中级财务会计Chapter 01 Assignments and Answers

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1、Selectthebestanswerforeachofthefollowing.M1-1Accruingnetlossesonnoncancelablepurchasecommitmentsforinventoryisanexampleofa.Conservatismb.Realizationc.Consistencyd.MaterialityM1-2Theinformationprovidedbyfinancialreportingpertainstoa.Individualcompanies,ratherthantoindustriesortheeconomyasaw

2、holeortomembersofsocietyasconsumers.b.Individualcompaniesandindustries,ratherthantotheeconomyasawholeortomembersofsocietyasconsumers.c.Individualcompaniesandtheeconomyasawhole,ratherthantoindustriesortomembersofsocietyasconsumers.d.Individualcompanies,industries,andtheeconomyasawhole,rathe

3、rthantomembersofsocietyasconsumers.M1-3AccordingtoStatementofFinancialAccountingConceptsNo.2,aninterimearningsreportisexpectedtohavewhichofthefollowing?PredictiveFeedbackvaluevaluea.NoNob.YesYesc.YesNod.NoYesM1-4Apatent,purchasedin2007andbeingamortizedovera10-yearlife,wasdeterminedtobewort

4、hlessin2010.Thewrite-offoftheassetin2010isanexampleofwhichofthefollowingprinciples?a.Associatingcauseandeffectb.Immediaterecognitionc.Systematicandrationalallocationd.ObjectivityM1-5Anaccruedexpenseisanexpensea.Incurredbutnotpaidc.Paidbutnotincurredb.Incurredandpaidd.Notreasonablyestimable

5、M1-6Whichofthefollowingaccountingconceptsstatesthatanaccountingtransactionshouldbesupportedbysufficientevidencetoallowtwoormorequalifiedindividualstoarriveatessentiallysimilarmeasuresandconclusions?a.Matchingb.Verifiabilityc.Periodicityd.StablemonetaryunitM1-7Whichofthefollowingisconsidere

6、dapervasiveconstraintofprovidingfinancialinformationbyStatementofFinancialAccountingConceptsNo.2?a.Benefits/costsb.Conservatismc.Timelinessd.VerifiabilityM1-8Thevaluationofapromisetoreceivecashinthefutureatpresentvalueonthefinancialstatementsofacompanyisvalidbecauseoftheaccountingconceptof

7、a.Entityb.Materialityc.Goingconcernd.NeutralityM1-9UnderStatementofFinancialAccountingConceptsNo.2,whichofthefollowingrelatestobothrelevanceandreliability?a.Timelinessb.Neutralityc.Feedbackvalued.ConsistencyM1-10UnderStatementofFinancialAccountingConceptsNo.6,