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Conceptual Framework | Accounting (60 Questions)

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Beat Triviatron by answering questions about Conceptual Framework. These quiz will help you in exams!

Created Date 01.01.21
Last Updated 01.05.21
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  • 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