nework $($i$)$

Exercise $1-15($Static$)$ Multiple choice; concept statements, basic assumptions, principles $[$L $1-9]$

Determine the response that best completes the following statements or questions.

$4.$ The primary objective of financtil reporting is to provible information:

$$ useful to capital providers.

about a firm's management lean.

concerning the changes in financial position resulting from the income producing efforts of the entity.

about a frm$\text{'}$s financing and investing activities.

$2.$ Statements of Financar Accounting "Concepts issued by the FASB:

have been superseded by SFASs.

identify the conceptial framework with in which accourting standards are developed:

are subject to approval of the SEC.

represent GMP$.$

$3.$ In general, revenue is recograzed when:

a contract has been signed.

a good or servace has been delivered to a curtamer.

a purchase onder has been recelved.

the sales price has been collected.

$4.$ In deprecisting the cost of an mitet, accountants are most concerned with:

recognizing expense in the approprulle period.

conservatsm.

foll esseboure.

recognaing revenue in the approprime period

$5.$ The primary obsective of expense recoonition is to: