Question :
171. The joint efforts of the FASB and the IASB to : 1245822
171. 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
172. 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
173. 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
174. 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 aboveE. none of the above
175. 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. liabilityC. equity D. revenueE. expense
176. 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. IFRS imply a minimum probability level of greater than _____ percent. A. 50B. 60C. 70D. 80E. 90
177. 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. liabilityC. equity D. revenue E. expense
178. Which of the following is/are not true? A. U.S. GAAP and IFRS require firms to recognize the cost of retirement benefits (pensions, health care, life insurance) as an expense when the employees receive payments or other benefits during retirement, not while employees work.B. Employers often contribute cash to a trust, an entity legally separate from the employer, to fund their retirement obligations. C. The accounting records of the trust established to fund the retirement obligations are separate from the accounting records of the employer, and the amounts on the two sets of books usually differ. D. Payments to employees come from both the employer’s contributions and investment returns of the trust established to fund the retirement obligations. E. all of the above
179. 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
180. U.S. GAAP and IFRS provide criteria for distinguishing operating leases from capital leases. Which of the following is/are not true? A. U.S. GAAP provides four criteria, any one of which qualifies a lease as a capital lease. B. IFRS provides general criteria for identifying the entity enjoying the rewards and incurring the risk.C. Firms cannot currently apply the fair value option to capital leases. D. The FASB and the IASB have undertaken a joint project involving the lessee’s accounting for leases which may result in treating all leases as operating leases.E. all of the above
