saved Marked out of 1.00 Flag question Identifying Conceptual Framework Topics The following topics 1 through 6 are discussed in the context of the FASB's conceptual framework. 1. Objective of general-purpose financial reporting 2. Qualitative characteristics of financial information 3. Accounting principles 4. Accounting assumptions 5. Accounting constraint 6. Financial statement elements Required Listed below are subtopics of the above topics. Match the subtopics a through r with the topics 1 through 6. Subtopic a. Revenue recognition criteria b. Full disclosure c. Cost effectiveness. d. Assets, liabilities, and equity (defined) e. Materiality f. Comparability g. Revenues and expenses (defined) h. Monetary unit i. Verifiability J. Comprehensive income (defined) k. Fundamental characteristics 1. To aid in decision-making on resource allocation m. Enhancing characteristics Topic Accounting principles Accounting principles Qualitative characteristics of financial information Financial statement elements Qualitative characteristics of financial information Qualitative characteristics of financial information : Financial statement elements 0 Accounting assumptions Qualitative characteristics of financial information Financial statement elements Qualitative characteristics of financial information : Objective of general-purpose financial reporting Qualitative characteristics of financial information n. Provide financial information to investors and creditors Objective of general-purpose financial reporting O o. Expense recognition p. Going concern q. Predictive value r. Distributions to owners (defined) Accounting principles O Accounting assumptions Qualitative characteristics of financial information : Financial statement elements Elements of Financial Statements The conceptual framework defines the elements of financial statements through below important aspects of each elementa ed in 1 through 11 below Match The aspects with the elevat a aspects can have more than one related element portant Aspect of the Dement Definition Pr Sewer RO Book Prins Videos Finish attempt... Question 11 Answer saved Marked out of 1.00 Flag question Principles, Assumptions, Constraint Following are accounting assumptions, accounting principles, and constraints, lettered a through /. Economic entity assumption b. Going concern assumption Periodicity assumption d. Monetary unit assumption e. Revenue recognition principle f. Measurement principle g. Expense recognition principle h. Full-disclosure principle i. Cost effectiveness constraint Match the following phrases 1 through 9 with their best assumption, principle or constraint. Key Phrase 1. Recognition of revenue when performance obligation is met. 2. Common denominator-the US. dollar. Assumption, Principle orConstraint Revenue recognition principle = Monetary unit assumption 0 3. Expenses recorded as revenue is incurred, as expense is incurred, or systematically over time. Expense recognition principle 4. Preparation cost versus value of benefit to the user. 5. Separate and apart from its owners and other entities. 6. Report all relevant information. 7. Reporting periods-such as monthly, quarterly, or yearly. 8. Historical cost and fair value measurements. 9. Business continuity for the foreseeable future. Cost effectiveness constraint Economic entity assumption Full-disclosure principle Periodicity assumption Measurement principle Going concern assumption = = O = Previous Save Answers