Question : 61. The FASB’s conceptual framework defines a(n) _____ as a probable : 1230488

 

 

61. The FASB’s conceptual framework defines a(n) _____ as a probable future economic benefit obtained or controlled by a particular entity as a result of a past transaction or event.  
A. asset
B. liability
C. equity
D. revenue
E. expense

 

62. The FASB’s conceptual framework defines a(n) _____ as a probable future sacrifice of economic resources arising from present obligations of a particular entity to transfer assets or provide services to other entities in the future as a result of past transactions or events.  
A. asset
B. liability
C. equity
D. revenue
E. expense

 

63. The FASB’s conceptual framework defines a(n) _____ as inflows or other enhancements of assets of an entity or settlements of its liabilities from delivering or producing goods, rendering services, or other activities that constitute the entity’s ongoing major or central operations.  
A. assets
B. liabilities
C. equities
D. revenues
E. expenses

 

64. The IASB’s conceptual framework defines a(n) _____ as a resource controlled by an entity as a result of past events and from which a firm expects future economic benefits.  
A. asset
B. liability
C. equity
D. revenue
E. expense

 

65. The IASB’s conceptual framework defines _____ as increases in economic benefits during an accounting period in the form of inflows or enhancements of assets or decreases in liabilities that result in increases in equity, other than those relating to contributions from equity participants. 
A. asset
B. liability
C. equity
D. revenue
E. expense

 

66. Which of the following is/are a criteria for asset recognition under the FASB’s and IASB’s conceptual framework.  
A. The firm owns or controls the right to use the asset.
B. The right to use the item arises as a result of a past transaction or exchange.
C. The future benefit has a relevant measurement attribute that a firm can quantify with sufficient reliability.
D. all of the above
E. none of the above

 

67. The definition of an asset excludes  
A. expected benefits related to rights under executory contracts
B. mere exchanges of promises
C. contingent assets
D. all of the above
E. none of the above

 

68. Firms do not recognize certain obligations that are uncertain as to amount or timing or both as liabilities, unless those items meet a probability threshold and have a reliable measurement attribute. U.S. GAAP refers to these as _____, such as the possible obligation under an unsettled lawsuit. 
A. contingent liabilities
B. unrealized contingencies
C. realized contingencies
D. unrecognized contingencies
E. recognized contingencies

 

69. Firms do not recognize certain obligations that are uncertain as to amount or timing or both as liabilities, unless those items meet a probability threshold and have a reliable measurement attribute. IFRS refers to these as _____, such as the possible obligation under an unsettled lawsuit. 
A. contingent liabilities
B. unrealized contingencies
C. realized contingencies
D. unrecognized contingencies
E. recognized contingencies

 

70. The FASB and the IASB are reconsidering the role of uncertainty, or probability, in the definition, recognition, and measurement of liabilities. Existing recognition criteria include a probable future sacrifice of resources; one issue involves the minimum probability level to warrant recognition of an uncertain obligation as a liability. U.S. GAAP does not specify a minimum probability level, although the rule-of-thumb in practice is approximately _____ percent.  
A. 50
B. 60
C. 70
D. 80
E. 90

 

 

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more