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acct 1008 practice questions

The simplification of complex transactions in external financial reports without sacrificing relevance or faithful representation promotes the qualitative characteristic of Select one a Timeliness b. Relevance c. Materiality 5. d. Understandability Which of these is not an aspect of the Conceptual Framework's constraint of timeliness? Select one: a. The frequency of the reporting period, D. The delay in publication of the financial reports after the end of the financial period C. Preparing financial reports for a 12 month period d. Having information available in time to influence decisions Under the conceptual framework increases in economic benefits during the accounting period in the form of inflows or enhancements of assets de decreases of liabilities that result in increases in equity, other than those relating to contributions from equity participants, is the definition of 6. Select one: a. Income b. Asset cLiability d. Expense 7. The qualitative characteristics for financial reporting contained in the conceptual Framework are: Select one: a. Relevance, reliability, materiality, consistency, verifiability, understandability b. Understandability, timeliness, relevance, readability, timeliness, reliability C. Relevance, faithful representation, comparability, understandability, verifiability, timeliness d. Uniformity, relevance, reliability, consistency, faithful representation 8

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