Matching
Match the items below by entering the appropriate code letter in the space provided.
Premises:
Appropriate for certain long-term construction contracts
The cost of producing the information does not exceed the value of the information.
When information confirms or corrects prior expectations.
Assumes a company will exist long enough to carry out its existing objectives and commitments.
The carrying value of property plant and equipment is its fair value less accumulated depreciation less subsequent impairment losses.
Financial information includes all necessary information to show the economic reality of the underlying transactions or events.
This criterion allows revenue to be recognized when there is an increase in assets or decrease in liabilities from profit generating activities.
Standards setting body that is responsible for developing IFRS
Two knowledgeable and independent people would agree that information is faithfully represented.
A coherent system of interrelated objectives and fundamentals that can lead to consistent standards.
Information that has a bearing on a decision
Different companies using the same accounting principles.
Economic events can be identified with a particular business.
Responses:
Confirmatory value
Going concern assumption
Revenue recognition criteria
Relevance
Percentage-of-completion method
Conceptual Framework
Verifiability
Comparability
IASB
Revaluation model
Economic entity concept
Complete
Cost Benefit
Correct Answer:
Premises:
Responses:
Appropriate for certain long-term construction contracts
The cost of producing the information does not exceed the value of the information.
When information confirms or corrects prior expectations.
Assumes a company will exist long enough to carry out its existing objectives and commitments.
The carrying value of property plant and equipment is its fair value less accumulated depreciation less subsequent impairment losses.
Financial information includes all necessary information to show the economic reality of the underlying transactions or events.
This criterion allows revenue to be recognized when there is an increase in assets or decrease in liabilities from profit generating activities.
Standards setting body that is responsible for developing IFRS
Two knowledgeable and independent people would agree that information is faithfully represented.
A coherent system of interrelated objectives and fundamentals that can lead to consistent standards.
Information that has a bearing on a decision
Different companies using the same accounting principles.
Economic events can be identified with a particular business.
Premises:
Appropriate for certain long-term construction contracts
The cost of producing the information does not exceed the value of the information.
When information confirms or corrects prior expectations.
Assumes a company will exist long enough to carry out its existing objectives and commitments.
The carrying value of property plant and equipment is its fair value less accumulated depreciation less subsequent impairment losses.
Financial information includes all necessary information to show the economic reality of the underlying transactions or events.
This criterion allows revenue to be recognized when there is an increase in assets or decrease in liabilities from profit generating activities.
Standards setting body that is responsible for developing IFRS
Two knowledgeable and independent people would agree that information is faithfully represented.
A coherent system of interrelated objectives and fundamentals that can lead to consistent standards.
Information that has a bearing on a decision
Different companies using the same accounting principles.
Economic events can be identified with a particular business.
Responses:
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