11 the eight phases of the joint fasb and iasb framework project are 1 objective and 4314005

11.The eight phases of the joint FASB and IASB framework project are: 1) objective and qualitative characteristics, 2) elements and recognition, 3) presentation and disclosure, 4) reporting entity, 5) measurement, 6) framework for GAAP hierarchy, 7) applicability to the not-for-profit sector, and 8) any remaining issues needing to be addressed.

a.True

b.False

12.Three phases of the convergence project were put on hold they were elements and recognition, measurement, and presentation and disclosure.

a.True

b.False

13.Which of the following statements is not true with regard to the benefits derived from the FASB's conceptual framework of accounting?

a.It serves as a guide in establishing standards for the FASB.

b.The Statements of Financial Accounting Concepts is the primary source of GAAP for accountants.

c.It establishes the objectives of financial reporting.

d.It enhances comparability between different company’s financial statements.

14.Which of the following items is NOT included in FASB's conceptual framework of accounting theory?

a.qualities of useful accounting information

b.fundamental principles and assumptions that guide financial accounting and reporting

c.objectives of financial reporting

d.All of these choices are included in the conceptual framework

15.The first part of the conceptual framework project had to do with establishing which projects?

a.elements

b.objectives

c.qualitative characteristics

d.recognition and measurement

16.The accounting projects portion of the FASB's conceptual framework project deals with

a.which accounting elements should be reported and how they should be measured

b.which accounting elements should be reported and where the information should be reported

c.how the accounting elements should be measured and how information should be displayed in financial reports

d.when accounting elements should be recognized and how information should be displayed in financial reports

17.The accounting projects portion of the FASB's conceptual framework project deals with all of the following except

a.how elements should be measured

b.when various elements should be reported

c.which accounting elements should be reported

d.how financial reports should be displayed

18.What is the goal of FASB and IASB in the creation of the conceptual framework?

a.To develop standards that are internally consistent.

b.To develop standards that are internationally converged.

c.To develop standards that lead to financial reporting that provides clear consistent information to capital providers.

d.All of these choices

19.The FASB and IASB concluded that the most general objective of financial reporting is to

a.provide information useful in the decisions made by external users

b.meet the needs of internal users

c.provide information about an entity's earnings

d.provide information about an entity's cash flows

20.According to GAAP, which is not a specific objective?

a.to provide information about an enterprise's cash flows

b.to provide information that is useful to present to potential investors, creditors, and other users in making rational investment, credit, and similar decisions

c.to provide information about an enterprise's comprehensive income and its components

d.to provide information about an enterprise's economic resources, obligations, and owners' equity