Question Details

Which of the following is not a basic element of financial statements 



	1.	Enhancing qualities as described by the International Accounting Standards Board- (IASB-) Conceptual Framework, include all of the following except:
a.	Comparability.
b.	Neutrality.
c.	Understandability.
d.	Verifiability.

	2.	Erin Company applies the same accounting treatment to similar events from period to period.  Erin Company is exhibiting which of the following qualities as described by the International Accounting Standards Board- (IASB-) Conceptual Framework?
a.	Verifiability.
b.	Consistency.
c.	Predictive value.
d.	All of the choices are correct.

3.	According to the IASB Conceptual Framework, the elementsassets, liabilities, and equitydescribe amounts of resources and claims to resources at/during a
			Moment in Time	Period of Time
		a.	Yes	No
		b.	Yes	Yes
		c.	No	Yes
		d.	No	No

	4.	Which of the following is not a basic element of financial statements ?
a.	Assets.
b.	Statement of financial position.
c.	Equity.
d.	Income.

	5.	Which of the following basic elements of financial statements is not associated with the statement of financial position?
a.	Income.
b.	Equity.
c.	Liability.
d.	Asset.



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