Please do ALL questions #(1-15) correctly and provide explanation for each! i will rate quickly once i receive ALL of the correct answers
Deviations in measured outcomes from period to period should be performance-based rather than the result of variations in reporting techniques Fundamental and Relevancy Enhancing and Understandability Enhancing and Consistency Fundamental and Faithful representation Complete, neutral, free from error; truthful Fundamental and Relevancy Enhancing and Comparability Enhancing and Consistency Fundamental and Faithful representation Question 3 0.5pts Comprehensible to those with a reasonable business background Fundamental and Relevancy Fundamental and Faithful representation Enhancing and Understandability Enhancing and Consistency Question 4 0.5pts Bears on the decision process due to its timeliness and the predictive or confirmatory value represents the following: - Fundamental and Relevancy True False Question 5 0.5pts Ability to analyze alternative companies despite differences in specific accounting choices represents: - Enhancing and Consistency True False Question 6 0.5pts Available soon enough to be useful Fundamental and Relevency Enhancing and Consistency Fundamental and Faithful representation Enhancing and Timeliness Different persons would reach the same outcomes and conclusions Enhancing and Consistency Enhancing and Verifiability Fundamental and Faithful representation Fundamental and timeliness Question 8 1 pts The business unit is assumed to operate indefinitely Periodicity Going concern Monetary unit Entity Question 9 1 pts Activity assumed to be divisible into identifiable intervals Monetary unit Periodicity Assumption Entity Going concern Question 10 1 pts Assumes lack of inflation impact that necessitates adjustment Expense Recognition Principle Going concern Periodicity Assumption Stable currency Question 11 1 pts Imposes measurements based on a financial attribute Monetary unit Monetary compensation Going concern Periodicity Assumption Activities can be pinned on a circumscribed unit Monetary unit Entity Periodicity Assumption Going concern Question 13 0.5pts The many rulings of the FASB and its predecessors are updated and codified in an online database called the Accounting Standards Codification. This collection provides a research tool that is deemed to be the primary authoritative source and reference guide on accounting standards. True False Question 14 0.5pts The SEC was charged with the administration of laws that regulate the reporting practices of companies with publicly traded stock. Today, U.S. public companies must register and report to the SEC on an optional basis. True False Question 15 0.5pts Auditors evaluate the systems and data that lead to the reported financial statements. The auditor will usually issue an opinion letter on the fairness of the reports. True False Click in the boxed areas to the right of each item below. Pick lists will launch. Click on the pick list icon to reveal a drop-down menu of choices. Select the correct choice to turn the boxed area green. Click in the boxed area to the right of each item below. A Pick list will launch. Click on the pick list icon to reveal a drop-down menu of choices. Select the correct choice to turn the boxed area green
