Multiple Choice Exercises 1 Which of the following is not a

benefit #2258
Multiple-Choice Exercises1. Which of the following is not a benefit derived from the conceptual
framework?a. Supports the objective of providing information useful for making business and
economic decisions.b. Provides a logical structure to aid in the understanding of complex
accounting standards.c. Provides specific guidance on how transactions should be recorded.d.
Supports the development of a consistent set of accounting standards.2. Which of the following
is not a characteristic of useful information?a. Conservatismb. Relevance c. Faithful
representationd. Comparability3. Information that provides feedback about prior expectations
is:Relevant Faithfully Representeda. Yes Yesb. No Yesc. Yes Nod. No No4. Relevant
information possesses this quality: Freedom from Error Predictive Valuea. Yes Yesb. No Yesc.
Yes Nod. No No5. Which of the following is not an assumption that underlies accounting?a.
Economic entityb. Historical cost c. Time-periodd. Continuity (going concern)6. Which principle
requires that expenses be recorded and reported in the same period as the revenue that it
helped generate?a. Historical costb. Revenue recognition c. Conservatismd. Matching7. Taylor
Company recently purchased a piece of equipment for $2,000 which will be paid within 30 days
after delivery. At what point would the event be recorded in Taylor’s accounting system?a.
When Taylor signs the agreement with the seller.b. When Taylor receives an invoice (a bill) from
the seller.c. When Taylor receives the asset from the seller.d. When Taylor pays $2,000 cash to
the seller.View Solution:
Multiple Choice Exercises 1 Which of the following is not a benefit

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