1. According to the FASB and IASB conceptual frameworks, the primary users of financial
reports include all of the following, except: a. Investors. b. Regulators. c. Lenders. d. Creditors.
2. According to the FASB and IASB conceptual frameworks, useful information must exhibit
the fundamental qualitative characteristics of: a. Comparability and materiality. b. Faithful representation and relevance. c. Understandability and timeliness. d. Neutrality and verifiability.
3. What is the underlying concept governing the recording of gain contingencies?
a. Consistency. b. Conservatism. c. Reliability. d. Relevance.
4. According to the FASB conceptual framework, which of the following attributes
would not be used to measure inventory? a. Historical cost. b. Net realizable value. c. Replacement cost.
d. Present value of future cash flows.
5. According to the FASB and IASB conceptual frameworks, the objective of general purpose
financial reporting is to:
a. Comply with the need for conservatism.
b. Report on how effectively and efficiently management has used the entity's resources. c. Provide financial information that is useful to primary users. d. Comply with generally accepted accounting principles.
6. According to the FASB and IASB conceptual frameworks, completeness is an ingredient of:
a. b. c. d.
RelevanceFaithfulRepresentation YesYes NoNo NoYes YesNo
7. What is the underlying concept that supports the immediate recognition of a contingent loss?
a. Conservatism. b. Consistency. c. Matching.
d. Substance over form.
8. According to the FASB conceptual framework, the process of reporting an item in the
financial statements of an entity is: a. Matching. b. Recognition. c. Allocation.
d. Realization.
9. The joint FASB and IASB conceptual framework project is intended to establish:
a. A comprehensive set of financial statement disclosures.
b. A common set of objectives and concepts for use in developing standards of financial accounting and reporting. c. The structure of the FASB Codification.
d. A common set of generally accepted accounting principles.
10. Financial information provided in general purpose financial reports does not include
information about:
a. The claims against the entity. b. The resources of the entity.
c. How effectively and efficiently the entity's governing board has discharged its responsibility to use the entity's resources. d. How effectively and efficiently the entity's shareholders' have discharged their responsibility to use the entity's resources. 11. On December 2, Year 1, Flint Corp.'s board of directors voted to discontinue operations of
its frozen food division and to sell the division's assets on the open market as soon as possible. The division reported net operating losses of $20,000 in December and $30,000 in January. On February 26, Year 2, sale of the division's assets resulted in a gain of $90,000. Assuming that the frozen foods division qualifies as a component of the business and ignoring income taxes, what amount of gain/loss from discontinued operations should Flint recognize in its income statement for Year 2? a. $0 b. $90,000 c. $40,000 d. $60,000
TM
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