Question Details

Which of the following is not a benefit associated with the FASB Conceptual Framework Project 



1.	A soundly developed conceptual framework of concepts and objectives should
a.	increase financial statement users' understanding of and confidence in financial reporting.
b.	enhance comparability among companies' financial statements.
c.	allow new and emerging practical problems to be more quickly solved.
d.	all of these.

	2.	Which of the following (a-c) are not true concerning a conceptual framework in account-ing?
a.	It should be a basis for standard-setting.
b.	It should allow practical problems to be solved more quickly by reference to it.
c.	It should be based on fundamental truths that are derived from the laws of nature.
d.	All of the above (a-c) are true.

	3.	What is a purpose of having a conceptual framework?
a.	To enable the profession to more quickly solve emerging practical problems.
b.	To provide a foundation from which to build more useful standards.
c.	Neither a nor b.
d.	Both a and b.

	4.	Which of the following is not a benefit associated with the FASB Conceptual Framework Project ?
a.	A conceptual framework should increase financial statement users' understanding of and confidence in financial reporting.
b.	Practical problems should be more quickly solvable by reference to an existing conceptual framework.
c.	A coherent set of accounting standards and rules should result.
d.	Business entities will need far less assistance from accountants because the financial reporting process will be quite easy to apply.
	5.	A soundly developed conceptual framework enables the International Accounting Standards Board (IASB) to
I.	Issue more useful and consistent pronouncements over time.
II.	More quickly solve new and emerging practical problems by referencing basic theory.
a.	I only.
b.	II only.
c.	Both I and II.
d.	Neither I nor II.



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