Question :
51. The FASB and IASB working jointly to develop a revised, : 1230487
51. The FASB and IASB are working jointly to develop a revised, coordinated set of financial reporting objectives. They envision that the A. primary user groups are present and potential providers of resources, including equity investors and creditors. B. users want information useful for making resource allocation decisions. C. users want information useful for making decisions about protecting and enhancing their investments. D. proposed reporting objectives would also specify that firms should prepare financial reports from the perspective of the reporting entity (entity perspective).E. all of the above
52. The qualitative characteristics describe the attributes that enhance the usefulness of financial reporting information. The FASB’s conceptual framework sets forth the qualitative characteristic of _____ that refers to information that can make a difference in a resource allocation decision by helping users to form predictions about the outcomes of future events and to confirm or correct prior information or expectations. Receiving information in a timely manner (referred to as timeliness) so that it can influence decisions is an aspect of this qualitative characteristic A. relevance B. reliability C. comparabilityD. materiality E. understandability,
53. The qualitative characteristics describe the attributes that enhance the usefulness of financial reporting information. The FASB’s conceptual framework sets forth the qualitative characteristic of _____ that refers to the faithfulness with which accounting information represents what it purports to represent and the extent to which the information is both verifiable by independent measurers and neutral with respect to the interest of a particular user group. A. relevance B. reliability C. comparabilityD. materiality E. understandability,
54. The qualitative characteristics describe the attributes that enhance the usefulness of financial reporting information. The FASB’s conceptual framework sets forth the qualitative characteristic of _____ that refers to financial reporting that treats similar items the same way and different items differently. Consistency refers to financial reporting that treats an item the same way over time. A. relevance B. reliability C. comparabilityD. materiality E. understandability,
55. The qualitative characteristics describe the attributes that enhance the usefulness of financial reporting information. The FASB’s conceptual framework sets forth the qualitative characteristic of _____ envisions that the nature of the information is relevant and that its effect is large enough to influence a decision. As standard setters make decisions about financial reporting standards, they consider the costs and benefits of those standards. They assess whether the benefits to users of financial reports from a particular financial reporting requirement exceed the costs of providing the information. A. relevance B. reliability C. comparabilityD. materiality E. understandability,
56. The qualitative characteristics describe the attributes that enhance the usefulness of financial reporting information. The IASB’s conceptual framework sets forth the qualitative characteristic of _____ which refers to the attribute that users of financial reports will perceive the significance of a reported item to their decisions. Such perception involves comprehending the economic effects of a firm’s actions and the measurement and reporting of those economic effects in the financial reports. A. relevance B. reliability C. comparabilityD. materiality E. understandability,
57. The joint efforts of the FASB and the IASB to set forth qualitative characteristics of financial reporting information have led to which of the following tentative fundamental qualitative characteristics? A. relevance, only B. faithful representation, only C. relevance and faithful representation D. materiality, only E. cost, only
58. The joint efforts of the FASB and the IASB to set forth qualitative characteristics of financial reporting information have led to which of the following tentative enhancing qualitative characteristics? A. comparability, only B. verifiability, only C. understandability, only D. timeliness, only E. comparability, verifiability, timeliness, and understandability
59. The joint efforts of the FASB and the IASB to set forth qualitative characteristics of financial reporting information have led to which of the following tentative pervasive constraints? A. cost, only B. materiality, only C. understandability, only D. timeliness, only E. materiality and cost
60. The joint efforts of the FASB and the IASB to set forth qualitative characteristics of financial reporting information have led to which of the following? A. fundamental qualitative characteristics, only B. enhancing qualitative characteristics, only C. pervasive constraints, only D. fundamental qualitative characteristics, enhancing qualitative characteristics, and pervasive constraints E. none of the above
