Matching
Match the items below by entering the appropriate code letter.
Premises:
Two knowledgeable and independent people would agree that information is faithfully represented.
When information confirms or corrects prior expectations
Information that has a bearing on a decision
Financial information includes all necessary information to show the economic reality of the underlying transactions or events.
Assumes a company will exist long enough to carry out its existing objectives and commitments
Different companies using the same accounting principles
Appropriate for certain long-term construction contracts
A coherent system of interrelated objectives and fundamentals that can lead to consistent standards
Standard-setting body that is responsible for developing IFRS
Economic events can be identified with a particular business.
The carrying value of property, plant, and equipment is its fair value less accumulated depreciation less subsequent impairment losses.
The cost of producing the information does not exceed the value of the information.
This criterion allows revenue to be recognized when there is an increase in assets or decrease in liabilities from profit-generating activities.
Responses:
Relevance
Comparability
IASB
Confirmatory value
Conceptual framework
Percentage-of-completion method
Revenue recognition criteria
Cost benefit
Revaluation model
Going concern assumption
Economic entity concept
Verifiability
Complete
Correct Answer:
Premises:
Responses:
Two knowledgeable and independent people would agree that information is faithfully represented.
When information confirms or corrects prior expectations
Information that has a bearing on a decision
Financial information includes all necessary information to show the economic reality of the underlying transactions or events.
Assumes a company will exist long enough to carry out its existing objectives and commitments
Different companies using the same accounting principles
Appropriate for certain long-term construction contracts
A coherent system of interrelated objectives and fundamentals that can lead to consistent standards
Standard-setting body that is responsible for developing IFRS
Economic events can be identified with a particular business.
The carrying value of property, plant, and equipment is its fair value less accumulated depreciation less subsequent impairment losses.
The cost of producing the information does not exceed the value of the information.
This criterion allows revenue to be recognized when there is an increase in assets or decrease in liabilities from profit-generating activities.
Premises:
Two knowledgeable and independent people would agree that information is faithfully represented.
When information confirms or corrects prior expectations
Information that has a bearing on a decision
Financial information includes all necessary information to show the economic reality of the underlying transactions or events.
Assumes a company will exist long enough to carry out its existing objectives and commitments
Different companies using the same accounting principles
Appropriate for certain long-term construction contracts
A coherent system of interrelated objectives and fundamentals that can lead to consistent standards
Standard-setting body that is responsible for developing IFRS
Economic events can be identified with a particular business.
The carrying value of property, plant, and equipment is its fair value less accumulated depreciation less subsequent impairment losses.
The cost of producing the information does not exceed the value of the information.
This criterion allows revenue to be recognized when there is an increase in assets or decrease in liabilities from profit-generating activities.
Responses:
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