Question 11 (1 point)

Saved

What is a primary objective of financial reporting as indicated in the conceptual framework?

Question 11 options:

	To be complete and as accurate as possible
	Provide information about those investing in the entity
	Provide information that is useful to those making investing and credit decisions
	Provide information that is useful to management

Question 12 (1 point)

Saved

Company A issuing its annual financial reports within one month of the end of the year is an example of which primary quality of accounting information?

Question 12 options:

	Timeliness
	Neutrality
	Representational faithfulness
	Predictive value

Question 13 (1 point)

Saved

Issuance of common stock for cash affects which basic element of financial statements?

Question 13 options:

	Losses
	Liabilities
	Revenues
	Equity

Question 14 (1 point)

Saved

Which basic element of the financial statements arises from peripheral or incidental transactions?

Question 14 options:

	Expenses
	Assets
	Liabilities
	Gains

Question 15 (1 point)

Saved

Which of the following is not a basic assumption underlying the financial accounting structure?

Question 15 options:

	Economic entity assumption
	Going concern assumption
	Periodicity assumption
	Measurement assumption

Question 16 (1 point)

Saved

Which basic assumption may not be followed when a firm is in bankruptcy reports financial results?

Question 16 options:

	Economic entity assumption
	Going concern assumption
	Measurement assumption
	Periodicity assumption

Question 17 (1 point)

Saved

Under current GAAP, inflation is ignored in accounting due to the

Question 17 options:

	Monetary unit assumption
	Periodicity assumption
	Going concern assumption
	Economic entity assumption

Question 18 (1 point)

Saved

In accrual accounting revenue generally should be recognized

Question 18 options:

	When realized or realizable and earned
	At the end of production
	When realized
	At the time is cash is collected

Question 19 (1 point)

Saved

Under current GAAP, which of the following is reported at fair value?

Question 19 options:

	Intangibles
	Investments
	Receivables
	Inventory

Question 20 (1 point)

Saved

Neutrality means that information

Question 20 options:

	provides benefits which are at least equal to the costs of its preparation
	would influence a decision maker
	can be compared with similar information about an enterprise at other points in time
	cannot favor one set of interested parties over another