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Homework answers / question archive / Mindanao State University - General Santos COURSE TITLE - ACCTG 001 CONCEPTUAL FRAMEWORK PROBLEM 2: MULTIPLE CHOICE 1)According to the conceptual framework, these are the qualitative characteristics that that make information useful to users

Mindanao State University - General Santos COURSE TITLE - ACCTG 001 CONCEPTUAL FRAMEWORK PROBLEM 2: MULTIPLE CHOICE 1)According to the conceptual framework, these are the qualitative characteristics that that make information useful to users

Accounting

Mindanao State University - General Santos

COURSE TITLE - ACCTG 001

CONCEPTUAL FRAMEWORK PROBLEM 2: MULTIPLE CHOICE

1)According to the conceptual framework, these are the qualitative characteristics that that make information useful to users.

    1. Fundamental
    2. Enhancing
    3. Relevance
    4. Comparability

 

  1. Information that is capable of making a difference in the decisions made by users has this qualitative characteristic.
    1. Relevance
    2. Faithful representation
    3. Timeliness
    4. Verifiability

 

  1. When making materiality judgments, the overriding consideration is
    1. The ability of the item being judged to influence users’ decisions.
    2. The size of the impact of the item being judged
    3. The characteristics of the item being judged.
    4. C and D

 

  1. This qualitative characteristic is unique in the sense that it necessarily requires at least two items.
    1. Verifiability
    2. Faithful representation
    3. Timeliness
    4. Comparability

 

  1. Which of the following enhances the comparability of information?
    1. Making unlike things look alike.
    2. Making like things look different.
    3. Using different methods to account for similar transactions from period to period.
    4. Using the same technologies used by other entities in the same industry where the reporting entity belongs.

 

  1. Information has this qualitative characteristics if different, knowledgeable and independent observers could reach consensus, although not necessarily complete agreement, that a particular depiction is a faithful representation.
    1. Relevance
    2. Faithful representation

 

    1. Verifiability
    2. Comparability

 

  1. Entity A is assessing whether an item meets the definition of financial statement element. Entity A is considers the transaction’s substance and economic reality rather than merely its legal form. Entity A is applying which of the following accounting concepts?
    1. Substance over form
    2. Form over substance
    3. Accrual
    4. Verifiability

 

  1. Which of the following does not provide evidence of future economic benefits from a resource?
    1. The resource can be used in combination with other resources to produce goods for sale.
    2. The resource can be used to pay liabilities.
    3. The resource can be distributed to the owners.
    4. The resource has no resale value and is very costly to use in the entity’s operations.

 

  1. Which of the following does not meet the definition of an asset?
    1. Equipment which the entity intends, and very certain, to acquire in the future.
    2. Inventories purchased and received but not yet paid.
    3. Land received from a donation.
    4. A publishing title for a college textbook. The publishing title has no physical substance, meaning you cannot see or touch it.

 

  1. Which of the following could result to the recognition of income?
    1. Increase in liability
    2. Decrease in asset
    3. Decrease in equity
    4. Decrease in liability

 

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