Question 17 The AICPA standards now use the term financial reporting framework"Instead of an older term. What older term essentially has the same meaning? a) Generally accepted accounting principles R5) Accounting standards Oc) Financial accounting concepts Od) Basis of accounting Question 18 Which of the following does not describe a requirement under the FRE for SMEs related to accounting for loss contingencies? O a) Accrue loss contingencies when a loss is probable and estimable O c) Disclose the amounts of accruals for loss contingencies. O Disclose loss contingendes for which a loss is at least reasonably possible Od When a loss contingency is disclosed, include in the disclosure the estimated amount of a loss contingency or a statement that management Carmot estimate the amount Question 19 Which of the following is a quality that the FRF for SMEs believes helps to make financial statements useful but that the FASB considers an inappropriate quality? O a) Timeliness Ob) Verifiability Oc) Conservatism Od Predictive value Question 20 What does the FRF for SMEs require related to lease? Ob) Report all leases as operating leases a) Capitalize leases that transfer the risks and rewards of ownership to the lessee O Capitalize all leases that have a term of one year or more Od) Reportlases as capital or operating depending on how they are treated in the federal tax return tax return