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Dwnload Full Intermediate Accounting 15th Edition Kieso Test Bank PDF
Dwnload Full Intermediate Accounting 15th Edition Kieso Test Bank PDF
Dwnload Full Intermediate Accounting 15th Edition Kieso Test Bank PDF
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CHAPTER 2
CONCEPTUAL FRAMEWORK FOR FINANCIAL
REPORTING
IFRS questions are available at the end of this chapter.
TRUE-FALSE—Conceptual
Answer No. Description
T 1. Nature of conceptual framework.
T 2. Conceptual framework definition.
F 3. Levels of conceptual framework.
T 4 International conceptual framework.
F 5. Statements of Financial Accounting Concepts.
T 6. Objective of financial reporting.
F 7. Financial statement users.
T 8. Relevance and faithful representation.
T 9. Consistency.
F 10. Relevance.
F 11. Faithful representation.
F 12. Basic elements.
T 13. Comprehensive income.
T 14. Going concern assumption.
F 15. Economic entity assumption.
F 16. Expense recognition principle.
T 17. Recognizable revenues.
T 18. Supplementary information.
F 19. Cost benefit trade-off.
F 20. Conservatism.
MULTIPLE CHOICE—Conceptual
Answer No. Description
c 21. GAAP defined.
d 22. Purpose of conceptual framework.
c 23. Conceptual framework.
d 24. Conceptual framework purpose.
S
d 25. Conceptual framework benefits.
d 26. Objectives of financial reporting.
a 27. Decision usefulness.
d 28. General purpose of financial reporting.
a 29. Primary objective of financial reporting.
P
a 30. Example of comparability.
S
a 31. Primary quality of relevance.
b 32. Characteristic of accounting information.
c 33. Characteristic of accounting information.
c 34. Meaning of comparability.
a 35. Meaning of consistency.