Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 12. in classifying the elements of financial state

12. In classifying the elements of financial statements, the primary distinction between revenues and gains...

60.1K

Verified Solution

Question

Accounting

image
12. In classifying the elements of financial statements, the primary distinction between revenues and gains is a. the materiality of the amounts involved. b. the likelihood that the transactions involved will recur in the future. c. the nature of the activities that gave rise to the transactions involved. d. the costs versus the benefits of the alternative methods of disclosing the transactions involved. 13. According to the FASB Conceptual Framework, the elements assets, liabilities, and equity describe amounts of resources and claims to resources at/during a Moment in Time Period of Time a. Yes No Yes Yes No Yes No No 14. Which basic assumption may not be followed when a firm in bankruptcy reports financial results? a. Economic entity assumption b. Going concern assumption c. Periodicity assumption d. Monetary unit assumption

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Distinguish among the different types of blood cells and compare the functions of the various leukocytes. As...

Medical Sciences
Q

Water at a flow rate of 20,000 kg/h will be heated from 20°C to 35°C by...

Mechanical Engineering
Q

Do you think it is fair for students to be admitted or denied entrance into a...

Psychology
Q

Which of the following is an example of alliteration O Dressy daffodils O Buzz crackle...

Biology
Q

B Make identical strands of DNA CCT ATA TCT CTC TAT ATC TCT CAT ACT...

Biology
Q

4 The reflecting dish of a parabolic microphone has a cross section in the shape...

Basic Math
Q

Identify and interpret the function s minimum O The function s minimum is 100 at...

Basic Math
Q

Which of the deals shown has the lesser unit price?Deal 1: 9 pairs of shorts...

Basic Math
Q

thanks so much for the help in advance :) ...

Accounting
Q

Which of the following is not used in the calculation of the amount realized? A.Cash....

Accounting
Q

The income statement for Bedtime Company is divided by its two product lines, blankets and...

Accounting
Q

Riverboat Adventures paga $370 000 ms $12 000 en costos de cierre para comprar a...

Accounting