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When is revenue generally recognized 1. The Allowance for Doubtful Accounts, which appears as a deduction from Accounts Receivable on a statement of financial position and which is based on an estimate of bad debts, is an application of the a. consistency characteristic. b. expense recognition principle. c. materiality constraint. d. revenue recognition principle. 2. The accounting principle of expense recognition is best demonstrat ...

Other / Other 26 May 2016

The IASB conceptual framework specifically identifies accrual basis accounting as one of its fundamental assumptions TRUE OR FALSE: 1. Materiality is one of the basic assumptions of accounting used by the International Accounting Standards Board (IASB). 2. Periodicity is one of the basic assumptions of accounting used by the International Accounting Standards Board (IASB). 3. Timeliness is one of the basic assumptions of accountin ...

Other / Other 26 May 2016

Expensing the cost of copy paper when the paper is acquired is an example of which constraint 1. Which of the following is a constraint in presenting financial information? a. Materiality. b. Full disclosure. c. Relevance. d. Consistency. 2. All of the following represent costs of providing financial information except a. preparing. b. disseminating. c. accessing capital. d. auditing. 3. Which of the following are benefits ...

Other / Other 26 May 2016

Under International Financial Reporting Standards (IFRS) notes to the financial statements must qualify as an element TRUE OR FALSE: 1. The International Accounting Standards Board has given companies the option of using fair value to report financial liabilities. 2. Under International Financial Reporting Standards (IFRS) product costs are charged off in the immediate period and period costs may be carried into future periods. 3. ...

Other / Other 26 May 2016

Decision usefulness is the underlying theme of the conceptual framework. TRUE OR FALSE: 1. The first level of the conceptual framework identifies the recognition and measurement concepts used in establishing accounting standards. 2. Decision usefulness is the underlying theme of the conceptual framework. 3. Users of financial statements are assumed to have no knowledge of business and financial accounting matters by financial stat ...

Other / Other 26 May 2016

What is the amount of its net investment and its depreciation 1) Assume a small nation has the following statistics: its consumption expenditure is $15 million, investment is $2 million, government purchases of goods and services is $1 million, exports of goods and services to foreigners is $1 million, and imports of goods and services from foreigners is $1.5 million. Calculate this nationʹs GDP. 2) On January 1, 2010, United De ...

Other / Other 26 May 2016

How are changes in inventory treated in GDP 1) Investment, as included in GDP, consists of what? 2) How are changes in inventory treated in GDP ? 3) ʺTo calculate GDP, economists begin with total income earned and then subtract total expenditure by the four sectors of the economy.ʺ Is the previous sentence true or false? Explain your answer. Economics Assignment Help, Economics Homework help, Economics Study Help, Economi ...

Other / Other 26 May 2016

A time-series graph showing total production in Japan from 1960 to 2010 shows a positive trend 1) Which of the following is correct about a time-series graph? I. The x-axis measures time. II. A time-series graph can reveal if there is a trend in the variable. A) only I B) only II C) both I and II D) neither I nor II 2) A time-series graph reveals whether there is a ________ which represents ________. A) trend in a variable; a gener ...

Other / Other 26 May 2016

An economic expansion rather than a recession occurs 1) An expansion ends when the economy A) hits a trough and then enters a recession. B) hits a peak and then enters a recession. C) begins to grow following a peak. D) has grown for two quarters in a row. 2) The times during which real GDP increases are referred to as A) contractions. B) expansions. C) anti-cycles. D) corrections. 3) Suppose the country of Dingo experienced a ...

Other / Other 26 May 2016

Why does real GDP have limitations in determining economic welfare 1) Why does real GDP have limitations in determining economic welfare? 2) Explain how our economic welfare depends upon our level of real GDP per person but there might not be a one-to-one relationship between economic welfare and real GDP per person. Give examples of things that can effect one but not the other. Economics Assignment Help, Economics Homework help, ...

Other / Other 26 May 2016