Chapter 2--Financial Report

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1、Chapter2--FinancialReporting:ItsConceptualFramework3copyStudent:___________________________________________________________________________1.Accountingprinciplesaretheories,truths,andpropositionsthatserviceasthebasisforfinancialaccountingandreporting.  True  

2、  False 2.Therulesforaccountingarebaseduponconcepts,andprincipleswhichbroadandsubjecttoaninterpretation.  True    False 3.Informationiscommunicatedtoexternalusersbythemanagementofthecompany.Thoseuserscannotdictatedesiredfinancialresultstothecompany.  True    

3、False 4.Theprimarypurposeoffinancialreportingistoprovideusefulandrelevantinformationtotheinternalstakeholder’softhecompany.  True    False 5.Management’sstewardshipistoprovideinformationabouthowacompany’scashflowscausechangesinthecompany’sresourcesandclaim’s.

4、  True    False 6.Liquidityispositivelyrelatedtofinancialflexibilitybutnegativelyrelatedtoriskandreturnoninvestments.  True    False 7.Relevanceandfaithfulrepresentationaretheultimateobjectivesofaccountinginformation.  True    False 8.Tomeasureassets,liabilit

5、ies,revenues,expenses,andotherelementsofthefinancialstatementswiththemostrelevantandfaithfulmeasurementavailableisthemixedattributemeasurementmodel.  True    False 9.Oilandgasreservesinformationwouldbeincludedwithinthefinancialstatements.  True    False 10.Ma

6、nagementdiscussionandanalysiswouldbeincludedinthesupplementaryinformationtothefinancialstatements.  True    False 11.TheeightphasesofthejointFASBandIASBframeworkprojectare:1)objectiveandqualitativecharacteristics,2)elementsandrecognition,3)presentationanddisc

7、losure,4)reportingentity,5)measurement,6)frameworkforGAAPhierarchy,7)applicabilitytothenot-for-profitsector,and8)anyremainingissuesneedingtobeaddressed.  True    False 12.Threephasesoftheconvergenceprojectwereputonholdtheywereelementsandrecognition,measuremen

8、t,andpresentationanddisclosure.  True    False 13.WhichofthefollowingstatementsisnottruewithregardtothebenefitsderivedfromtheFASB'sconceptualframeworkofaccounting?  A. Itservesasaguideine