Which of the following is not true concerning a conceptual framework in accounting?
Conceptual Framework

Quiz
•
Social Studies
•
University
•
Hard
Felizia Arni
Used 64+ times
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12 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
It should be a basis for standard-setting
It should allow practical problems to be solved more quickly by reference to it.
It should be based on fundamental truths that are derived from the laws of nature
All of these answers are correct
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the objective of general-purpose financial reporting?
to provide financial information about the reporting entity that is useful to present and potential equity investors, lenders, and other creditors in making decisions in their capacity as capital providers.
to provide companies with the option to select information that favors one set of interested parties over another
to provide users with financial information that implies total freedom from error
to provide a metric for financial information used to determine when the boundary between two or more entities should be disregarded and the entities considered to be a licensing arrangement
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The objective of financial reporting in the International Accounting Standards Board’s (IASB’s) Conceptual Framework
Is the foundation for the Framework.
Includes the qualitative characteristics that make accounting information useful.
Is found on the third level of the Framework.
All of the choices are correct regarding the objective of financial reporting
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a fundamental quality of useful accounting information?
Conservatism.
Comparability.
Faithful representation.
Consistency.
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
Accounting information is considered to be relevant when it
can be depended on to represent the economic conditions and events that it is intended to represent.
is capable of making a difference in a decision.
is understandable by reasonably informed users of accounting information.
is verifiable and neutral.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The second level of the International Accounting Standards Board’s (IASB’s) Conceptual Framework
focuses on the purpose of financial reporting.
defines the ways in which the purpose of financial reporting is implemented.
serves as a bridge between the “why” of accounting and the “how” of accounting.
all of the choices are correct.
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