Normally, a business entity will persist unless there is an emegency situation, this is the:

Multiple Choice

• Periodicity assumption.

• Entity assumption.

• Going concern assumption.

• Historical cost assumption.

The main objective of the accounting information is to provide useful information to:

Multiple Choice

• Capital Providers.

• Managers.

• Regulators.

• Academicians.

Chapter 5 of the conceptual framework focuses on:

Multiple Choice

• Objective and qualitative characteristics.

• Measurement.

• Recognition and Derecognition.

• Elements of financial statements.

All of the following are considered elements of financial statements except:

Multiple Choice

• Monetary unit.

• Investments by owners.

• Comprehensive income.

• Losses.

Which of the following best demonstrates the the Neutrality information characteristic?

Multiple Choice

• The multi-step income statement.

• The auditors' report.

• The company's tax return.

• Disclosure notes to financial statements.