question 11 pts

Which of these is not an element of comprehensive income?

Group of answer choices

Expenses

Investments by owners

Revenues

Losses

Flag this Question

Question 21 pts

Which of the following helps to determine if a business thrives?

Group of answer choices

Competition

Markets

Free enterprise

All of these

Flag this Question

Question 31 pts

What is meant by the term comparability when discussing financial accounting information?

Group of answer choices

Information has predictive or feedback value.

Information that is free of errors.

Information measured and reported in a similar fashion across industries or companies.

Information is reported timely and is cost effective.

Flag this Question

Question 41 pts

Why is it believed that accounting standards issued by the Financial Accounting Standards Board (FASB) would carry more weight?

Group of answer choices

The FASB has small membership.

The FASB board members are well paid.

The FASB board members must be CPAs.

The FASB engages in due process.

Flag this Question

Question 51 pts

Information is neutral if it __________.

Group of answer choices

provides benefits that are at least equal to the costs of its preparation

is free from bias

would have no impact on a decision

can be compared with similar information about an enterprise at other points in time

Flag this Question

Question 61 pts

What is a purpose of having a conceptual framework?

Group of answer choices

A conceptual framework enables the profession to solve emerging practical problems quickly.

A conceptual framework provides a foundation and directly prescribes GAAP.

A conceptual framework provides structure for GAAP and IFRS only.

A conceptual framework is described as the The Tax Law and Standards because all accounting standards are based on it.

Flag this Question

Question 71 pts

In the context of components of financial statements, the primary difference between gains and revenues is/are _________.

Group of answer choices

the nature of the activities that resulted in the transactions involved

the costs and benefits of disclosure methods for the transactions involved

the likelihood that the transactions involved will recur later

the materiality of the amounts involved

Flag this Question

Question 81 pts

What is a major objective of financial accounting and reporting?

Group of answer choices

Communicating information which helps managers make decisions.

Communicating information about nonfinancial transactions.

Communicating information used to assess timing, amounts, and uncertainty of prospective cash receipts.

Communicating information that excludes claims to the resources.

Flag this Question

Question 91 pts

Which of the following restricts the accounting choices we make?

Group of answer choices

Economic entity

Verifiability

Revenue recognition

Cost effectiveness

Flag this Question

Question 101 pts

Information in financial reports is related to __________.

Group of answer choices

individual business enterprises, rather than to industries, an economy, or to consumers

business industries, instead of an economy, individual enterprises, or consumers

individual business enterprises, an economy, and industries, rather than to consumers

an economy and to consumers, rather than to individual enterprises or industries