Topics of this game:
- What is the constraint that supports considering that the benefits of the information outweigh the sacrifices to provide the information?
- In complying with the full disclosure principle, an accountant must determine the amount of disclosure necessary. How much disclosure is enough?
- According to the FASB conceptual framework, equity _________.
- Which of the following is NOT a benefit associated with the FASB conceptual framework project?
- Which of the following violates the concept of faithful representation?
- Which of the following is a characteristic describing the primary quality of relevance?
- Ingredients of faithful representation are:
- If accounting information is complete, free from error, and neutral, it can be considered:
- The major objective of the quality of comparability is to:
- Comprehensive income includes all changes in equity during a period except:
- According to FASB Conceptual Framework, the elements - assets, liabilities, and equity - describe amounts of resources and claims to resources at/during a:
- The economic entity assumption in accounting is best reflected by which of the following statements?
- Continuation of an accounting entity in the absence of evidence to the contrary is an example of the basic concept of:
- In accounting, an economic entity may be defined as:
- which of the following basic accounting assumptions is threatened by the existence of severe inflation in the economy?
- During the lifetime of an entity accountants produce financial statements at artificial points in time in accordance with the concept of:
- Although many objections have been raised about the "cost" principle, it is still widely supported for financial reporting because it
- Under the revenue recognition principle, revenue is generally recognized when:
- Which of the following is a correct statement regarding the expense recognition principle?
- The concept referred to by the "expense recognition" principle is _________.
- The elements of financial position describe amounts of resources and claims against resources
- Which of the following in relation to income is true?
- Financial statements portray the financial effects of transactions and other events by grouping them into broad classes according to their economic characteristics. These broad classes are termed as:
- An asset is recognized when
- A liability is recognized when
- It is the process that involves the simultaneous or combined recognition of revenue and expenses that result directly from the same transactions and other events
- When economic benefits are expected to arise over several accounting periods and the association with income can only be broadly or indirectly determined, expenses are recognized on the basis of
- Which of the following measurement attributes is not currently used in practice?
- Which of the following attributes is generally considered to be the most relevant?
- Generally, revenue from sale of goods shall be recognized at a point when
- Revenue from sale of goods shall be recognized when all of the ff conditions have been satisfied, except
- Which of the following statements is INCORRECT concerning recognition of revenue?
- The revenue principle states that revenue shall be recognized at a point when
- Generally, revenue is recognized
- Which of the following is NOT an accepted basis for recognition of revenue?
- Normally, revenue is recognized
- Which of the following may not be an acceptable deviation from recognizing revenue at the point of sale?
- Revenue from an artistic performance is recognized once
- A wholesale bakery would normally recognize revenue when
- Which of the following is NOT a time when revenue may be recognized?
- The term "revenue recognition" conventionally refers to
- Under what condition is it proper to recognize revenue prior to the sale of the merchandise?
- Which of the following statements conforms to the realization concept?
- When should an entity use the installment method of revenue recognition?
- Which is NOT a theoretical basis for the allocation of expense?
- Which is an example of the cause and effect association principle?
- Which is an application of the systematic and rational allocation principle?
- Why are certain costs of doing business capitalized when incurred and then depreciated or amortized over subsequent accounting periods?
- Which principle best describes the conceptual rationale for the method of matching depreciation with revenue?
- Which should be expensed under the principle of systematic and rational allocation?
- The writeoff of a worthless patent is an example of which of the following?
- Which of the following would be matched with current revenue on a basis other than association of cause and effect?
- The primary distinction between revenue and gain is
- The term "income"
- Which of the following is incorrect in relation to the term "expense"?
- The matching principle is best demonstrated by
- Bad debt expense is recognized according to which expense recognition principle?
- When should an expenditure be recorded as an asset rather than an expense?
- Which category of expenses is subject to immediate recognition in the income statement?
- An example of direct matching of an expense with revenue would be
