course hero which of the following is not a key concept in the code's conceptual framework?

What are basic purpose of conceptual framework?

The primary purpose of the Conceptual Framework was to assist the IASB in the development of future IFRSs and in its review of existing IFRSs. The Conceptual Framework may also assist preparers of financial statements in developing accounting policies for transactions or events not covered by existing standards.Feb 20, 2013

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

What is a primary objective of financial reporting as indicated in the conceptual framework? A Provide information that is helpful to present and potential investors, creditors, and other users in assessing the amounts, timing, and uncertainty of future cash flows.

What is the underlying theme of conceptual framework?

Decision usefulness is the underlying theme of the conceptual framework.

What is the authoritative status of the conceptual framework?

The authoritative status of The Conceptual Framework for Financial Reporting is as follows: a. It is used when there is no standard or interpretation related to the reporting issues under consideration.

Which of the following is the primary objective of financial statements?

The primary objective of financial statement is to provide financial information about the company such that it can help the stakeholders and other users take economic decisions including past performance and current position assessment, predict and judge company's growth and predict its situation on bankruptcy or any ...

What is the primary objective of financial reporting quizlet?

The primary objective of financial reporting is to provide information. Useful for making investment and credit decisions. Income statement AND statement of retained earnings.

Which of the following is not among the ingredients of the fundamental quality of faithful representation?

The answer is C. Materiality. Materiality is not one of the ingredients of the fundamental quality of faithful representation.

Which of the following publications does not qualify as a statement of generally accepted accounting principles?

The correct option is (D). Accounting Research Studies which had been issued by AICPA does not qualify as a statement of GAAP (Generally Accepted...

Which of the following is an important reason for having a conceptual framework in accounting?

The main reasons for developing an agreed conceptual framework are that it provides: a framework for setting accounting standards; a basis for resolving accounting disputes; fundamental principles which then do not have to be repeated in accounting standards.

Which of the following is not a component of financial statements?

Notes to financial statement are not a component of financial statements. Thus, correct option is c.

Which of the following is not an indication of an economic resource's potential to produce economic benefits for the entity?

Which of the following is not an indication of an economic resource's potential to produce economic benefits for the entity? The resource cannot be used in the entity's operations but has a resale value. The resource has no use to the entity but it can be exchanged for another resource with another party.

What is account entity concept?

An accounting entity is a business for which a separate set of accounting records is maintained. The organization should engage in clearly identifiable economic activities, control economic resources, and be segregated from the personal transactions of its officers, owners, and employees.May 5, 2017