Question Details

What is the objective of financial reporting as indicated in the conceptual framework 



	1.	In the conceptual framework for financial reporting, what provides "the why"--the goals and purposes of accounting?
a.	Measurement and recognition concepts such as assumptions, principles, and constraints
b.	Qualitative characteristics of accounting information
c.	Elements of financial statements
d.	Objective of financial reporting

	2.	The underlying theme of the conceptual framework is
a.	decision usefulness.
b.	understandability.
c.	reliability.
d.	comparability.

	3.	What is the objective of financial reporting as indicated in the conceptual framework ?
a.	provide information that is useful to those making investing and credit decisions.
b.	provide information that is useful to management.
c.	provide information about those investing in the entity.
d.	All of the above.

	4.	The International Accounting Standards Board- (IASB-) Conceptual Framework includes all of the following except:
a.	Objective of financial reporting.
b.	Supplementary information
c.	Elements of financial statements.
d.	Qualitative characteristics of accounting information.
	5.	The second level in the International Accounting Standards Board- (IASB-) Conceptual Framework 
a.	Identifies the objective of financial reporting.
b.	Identifies recognition, measurement, and disclosure concepts used in establishing and applying accounting standards.
c.	Provides the elements of financial statements.
d.	Includes assumptions, principles, and constraints.




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