Podcast
Questions and Answers
What is the process of capturing an item that meets the definition of one of the elements of financial statements?
What is the process of capturing an item that meets the definition of one of the elements of financial statements?
- Measurement
- Disclosure
- Presentation
- Recognition (correct)
Which of the following is an example of a reporting entity?
Which of the following is an example of a reporting entity?
- A sole proprietorship
- An entity required to prepare general purpose financial statements (correct)
- A company preparing internal financial reports
- A charitable organization
What is the term for the right or group of rights, obligation or group of obligations, or group of rights and obligations, to which recognition criteria and measurement concepts are applied?
What is the term for the right or group of rights, obligation or group of obligations, or group of rights and obligations, to which recognition criteria and measurement concepts are applied?
- Financial statement
- Recognition criteria
- Unit of account (correct)
- Reporting entity
What is financial information that is useful to primary users of general purpose financial reports in making decisions relating to providing resources to the reporting entity?
What is financial information that is useful to primary users of general purpose financial reports in making decisions relating to providing resources to the reporting entity?
What is the process of depicting an item in one of the financial statements, either alone or in aggregation with other items, in words and by a monetary amount?
What is the process of depicting an item in one of the financial statements, either alone or in aggregation with other items, in words and by a monetary amount?
What is an entity that is required, or chooses, to prepare general purpose financial statements?
What is an entity that is required, or chooses, to prepare general purpose financial statements?
What is the term for financial statements of a reporting entity that is the financial statements parent alone?
What is the term for financial statements of a reporting entity that is the financial statements parent alone?
What is the characteristic of financial information that it must have to be useful?
What is the characteristic of financial information that it must have to be useful?
What is the process of measuring financial elements in monetary terms?
What is the process of measuring financial elements in monetary terms?
What is the term for the elements of financial statements, such as assets, liabilities, equity, income, and expenses?
What is the term for the elements of financial statements, such as assets, liabilities, equity, income, and expenses?
