
Chapter 2 - Conceptual Framework for Financial Reporting - LO2
Authored by Imran Manzoor
Business
University

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30 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a fundamental quality of useful accounting information?
Comparability.
Relevance.
Neutrality.
Materiality.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a fundamental quality of useful accounting information?
Conservatism.
Comparability.
Faithful representation.
Consistency.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is meant by comparability when discussing financial accounting information?
Information has predictive or feedback value.
Information is reasonably free from error.
Information that is measured and reported in a similar fashion across companies.
Information is timely.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is meant by consistency when discussing financial accounting information?
Information presented by a company applies the same accounting treatment to similar events, from period to period.
Information is timely.
Information that is classified, characterized, and presented clearly and concisely.
Information is verifiable.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an ingredient of relevance?
Verifiability.
Timeliness.
Predictive value.
Neutrality.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an ingredient of faithful representation?
Predictive value.
Materiality.
Neutrality.
Confirmatory value.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Company Z has not violated ___________ if it changed its method of accounting for inventory after demonstrating the new method is preferable.
Consistency.
Verifiability.
Timeliness.
Comparability.
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