s/atofi/Documents/Chapt%202%20intermed%20f%20Oscan_0200921015150 pdf efault browser? Set as default + F A Read aloud Y Draw A) It should be a basis for standard-setting. B) It should allow practical problems to be solved more quickly by reference to it. C) It should be based on fundamental truths that are derived from the laws of nature. D) All of these answer choices are true 4. What is a purpose of having a conceptual framework? A) To make sure that economie activity can be identified with a particular legal entity B) To segregate activities among different companies. C) To provide comparable information for different companies. D) To enable the profession to more quickly solve emerging practical problems and to provide a foundation from which to build more useful standards. 5. Which of the following is not a benefit associated with the FASB Conceptual Framework Project? A) A conceptual framework should increase financial statement users' understanding of and confidence in financial reporting, B) Practical problems should be more quickly solvable by reference to an existing conceptual framework C) A coherent set of accounting standards and rules should result. D) Business entities will need far less assistance from accountants because the financial reporting process will be quite easy to apply 3 CUsers/atofi/Documents/Chapt.202.20intermed:20P%.2020scan_2020092 1015150.pdf de as your deskt browser Set as default + E A Read aloud V Draw Y Highlight 6. In the conceptual framework for financial reporting, what provides the why the purpose of accounting? A) Recognition, measurement, and disclosure concepts such as assumptions, principles, and constraints B) Qualitative characteristics of counting information C) Elements of financial statements D) Oljective of financial reporting 3. The underlying theme of the conceptual framework is A) decision wefulness B) understandability C) faithful representation D) competity & The objective of general purpose financial reporting is? A) to provide financial information hout the reporting entity that is useful to present and potential equity investos, lenders, and other creditors in making decisions in their capacity es capital provides B) to provide companies with the option to select information that faves one set of interested parties over meer C) to provide was with financial information that implies to feedom tomorror D) to provide a mers for financial information wed to determine when the boundary between DH entities should be disregarded and he come to be a licensing mement 7. If the LIFO inventory method was set period, so bewed for the end Csers/atofl/Documents/Chapt%202%20intermed.201 2020 con 20200921015150.pdf gas your browser Set as det Haright + A Read aloud Ora D) to provide a metric for frucial information and to determine when the boundary between two or more cities should be disregarded and the enticidered to be a licensing angement. 9. If the LIFO imetry method was used last period, it should be used for the current and following periods because of A) consistency B materiality C) timelines Di verifimility 10. Which of the following is a characteristie describing the fundamental quality of relevance! A) Predictive value B Normality CyVerifiality Dj Understandability e . o G C/Users/atofi/Documents/Chapt%202%20intermed%2072020s can_20200921015150.pdf ge as your default browser Set as default + 3 A Read aloud Draw Highlight Intermediate Clapete 11. Which of the following is a fundamental quality of useful accounting information? A) Comparability B) Relevance C) Neutrality D) Materiality 12. Which of the following is a fundamental quality of useful conting information? A) Conservatism B) Comparability C Faithful representation D) Consistency 13. What is meant by comparability when discussing financial accounting information A) information has predictive or confiary value. R) Information is really free from armor. c) Information is measured and reported in a similar fashion across companies D) Information is timely 14. What is meant by consistency when dising facial accounting information A) Information presented by a company applies the same accounting treatment to simile events from period to period II) inn is only CI Information is elfiel, chied, and present clearly and only D) Insommation is veritable e File C/Users/atof/Documents/Chapt.202%20intermed20f%2020scan 20200921015150 pdf de your de broer Set as desk Highlight + E Read aloud Dan C) Information is classified, characterized, and presented clearly and concisely. D) Information is verifiable 15. Which of the following is an ingredient of relevate A) Completeness B) Neutrality Timeliness D) Materiality 16. Which of the following is an ingredient of faithful representation A) Predictive value B) Materiality Nely D) Confirmatory value o