Accounting

2. Conceptual Framework Underlying Financial Accounting
21. gener all(prenominal)y accepted accounting principles
a. are essential truths or axioms that seat be guessd from laws of nature.
b. derive their authority from legal court proceedings.
c. derive their credibility and authority from general recognition and acceptance by the accounting profession.
d. have been specified in detail in the FASB abstract mannikin.

22. A soundly developed conceptual role model of concepts and objectives should
a. increase financial statement users understanding of and confidence in financial reporting.
b. enhance comparability among companies financial statements.
c. allow radical and emerging practical problems to be more quick solved.
d. all of these.

23. Which of the following (a-c) are not true concerning a conceptual material in accounting?
a. It should be a alkali for standard-setting.
b. It should allow practical problems to be solved more quickly by reference to it.
c. It should be based on fundamental truths that are derived from the laws of nature.
d. All of the above (a-c) are true.

24. What is a project of having a conceptual framework?
a. To enable the profession to more quickly solve emerging practical problems.
b. To provide a foundation from which to build more useful standards.
c.



Neither a nor b.
d. Both a and b.

25. Which of the following is not a welfare associated with the FASB Conceptual Framework Project?
a. A conceptual framework should increase financial statement users understanding of and confidence in financial reporting.
b. Practical problems should be more quickly soluble by reference to an existing conceptual framework.
c. A rational set of accounting standards and rules should result.
d. Business entities allow for need far less assistance from accountants because the financial reporting process will be quite easy to apply.

26. In the conceptual framework for financial reporting, what provides the why--the goals and...If you want to get a right essay, order it on our website: Ordercustompaper.com



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