a company will Which concept assumes continue to operate indefinitely? a) Revenue Recognition b) Going Concern c) Conservatism d) Consistency

Which of the following sets includes only accounting assumptions and conventions? a. timeliness, prudence, historical cost, and neutrality b. matching, comparability, period of timem and reliability c. monetary unit, going concern, relevance, and materiality d. monetary unit, entity, going concern, and realization-recognition

Th e assumption that an entity will continue to operate for the foreseeable future is called: B . comparability.

Accounting information is O A. comparable O B. verifiable OC. relevant O D. understandable _when various, independent experts are able to reach a consensus that it provides a faithful portrayal. (...)

Discuss the fundamental concepts related to revenue recognition and measurement.

FAR- Conceptual Framework   Kindly help me answer the following : 1. Which of the following should be considered a current value measure? * a. Replacement cost and discounted cash flow b. Replacement cost and exit value c. Replacement cost, exit value and discounted cash flow d. Exit value and discounted cash flow   2. Obligations to transfer an economic resource include all, except * a. Obligation to provide services b. Obligation to pay cash c. Obligation to transfer an economic resource even if a specified future event does not occur d. Obligation to deliver goods   3. Which is not a purpose of the Conceptual Framework? * a. To assist accountants in selecting among alternative accounting and reporting methods. b. To provide definitions of key terms and concepts. c. To assist IASB in the standard-setting process. d. To provide specific guidelines for resolving situations not…

Which of the following is considered a constraint on useful information by Statement of Financial Accounting Concepts No. 8? a. benefits costs b. conservatism c. timeliness d. verifiability

Match the term and the definition. Emphasizes decisions affecting the future. Emphasizes relevance. Emphasizes financial consequences of past activities. Not required to follow GAAP. Emphasizes objectivity.

GENERAL ACCOUNTING 45 QUESTION