Question : 51. Which of the following not true concerning conceptual frameworks? A. The FASB, : 1245849

51. Which of the following is not true concerning conceptual frameworks? A. The FASB, but not the IASB, relies on a conceptual framework to guide their standard-setting decisions.B. The conceptual framework is not a rigorous set of principles from which standard setters can logically deduce appropriate financial reporting standards. C. The purpose of a conceptual framework is to guide standard-setting decisions in order to enhance the quality and consistency of those decisions. D. The FASB and the IASB have separately developed their conceptual frameworks, and those frameworks are similar. E. The FASB and the IASB are currently working to develop a common conceptual framework for financial reporting.

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 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. liabilityC. equity D. revenue E. expense

58. 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. liabilityC. equity D. revenue E. expense

59. 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. assetsB. liabilitiesC. equitiesD. revenues E. expenses

60. 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.