Financial Reporting: Conceptual Framework Defined Terms

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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?

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?

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?

Useful financial information Signup and view all the answers

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?

Recognition Signup and view all the answers

What is an entity that is required, or chooses, to prepare general purpose financial statements?

Reporting entity Signup and view all the answers

What is the term for financial statements of a reporting entity that is the financial statements parent alone?

Unconsolidated financial statements Signup and view all the answers

What is the characteristic of financial information that it must have to be useful?

Relevance Signup and view all the answers

What is the process of measuring financial elements in monetary terms?

Measurement Signup and view all the answers

What is the term for the elements of financial statements, such as assets, liabilities, equity, income, and expenses?

Elements of financial statements Signup and view all the answers

Financial Reporting: Conceptual Framework Defined Terms

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Questions and Answers

What is the process of capturing an item that meets the definition of one of the elements of financial statements?

Which of the following is an example of a reporting entity?

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 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 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 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 term for the elements of financial statements, such as assets, liabilities, equity, income, and expenses?

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