Select the best answer for each of the following.
M1-1 Accruing net loss on noncancelable purcha commitments for inventory is an example of
a. Conrvatism
b. Realization
c. Consistency
d. Materiality
M1-2 The information provided by financial reporting pertains to 阳光明媚的日子
a. Individual companies, rather than to industries or the economy as a whole or to members of society as 乐此不彼的意思consumers.
b. Individual companies and industries, rather than to the economy as a whole or to members of society as consumers.
c. Individual companies and the economy as a whole, rather than to industries or to members of society as consumers.
d. Individual companies, industries, and the economy as a whole, rather than to members of society as consumers.
M1-3 According to Statement of Financial Accounting Concepts No. 2, an interim earnings report is expected to have which of the following?
Predictive Feedback
value value
a. No No
b. Yes Yes
c. Yes No
d. No Yes
M1-4 A patent, purchad in 2007 and being amortized over a 10-year life, was determined to be worthless in 2010. The write-off of the ast in 2010 is an example of which of the following principles?
a. Associating cau and effect
b. Immediate recognition
c. Systematic and rational allocation
d. Objectivity
M1-5 An accrued expen is an expen
a. Incurred but not paid
c. Paid but not incurred
b. Incurred and paid
d. Not reasonably estimable
M1-6 Which of the following accounting concepts states that an accounting transaction should be supported by sufficient evidence to allow two or more qualified individuals to arrive at esntially similar measures and conclusions?
a. Matching
b. Verifiability
c. Periodicity
d. Stable monetary unit
M1-7 Which of the following is considered a pervasive constraint of providing financial information by Statement of Financial Accounting Concepts No. 2?
a. Benefits/costs
b. Conrvatism
c. Timeliness
d. Verifiability
M1-8 The valuation of a promi to receive cash in the future at prent value on the financial statements of a company is valid becau of the accounting concept of
a. Entity
b. Materiality
c. Going concern孕妇中暑
d. Neutrality
M1-9 Under Statement of Financial Accounting Concepts No. 2, which of the following relates to both relevance and reliability?
a. Timeliness
b. Neutrality
c. Feedback value
d. Consistency
M1-10 Under Statement of Financial Accounting Concepts红楼之笑看风云 No. 6, 合肥衡安中学which of the following, in the most preci n, means 做自己the process of converting noncash resources and rights into cash or claims to cash?
a. Allocation
b. Recordation
c. Recognition
d. Realization
C1-3 Accounting Assumptions and Principles
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Certain accounting assumptions and principles have had an important impact on the development of generally accepted accounting principles. The following is a list of the assumptions and principles as well as a list of statements describing certain accounting practices.
A. Entity E. Monetary unit
B. Continuity F. Realization
C. Period of time G. Matching
D. Historical cost H. Conrvatism
A 1. The business, rather than its owners, is the reporting unit.
G 2. Depreciation costs are expend in the periods of u rather than at the time the ast is acquired.
E 3. Accounting measurements are reported in dollars.
C 4. The year is the normal reporting unit.
B 5. In the abnce of evidence to the contrary, the company will operate long enough to carry out its existing commitments.
F 6. Revenue is usually recognized at the time of sale.
D 7. Exchange price is retained in the accounting records.
H 8. An accounting alternative is lected that is least likely to overstate asts and income.
Required
Select the accounting assumption or principle that justifies each accounting practice and place the appropriate letter on the line preceding the statement
C1-4 Qualitative Characteristics
In FASB Statement of Concepts No. 2, veral qualitative characteristics of uful accounting information were identified. The following is a list of the qualities as well as a list of statements describing the qualities.
A. Comparability H. Verifiability
B. Understandability I. Neutrality
C. Relevance J. Reprentational 男生头像动漫冷酷帅气
D. Reliability faithfulness
E. Predictive value K. Consistency
F. Feedback value L. Materiality
