Question 1

Which of the following statements is true regarding the conceptual frameworks developed by FASB and IASB?

Accepted Answer

A)  The economic entity assumption is not part of either framework
B)  The monetary unit assumption is part of each framework and the U.S.dollar is established as the common unit of currency.
C)  Both have similar measurement principles based on historical cost and fair value.
D)  The conceptual frameworks underlying U.S.GAAP and IFRS are dissimilar.E) B) and C)
F) A) and D)

Question 2

Which of the following is not a use of international accounting standards?

Accepted Answer

A)  As national requirements.
B)  As standards to be violated to improve intercountry comparability.
C)  As an international benchmark for those countries that develop their own requirements.
D)  By regulatory authorities for domestic and foreign companiesE) B) and D)
F) A) and C)

Question 3

Under the IASB's conceptual framework,a decrease in economic benefit that results in a decrease in equity is termed as aan) :

Accepted Answer

A)  Distributions to owners
B)  Loss of economic benefit
C)  Comprehensive loss
D)  ExpenseE) All of the above
F) A) and B)

Question 4

Which of the following statements is false?

Accepted Answer

A)  Under IFRS,there are the same number of financial statement elements as in GAAP
B)  The FASB and IASB are no longer working on a joint conceptual framework project.
C)  The monetary unit assumption is used under IFRS.
D)  Under IFRS,companies may use fair value for property,plant,and equipment.E) A) and C)
F) C) and D)

Exam 3: International Accounting

Which of the following is not a use of international accounting standards?

Correct Answer
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Under the IASB's conceptual framework,a decrease in economic benefit that results in a decrease in equity is termed as aan) :

Correct Answer
verified

Which of the following statements is true regarding the conceptual frameworks developed by FASB and IASB?

Correct Answer
verified

Which of the following statements is false?

Correct Answer
verified

Exam 3: International Accounting

Which of the following is not a use of international accounting standards?

Correct AnswerverifiedShow Answer

Under the IASB's conceptual framework,a decrease in economic benefit that results in a decrease in equity is termed as aan) :

Correct AnswerverifiedShow Answer

Which of the following statements is true regarding the conceptual frameworks developed by FASB and IASB?

Correct AnswerverifiedShow Answer

Which of the following statements is false?

Correct AnswerverifiedShow Answer

Correct Answer
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Correct Answer
verified

Correct Answer
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Correct Answer
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