Question 4 0.5 pts Bears on the decision process due to its timeliness and the predictive or confirmatory value represents the following: - Fundamental and Relevancy True False Question 5 0.5pts Ability to analyze alternative companies despite differences in specific accounting choices represents: - Enhancing and Consistency True False Question 6 0.5 pts Available soon enough to be useful Fundamental and Faithful representation Enhancing and Consistency Fundamental and Relevency Enhancing and Timeliness Question 7 0.5 pts Different persons would reach the same outcomes and conclusions Fundamental and Faithful representation Fundamental and timeliness Enhancing and Verifiability Enhancing and Consistency Question 8 1 pts The business unit is assumed to operate indefinitely Entity Periodicity Monetary unit Going concern Question 9 1pts Activity assumed to be divisible into identifiable intervals Monetary unit Going concern Periodicity Assumption Entity Question 10 1 pts Assumes lack of inflation impact that necessitates adjustment Going concern Stable currency Expense Recognition Principle Periodicity Assumption Question 11 1 pts Imposes measurements based on a financial attribute Going concern Monetary unit Monetary compensation Periodicity Assumption Question 12 1 pts Activities can be pinned on a circumscribed unit Entity Monetary unit Going concern Periodicity Assumption The many rulings of the FASB and its predecessors are updated and codified in an online database called the Accounting Standards Codification. This collection provides a research tool that is deemed to be the primary authoritative source and reference guide on accounting standards. True False Question 14 0.5pts The SEC was charged with the administration of laws that regulate the reporting practices of companies with publicly traded stock. Today, U.S. public companies must register and report to the SEC on an optional basis. True False Question 15 0.5pts Auditors evaluate the systems and data that lead to the reported financial statements. The auditor will usually issue an opinion letter on the fairness of the reports. True False Question 10 1 pts Assumes lack of inflation impact that necessitates adjustment Going concern Stable currency Expense Recognition Principle Periodicity Assumption Question 11 1 pts Imposes measurements based on a financial attribute Going concern Monetary unit Monetary compensation Periodicity Assumption Question 12 1 pts Activities can be pinned on a circumscribed unit Entity Monetary unit Going concern Periodicity Assumption