What are the attributes that make the information provided in the financial statement useful to the readers?

Qualitative characteristics

The Committee on Accounting Terminology of the American Institute of Certified Public Accountants defines accounting as:

What is the analytical component of accounting definition?

What cost measures the amount paid when the asset was acquired including other incidental but necessary cost to make the asset operational?

When is current value used in valuation of assets?

Which process is not part of the communicating component of accounting definition?

What represent rules, procedures, practices and standards followed in the preparation and presentation of financial statements?

In the Conceptual Framework for Financial Reporting, what provides the “why” of accounting?

The Conceptual Framework for Financial Reporting mentions only one assumption. What is that assumption?

What is the capacity of the information to influence decision?

What principle in accounting allows non-compliance to standards and the generally accepted accounting principles?

Which of the following is not a primary user?

The following is part of the scope of conceptual framework, except:

What is the provision financial information about an entity to external users that is useful to them in making economic decisions and for assessing the effectiveness of the entity’s management?

The journalizing of the following accounts do not necessarily indicate the use of accrual accounting:

The fundamental qualitative characteristics of financial information are:

What are the ingredients of relevance?

Which of the following is NOT an enhancing qualitative characteristic?

Which of the following is NOT an element of the Statement of Financial Position?

Accounts in the Statement of Financial Position are real accounts, because they carry their balance from one period to the next. Which of the following is not a real account?

Accounts in the Statement of Comprehensive Income are nominal accounts and their balances are closed to the Equity at the end of each period. Which of the following is NOT a nominal account?

What are the two aspects of monetary unit?

The Statement of Financial Position provides the various information about the business entity, except which of the following:

What is an increase in economic benefits during the period in the form of inflows or enhancements of assets or decrease of liabilities that will result to increase in equity, except those relating to contributions from equity participants?