acccob2 Ex 1-3, Ex 1-4 Study Guide with Complete Solutions
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Course
Acccob2
Institution
Acccob2
acccob2 Ex 1-3, Ex 1-4 Study Guide with
Complete Solutions
True - Answer-The Conceptual Framework is not a PFRS and hence does not define standards for any
particular measurement or disclosure issue.
True - Answer-The objective of general-purpose financial reporting is to provide financial info...
acccob2 Ex 1-3, Ex 1-4 Study Guide with
Complete Solutions
True - Answer✔✔-The Conceptual Framework is not a PFRS and hence does not define standards for any
particular measurement or disclosure issue.
True - Answer✔✔-The objective of general-purpose financial reporting is to provide financial information
about the reporting entity that is useful to existing and potential investors, lenders, and other creditors
in making decisions about providing resources to the entity.
False - Answer✔✔-Financial statements provide all the information that existing and potential investors,
lenders and other creditors need.
True - Answer✔✔-Financial statements show the value of a reporting entity.
True - Answer✔✔-Focusing on common information needs does not prevent the reporting entity
from including additional information that is most useful to a particular
subset of primary users.
True - Answer✔✔-Accrual accounting recognizes the effects of transactions and other events and
circumstances on a reporting entity's economic resources and claims in the periods in which those
effects occur, even if the resulting cash receipts and payments occur in a different period.
True - Answer✔✔-If financial information is to be useful, it must be relevant and faithfully represent
what it intends to represent.
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